"A lot of farmers would have semen stock in the building, in those tanks, preparing for AI, so we've got that plus all of our herd testing equipment that was in there as well.
"So this is significant damage and it is going to have a flow-on affect on Yarram, especially after the drought that Yarram district has experienced over the last 12 months, it's going to be a real blow for sure."
The not-for-profit organisation provides AI, breeding advice, calf dehorning, herd testing and freeze-branding services for farmers in the area.
All the equipment was also damaged in the blaze.
CFA District 10 commander Chris Loeschenkoh said there was nothing salvageable.
Investigators are determining the cause.