Aquatic Animal Genetics Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

Aquatic animal genetics deals with genetic modification in aquatic animals to produce more superior breeds with the most desirable traits such as improved growth, higher disease resistance, cold water tolerance, robustness in diverse and hostile environments etc. The aquatic animal genetics market covers all aquatic animal genetic selection methods and tests and services based on genetic engineering techniques suitable for improving the productivity of a given aquatic animal population. Additionally, genetic testing of diseases and their treatment is made simple with research in aquatic animal genetics.

GROWTH DRIVERS

Factors such as the burgeoning need for food security and a sustainable food supply due to the rapidly growing world population, the proliferating demand and consumption of fish and fish products across the globe, especially in the developed regions, the increasing number of technologies available for genetic improvement of aquatic animals worldwide, the rapidly expanding aquaculture industry around the world and the rapidly increasing global demand for superior quality seafood are primarily driving the growth of the global aquatic animal genetics market. Moreover, factors such as the soaring need to control and manage disease risks in the global aquatic animals industry and the increasing number of consumers appreciating the health benefits of eating fish regularly are also aiding in the growth of the market.

According to the Food and Agriculture Organisation (FAO), the world food production must increase by 70.0% by 2050 to provide food security to the growing population in which aquaculture is projected to play a major role. Fish is referred to as an essential component of food security, especially in developing countries where it contributes approximately 80.0% of animal protein intake. Public awareness regarding the health benefits of aquatic food is also surging as consumers are becoming more health-conscious, particularly in middle-income and emerging countries. Aquaculture is anticipated to bridge the widening gap between fish demand and supply and add to the food and nutritional security of the poor population in the emerging countries. However, the emergence of diseases, the lack of affordable and effective feeds, the absence of improved strains capable of producing high quality seed are the major threats to the development of aquaculture globally. To tackle these issues, the focus on the development and use of genetically improved strains of fish is increasing worldwide, which is expected to create tremendous growth opportunities for the global aquatic animal genetics market in the forecast years ahead.

The number of FDA approvals for genetically modified aquatic animals for human consumption is increasing. FDA approved the AquAdvantage Salmon in 2015 which was the only genetically modified animal approved for human consumption until federal regulators approved a genetically modified pig for food and medical products in December the same year.

Additionally, factors such as the increasing awareness among farmers about their potential increase in income via genetic improvement programs; the growing climate and environmental changes; rising advancements in faster growing rainbow trout and tilapia; the high dependence of most of the tilapia industry on classical selection techniques and the increasing research agreements between companies and organizations across the globe to improve the sustainability of animal production are projected to augment the growth of the market during the forecast period.

Furthermore, the increasing assistance and support offered to countries which are at the critical stage in their genetic improvement and dissemination programs; the escalating funding to support the ongoing research into disease resistance and genome editing of farmed fish; the surging demand for tilapia for aquaculture across all tropical and subtropical climates owing to their favorable characteristics including rapid growth, tolerance to a wide range of environmental conditions, acceptance of artificial feed, and adaptability for production in different systems and the development of improved strains of tilapia called Genetically Improved Farmed Tilapia are also expected to create ample growth opportunities for the global aquatic animal genetics market in the forthcoming years.

However, factors such as weak capacity of country institutions (both public and private) to maintain and manage improved strains; the growing concerns regarding the adoption of genetic improvement programs posing risks to local fish populations and indigenous biodiversity; the existence regulatory hurdles in various countries; the lack of information among people about animal biotechnology; the high cost associated with the utilization of reproductive and genetic techniques and unfavorable ideas and phobia that exist surrounding GM food are expected to hinder the growth of the aquatic animal genetics market in the forecast period. Conversely, the increasing number of partnerships towards the development of tools and methodologies that enhance local capacity to implement environmental risk analyses and maintain the genetically modified populations is expected to contribute to the market growth in the next few years.

AQUATIC ANIMAL GENETICS MARKET SEGMENTATION

By Product & Services

·        Salmon

o   Salmon Eggs

o   Salmon Smolts

·        Shrimp

o   Broodstock

o   Other Products

·        Trout

o   Trout Eggs

o   Live Fish

·        Tilapia

·        Genetic Testing Services

By Region

·        North America

·        Europe

·        Asia Pacific

·        Latin America

·        Middle East and Africa

Based on products & services, the salmon segment accounted for the largest share in the global aquatic animal genetics market. The segment is anticipated to further continue leading the market during the forecast period of 2021-2030. Salmon has been among the highest internationally-traded seafood by value and in 2016, it overtook shrimp as the highest value traded seafood globally. Factors contributing to the growth of the salmon market include; the growing import and export of salmon due to its versatility, the rising demand and consumption of salmon in the US and Europe, the increasing significance of Atlantic salmon farming industry in several countries, the escalating contribution of genetic improvement to the efficiency of salmon aquaculture, the increasing number of state-of-the-art salmon breeding facilities and research labs in salmon producing countries, the burgeoning need to produce genetically superior, disease-free, salmon eggs and the rapidly declining salmon population due to a variety of reasons leading to an increased need and demand for GM salmon.

REGIONAL OUTLOOK

The North American region held the commanding position in the global aquatic animal genetics market in 2020 and is projected to further retain its dominance in the market over the forecast period. The region is anticipated to grow on account of the factors such as the surging demand for fish; the escalating R&D by companies; the enhanced supply of SPF postlarvae and broodstock to shrimp operations in the region; the increasing development and application of biotechnology and genomics tools to improve sustainable resource management and environmental conservation and protection in Canada; the escalating number of guidelines from the American Heart Association stressing on the significance of consuming fish to help protect heart health and the increasing number of state-of-the-art production centers in the region. The U.S. is the major contributor to the region followed by Canada.

The Asia Pacific is expected to emerge as the fastest-growing regional market in the global aquatic animal genetics market during the forecast period of 2021-2030. The ever-increasing need for raising food production due to the rapidly augmenting population; progress in the genetic improvement research and breeding programs of developing countries; the increasing collaborations between leading organizations and companies to develop programs and strategies for genetic improvement of aquatic animal species in developing countries, the escalating number of a wide range of aquaculture genetic improvement programs coupled with the increasing number of companies providing genetic services, the high production of aquaculture species coupled with the rising import of live shrimps & broodstock, the increasing number of state of the art facilities providing salmon and shrimp seeds and raising awareness among public regarding health benefits of aquatic food are the key factors driving market growth in this region. Moreover, the establishment of the International Network on Genetics in Aquaculture (INGA) as a global forum for applied fish breeding and genetics, the growing rice-fish culture in the region is also expected to significantly aid in the expansion of the market in the forecast period. The major contributor to the region is China, followed by Thailand, India, and Japan.

The European region held the second-largest share in the global aquatic animal genetics market in 2020. The trend is expected to continue over the forecast period. The growth in the region can be attributed to the expanding aquaculture industry and the increasing fundamental research on genetics of aquatic animals in Scotland's aquaculture industry, with the country ranking third in the globe for salmon production, which generates around £800.0 million every year. Additionally, the presence of Scottish researchers who provide aquaculture expertise in Europe and the increasing number of providers of specialist genetics and breeding management services to the aquaculture industry in the region is expected to further fuel the growth of the market in the region during the forecast period.

KEY COMPANIES IN AQUATIC ANIMAL GENETICS MARKET

·         Hendrix Genetics

·         Shrimp Improvement Systems

·         Blue Genetics

·         Molokai Broodstock Company

·         Xelect Ltd.

·         AquaBounty Technologies Inc.

·         Marine Genetics LLC

·         Benchmark Genetics Shrimp

·         American Penaeid Inc.

·        Enzootic Genetics & Innovation

·        Troutex ApS

·        AquaSearch Ova ApS