New York, NY, Jan. 11, 2019 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Animal Genetics Market by Product (Live Animals (Porcine, Poultry, Canine, Bovine, and Others) and Genetic Material (Embryo and Semen)) and by Service (Genetic Disease Tests, Genetic Trait Tests, DNA Typing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global animal genetics market was valued at approximately USD 4.1 billion in 2017 and is expected to generate around USD 6.5 billion by 2024, at a CAGR of around 6.8% between 2018 and 2024.
Animal genetics involves the genetic variation and inheritance in both wild and domestic animals. Animal genetics covers animal breeding, gene expression, and physical genetic feature, such as coat color, etc. Animal genetics is centered on general genetic concepts and principles. The hybrid analysis is the primary method of learning the inheritance of various characteristics, which plays a major role in determining the essence of inheritance of multiple biochemical, physiological, and morphological traits.
Browse through 106 Tables & 21 Figures spread over 110 Pages and in-depth TOC on “Global Animal Genetics Market Size 2017 Report: By Product Type, Share, Trends, Applications, Analysis and Forecast 2024”.
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Increasing adoption of innovative genetic technologies, rising execution of animal welfare resolutions, the growing requirement of animal proteins, huge acceptance of genetic services, cutting-edge genetic practices, rising focus on detecting superior breeds, and increasing requirement for animal products are likely to drive the key animal genetics market globally in the upcoming years. Increasing population increased animal epidemics, and the growing necessity of non-antibiotic development of promoters are anticipated to further propel the animal genetics market in the years ahead. However, the high cost related to animal testing, strict regulatory framework, the dearth of skilled veterinary research professionals, and growing concerns regarding the adverse effects of employing the animal genetic engineering might restrict the animal genetics market in the upcoming years globally.
The global animal genetics market has been segmented into product and service. By product, the animal genetics market includes live animals and genetic material. Live animals are further segmented into porcine, poultry, canine, bovine, and others. The porcine segment is expected to register a high CAGR over the estimated timeframe due to the huge demand for pork products. Genetic material is sub-segment into embryo and semen. The embryo is further segmented into equine, bovine, and others. Semen has been sub-segmented into porcine, bovine, canine, and others. By service, this market includes genetic disease tests, genetic trait tests, DNA typing, and others.
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North America represents an established regional market for animal genetics and is likely to register the fastest rate of growth in the near future. The U.S. is the leading animal genetics market in North America, which is likely to progress rapidly over the anticipated timeframe. This growth is due to the presence of a high number of key players operating in the animal genetics market, high acceptance of the modern technologies in animal genetics, and well-established livestock sector. Moreover, high disposable income and growing focus on detecting superior breeds are projected to further stimulate the region’s animal genetics market in the years ahead.
Europe is likely to display substantial growth in the near future, owing to the rapid urbanization, increasing demand for animal products, rising animal epidemics, and growing pet population across the region.
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Asia Pacific is expected to dominate the animal genetics market over the estimated time period. Japan, India, and China are expected to be the key market for animal genetics in this region. The growth in Asia Pacific is expected to be driven by growing animal welfare awareness, high livestock population, and increasing focus on research and development activities related to animal care.
The Latin America region is likely to record a swift rate of growth over the estimated time period due to increasing demand for animal products, rising affordability, the growing requirement of animal proteins, and increasing trend of owning companion animals. The Middle East and African animal genetics market is predicted to exhibit limited growth in the upcoming years, owing to the shortage of skilled veterinary researchers and the absence of advanced animal healthcare facilities.
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Some key players of the animal genetics market include Hendrix Genetics BV, Neogen Corporation, Genus plc, Alta Genetics Inc., VetGen, CRV Holding B.V., Zoetis Inc., Topigs Norsvin, Animal Genetics Inc., and Groupe Grimaud, among others.
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This report segments the global animal genetics market into:
Global Animal Genetics Market: By Product
- Live Animals
- Genetic Material
Global Animal Genetics Market: By Service
- Genetic Disease Tests
- Genetic Trait Tests
- DNA Typing
Global Animal Genetics Market: By Region
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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