Animal Genetic Market Is Expected to Reach USD 33.3 Billion by 2027 At A CAGR of 7.13 percent.
Maximize Market Research has published a report on the Global Animal Genetic Market that provides a detailed analysis for the forecast period of 2022 to 2027.
Animal Genetic Market Scope:
The report provides comprehensive market insights for industry stakeholders, including an explanation of complicated market data in simple language, the industry’s history and present situation, as well as expected market size and trends. The research investigates all industry categories, with an emphasis on key companies such as market leaders, followers, and new entrants. The paper includes a full PESTLE analysis for each country. A thorough picture of the competitive landscape of major competitors in the Animal Genetic market by goods and services, revenue, financial situation, portfolio, growth plans, and geographical presence makes the study an investor’s guide.
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Animal Genetic Market Overview:
Inheritance and genetic differences in wild and domestic animals are the main topics of animal genetics. Commercial applications of this research include DNA typing, genetic illness testing, and testing for inherited traits. To define genetic hybridizations in this method, cytological, hybrid population, and ontogenetic research are used. Animal Genetics offers a variety of Animal Genetic Testing services. Coat color and length testing allow the breeders to anticipate the phenotypes of potential offspring, maximizing the potential to produce favorable coat types.
Animal Genetic Market Dynamics:
The strong growth in Canada and the US is primarily to blame for the increase in meat production in industrialized nations. Pork is expected to account for a sizable portion of the rise in meat output over the next ten years and also have the greatest rate of growth in terms of consumption. The next ten years will see a major increase in the consumption of fresh dairy products worldwide as a result of population and income growth in Pakistan and India.
The market is expected to be driven shortly by the growing adoption of cutting-edge genetic technology and the implementation of animal welfare standards. To address the unmet need for animal proteins, an increase in the population of livestock and awareness of animal genetic problems are further propelling expansion.
Stringent government regulations, the high cost of animal testing, and the lack of skilled professionals limit the market growth. Another factor supporting market growth over the forecast period is the rise in R&D projects by scientists looking to generate better food and milk products from livestock animals through genetic alteration. The implementation of technology like artificial insemination, genetic disease diagnostics, and genotyping is vital in these countries, supporting the growth opportunities in Animal Genetic Market.
Animal Genetic Market Regional Insights:
With extensive research into animal genetics and the implementation of strategic actions by industry participants, such as acquisitions, North America holds the greatest proportion of the global market for animal genetics. For instance, Neogen completed the acquisition of Livestock Genetic Services in 2018, a company that manages data and conducts genetic assessments for cow breeding companies. The acquisition assisted the business in increasing its capacity for genetic evaluation.
The market in Asia Pacific is anticipated to expand at the greatest CAGR over the forecast period. The region’s market is expanding as a result of the region’s established livestock industry, expanding porcine industry, rising population and urbanization, rising per capita incomes, rising per capita spending on animal care, and rising awareness of technologically advanced animal genetic products and services. With growing concern about animal welfare and rising spending on veterinary services, Europe held the second-largest market for animal genetics.
Animal Genetic Market Segmentation:
By Type:
- Live animal
- Bovine Porcine
- Poultry
- Canine
- Piscine
- Other
- Genetic material
- Semen
- Embryo
- Other
- Genetic testing
Animal Genetic Market Key Competitors:
- Neogen Corporation
- Genus
- URUS
- EW Group
- Groupe Grimaud
- CRV Holding
- Topigs Norsvin
- Zoetis
- Envigo
- Hendrix Genetics
- Animal Genetics
- vetGen
- Genus PLC
- Zoetis, Inc.
- Alta Genetics, Inc.
- Animal Genetics Inc.
- Coöperatie Koninklijke CRV u.a.
- Groupe Grimaud
- Aviagen Group
- Genetic Veterinary Sciences Inc
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