(PharmaNewsWire.Com, December 15, 2020 ) According to the new market research report "Animal Genetics Market by Products & Services (Live Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine), Embryo (Bovine, Equine)) Genetic Testing (DNA Testing, DNA Typing, Genetic Disease Testing)) - Forecast" published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
The Animal Genetics Market is projected to reach USD 5.8 billion, at a CAGR of 6.5 % during the forecast period.
Growth Boosting Factors:
# Increasing Consumption of Animal-Derived Protein # Growing Global Population and Rapid Urbanization # Growing Focus on Identifying Superior Breeds # Increased Adoption of Genetic Services to Prevent Genetic Diseases and Business Loss # Increased Adoption of Advanced Genetic Technologies
Market Growth Opportunities:
# Untapped Market Potential in Developing Countries # Innovations in Phenotyping Services # Significant Investments in R&D and Expansions Undertaken By Key Players
The prominent players in the animal genetics market are Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US), Hendrix Genetics (Netherlands), Animal Genetics (US), and vetGen (US).
Geographical Regions Mapped in Report:
The animal genetic market has been studies for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the animal genetics market during the forecast period. This is attributed to the presence of a large number of leading players of the market in this regions, along with the high adoption of the latest technologies in animal genetics. Besides, the establised livestock sector, and the growing demand for animal protien is expecetd to drive the North American Market.
Based on live animal type, the porcine segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the large consumer base of pork and pork products, and the increasing penetration of advanced veterinary genetic research into this segment.
Based on genetic material type, the semen segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to the growing adoption of artificial insemination (AI) and semen sexing in the breeding of cattle, pigs, sheep, goats.
Based on animal genetic services, the genetic disease test segment is expected to grow at the highest CAGR during the forecast period. This is attributed to the increasing adoption of genomic disease tests to prevent economic losses and loss of productivity of farm owners.
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