Animal Genetics Market Worth 5.50 Billion USD by 2021
PUNE, India, July 15, 2016 /PRNewswire/ --
According to a new market research report "Animal Genetics Market by Type (Canine, Poultry, Porcine, Bovine) Genetic Material [Semen (Bovine Porcine Equine) Embryo (Bovine Equine) Testing Services (DNA Testing, DNA Typing, Genetic Disease Testing) - Global Forecast to 2021", published by MarketsandMarkets, The global market Is projected to reach USD 5.50 Billion by 2021, at a Growth Rate of 8.4% from 2016 to 2021.
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Browse 189 market data Tables and 36 Figures spread through 205 Pages and in-depth TOC on "Animal Genetics Market"
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The report analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia-Pacific, and Rest of the World. This report studies the animal genetics market over the forecast period of 2016 to 2021.
The animal genetics market witnessed healthy growth during the last decade, primarily attributed to the increasing animal protein consumption and increasingly urban global population. To cater to the rising demand of animal proteins, farmers are increasingly adopting advanced genetic technologies for larger-scale production and quality breeds. In addition, growing awareness about veterinary genetic diseases and disorders; increase in the population of livestock animals, especially in emerging markets; implementation of animal welfare acts in developed countries; and development of cutting-edge technologies in animal genetic testing are further driving this market. However, stringent regulations regarding animal genetic engineering, expensive and time-consuming R&D activities, high cost of animal testing, and insufficient number of skilled professionals in animal genetics are restraining the growth of this market during the forecast period.
In this report, the animal genetics market has been segmented on the basis of product, testing service, and region. Based on the type of product, the market is segmented into live animals and genetic materials. The live animals segment is further categorized into canine, poultry, porcine, bovine, and others; while, the genetic materials segment is divided into semen and embryo. The semen segment is further divided into bovine semen, porcine semen, canine semen, equine semen, and others; while, the embryo segment is divided into bovine embryo, equine embryo, and others.
In 2015, the live animals segment accounted for the largest share of the animal genetics market. Growing population, increasing urbanization, and rising demand of animal-derived products have contributed to the growth of the live animals segment. Moreover, the increasing population of livestock animals (especially in emerging market) and implementation of animal welfare acts are further fueling the growth of this segment.
Europe represented the largest regional market in 2015, followed by North America, Asia-Pacific, and the RoW. However, Asia-Pacific is the fastest-growing region for the animal genetics market, primarily due to the increasing population, rapid urbanization, and rising demand of animal products in this region. Increasing awareness of animal welfare in developing countries and development of cutting-edge technologies in animal genetic testing are further propelling market growth in this region.
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Major players in the global animal genetics market are Genus Plc (U.K.), Topigs (Netherlands), Envigo (U.S.), CRV Holding B.V. (Netherlands), Hendrix Genetics BV (Netherlands), Groupe Grimaud (France), Neogen Corporation (U.S.), Alta Genetics (Canada), VetGen (U.S.), Zoetis, Inc. (U.S.), and Animal Genetics, Inc. (U.S.).
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