Growing Preference for Animal Derived Proteins Supplements and Food Products Driving the Animal Genetics Market
According tour new market research study on “Animal Genetics Market t2027 – Global Analysis and Forecast – by product, genetic material and services,” the market is expected treach US$ 7,705.23 million by 2027 from US$ 4,778.67 million in 2019. The market is estimated tgrow with a CAGR of 6.3% from 2020 t2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining tthe market growth.
Factors such as growing preference for animal derived proteins supplements and food products and rising adoption of progressive genetic practices such as artificial insemination (AI) and embryare expected tboost the growth of the global Animal Genetics market. However, the market is likely tget impacted by the limited number of skilled professionals in veterinary research and stringent government regulations for animal genetics during the forecast period.
The branch of genetics that deals with the study of gene variation and inheritance in companion, domestic and wild animals is called as animal genetics. Animal genetics are used for genetic trait testing, DNA testing, and genetic disease treatment. Animal genetics is one of the best mainstays of livestock development (alongside animal nutrition, animal health, and husbandry concerns such as housing). According tthe Food and Agriculture Organization of the United Nations, it is a wide field, ranging from characterization tmaintenance tgenetic improvement, and involves activities at local, national, regional, and global scales.
Increasing population and rapid urbanization across the world has resulted in growing preference for animal derived food products such as dairy products and meat that contain high protein. The demand for animal derived proteins and food products, which, in turn drives the growth of animal genetics market. Growing focus on developing superior animal breeds using genetic engineering tobtain high reproduction rates for large-scale production of modified breeds is expected tdrive animal genetics market during the forecast period.
COVID-19 pandemic has become the most significant challenge across the world. This challenge will be frightening especially in developing countries across the globe as it will lead treducing imports due tdisruptions in global trade, which further increases the shortages of meat and dairy product supplies, resulting in a considerable price increase. The Asian countries such as China, South Korea, and India are profoundly affected due tthe Covid-19. As the rise of the Covid-19 is from China, the country is highly affected.
NEOGEN Corporation, HENDRIX GENETICS BV, Zoetis Inc., Genus, TOPIGS NORSVIN, Envigo, VetGen, ANIMAL GENETICS INC.,ALTA GENETICS INC., Groupe Grimaud are among the leading companies operating in the Animal Genetics market.
The Report Segments Global Animal Genetics Market as follows:
By genetic material
- DNA Typing
- Genetic Trait Tests
- Genetic Disease Tests
- North America
- Rest of the Europe
- Asia Pacific(APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East and Africa
- South America (SAM)
- Rest of South America