ALBANY, New York, March 4, 2020 /PRNewswire/ -- Owing to multiple factors such as adoption of advanced technologies, high demand for well-bred animals with desirable genetic traits (livestock and poultry), and increase in disposable income is helping the global animal genetics market chart a Compound Annual Growth Rate of 6.0 % from 2018 to 2026. As a result of this robust growth rate, market would be reach a valuation of USD 8.0 bn by the end of the forecast period.
Transparency Market Research states, "One of the most significant trends that will lead to a higher market growth over the forecast period is increase in ownership of companion animals. Besides, with food safety and quality gaining prominence, the live animal segment will show significant growth from 2018 to 2026."
Key Findings of the Animal Genetics Market Study
- The live animals sub-segment from the product type segment will contribute massively to the overall growth of global animal genetics market
- High focus on food safety and quality, along with increase in global population and urbanization will drive growth in live animals' segment
- Need to produce animal protein in a safe and cost-effective manner to drive market players over the forecast period
- North America to hold a dominant market share; Asia Pacific to chart an impressive growth curve owing to a sturdy CAGR
Explore 157 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Animal Genetics market by Product Type - Live Animals (Bovine, Porcine, Poultry, Canine, and Piscine), Genetic Material (Semen, Embryo), Genetic Testing, Read Details TOC of the Report - https://www.transparencymarketresearch.com/report-toc/18995
Animal Genetics Market: Key Driving Factors
The animal genetics market is set to witness sturdy growth over the forecast period owing to a plethora of trends and growth drivers. As per Transparency Market Research, some of the crucial factors are high level of consumption of meat and poultry products, increase in purchasing power of people, need to plug supply gaps in terms of food, and growing demand for stronger animals, well-bred and with desirable genetic traits. An overview of growth factors is provided below:
- By 2050, demand for food will see massive increase with world population reaching the 9.1 bn. mark
- Production of healthy and affordable food items would gain center-stage, driving demand for animal-based foods
- Increase in disposable income, particularly in lower and middle income consumers to impact consumption of animal-based food positively
- The trend of owning companion animal is gaining steam, helping the global animal genetics market take a higher trajectory
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Key Impediments for Animal Genetics Market Players
Despite charting a steady growth curve over the forecast period, the global animal genetics market would not be free from restraints. As per Transparency Market Research, one of the major restraints that will limit growth in the global animal genetics market is the regulatory environment which is strict in terms of animal genetic engineering. Besides, a notable dearth of skilled professionals in the market is also a limiting factor in the global animal genetics market. Additionally, it is worth noting that animal testing is expensive.
Animal Genetics Market: Region-wise Analysis
- North America to continue holding a prominent place in the global animal genetics market in terms of revenue owing to extensive research ongoing in the region; besides, a large number of strong market players occupy the region - VetGen, Neogen Corporation, and Zoetis, etc.
- Some other major factors that favor growth in the North American region are high spending capacity, swift adoption of technology, high consumption of meat and animal products, and high demand for animals with desirable genetic traits
- Over the forecast period, Asia Pacific would demonstrate a notable CAGR owing to increase in population, increase in spending capacity, and rapid urbanization
Analyze Animal Genetics market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study,
Research and Development (R&D) forms the core of global animal genetics market and is thus a major determinant of the size of market share a player holds. Besides, players also forge partnerships in order to tap into uncharted territories in order to bring a larger consumer base into the fold. It is pertinent to note here that technology also holds a prominent place in the market.
Transparency Market Research has profiled key players such as Genus plc, CRV Holding B.V., Neogen Corporation Zoetis, Inc., Groupe Grimaud, Topigs Norsvin, VetGen, Animal Genetics Inc., and Hendrix Genetics BV, in its market report. The global animal genetics market has a decent number of players operating the market landscape.
Transparency Market Research has segmented the Animal Genetics market report based on product type, geography and forecast.
- Live Animals
- Genetic Material
- Genetic Testing
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