Animal Genetics Market Size Worth USD 9.66 Billion By 2027 | CAGR of 5.2%: Emergen Research

VANCOUVER, BC, Oct. 13, 2020 /PRNewswire/ -- The Global Animal Genetics Market is projected to reach USD 9.66 billion by 2027, according to a recent report by Emergen Research. With the help of genetic modification practices that have developed rapidly in recent years, the breeding of animals with other breeds has amplified, thereby attracting investments from all major consumers on the global level. The placental mammal farmers area unit is achieving high milk-and meat-production by leveraging animal genetic technology. With the assistance of strategic breeding, the placental mammal farmers have been able to bag comparatively higher gains that are likely to drive the growth of the end-user base of the market.

Besides this, the high status of animal-borne sickness transmission to humans has been a push for the animal health business from central authorities to formulate effective medicine for animals. With the growing influence, animal testing is likely to increase across all the analyzed regions in which the market has its presence. However, the cost-prohibitive nature of animal testing, together with a lack of complete professionals, may limit the otherwise steady rate of growth of the animal biology market.

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Key Highlights From The Report

• Within the genetic materials segment, embryos are of utmost importance for the modification of live animals. This can be attributed to the fact that they have relatively high efficiency over semen. Several livestock farmers have also noted an increase in the reproduction rate among bovine animals, thereby indirectly influencing their profitability.
• There has been a prevalence of various macroeconomic and microeconomic aspects that are boding exponential growth for the Asia Pacific animal genetics market. Macroeconomic factors like conurbation and high population density are perpetually pressurizing food producers to fulfill nutritional demand by increasing the assembly rate of livestock animals. On the other hand, the animal healthcare ecosystem has been proliferating, which is unfolding opportunities for players within the animal genetics market to develop effective animal testing procedures.
• In 2018, to associate degree animal genetic and make a specialty of genetic evaluations and knowledge management for cattle-breeding organizations, Neogen acquired Livestock Genetic Services, an animal genetics company. With the help of the acquisition, Neogen enhanced in-house genetic analysis capabilities and expanded the company's international network of animal genetic science laboratories
• Key participants include Genus Plc; Envigo Corporation, Topigs Norsvin, CRV Holding B.V, Groupe Grimaud La Corbiere SA, Hendrix Genetics BV, Neogen Corporation, Zoetis, Inc, URUS, and Animal Genetics, Inc. among others.
• North America is projected to retain its dominance at intervals across the worldwide animal genetic science market through the forecast period, on account of the high demand for beef and poultry food products. High technological competencies of players in operation throughout this region attract varied license agreements from different key players to understand a reciprocal advantage at intervals the animal genetic science market, which may be a vital revenue stream for the regional market.

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For the purpose of this report, Emergen Research has segmented into the global Animal Genetics Market on the basis of live animals, genetic materials, and services:

Live Animals Outlook (Revenue, USD Billion; 2017-2027)

• Porcine
• Bovine
• Poultry
• Canine
• Others

Genetic Materials Outlook (Revenue, USD Billion; 2017-2027)

• Embryo
• Semen

Services Type Outlook (Revenue, USD Billion; 2017-2027)

• Genetic Trait Testing
• Genetic Disease Testing
• DNA Type Testing

Regional Outlook (Revenue: USD Billion; 2017-2027)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Benelux
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• Rest of MEA

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SOURCE Emergen Research