The animal genetics market was valued at US$ 4,778. 67 million in 2019 and is projected to reach US$ 7,705. 23 million by 2027; it is expected to grow at a CAGR of 6. 3% from 2020 to 2027. The growth of the market is mainly attributed to growing preference for animal derived proteins supplements and food products and rising adoption of progressive genetic practices, such as artificial insemination and embryo transfer.
New York, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Animal Genetics Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product, Genetic Material, and Services and Geography." - https://www.reportlinker.com/p06010023/?utm_source=GNW
However, the market is likely to get impacted by the limited number of skilled professionals in veterinary research and stringent government regulations for animal genetics during the forecast period.
The branch of genetics that deals with the study of gene variation and inheritance in companion, domestic and wild animals is called as animal genetics.Animal genetics are used for genetic trait testing, DNA testing, and genetic disease treatment.
Animal genetics is one of the best mainstays of livestock development (alongside animal nutrition, animal health, and husbandry concerns such as housing). According to the Food and Agriculture Organization of the United Nations, it is a wide field, ranging from characterization to maintenance to genetic improvement, and involves activities at local, national, regional, and global scales.
Increasing population and rapid urbanization across the world has resulted in growing preference for animal derived food products such as dairy products and meat that contain high protein.The demand for animal derived proteins and food products, which, in turn drives the growth of animal genetics market.
Growing focus on developing superior animal breeds using genetic engineering to obtain high reproduction rates for large-scale production of modified breeds is expected to drive animal genetics market during the forecast period.
Based on product, the market is segmented into poultry, porcine, bovine, canine, and others.The porcine segment held the largest share of the market in 2019, whereas the same segment is anticipated to register the highest CAGR in the market during the forecast period.
Growth of this segment is attributed to rise in production of porcine and increase in pork consumption across the globe.
Based on genetic material, the market is segmented into semen and embryo. The embryo segment held the largest share of the market in 2019, and the semen segment is anticipated to register the highest CAGR in the market during the forecast period.
COVID-19 pandemic has become the most significant challenge across the world.This challenge would be frightening, especially in developing countries across the globe, as it may lead to reducing imports due to disruptions in global trade, which further increases the shortages of meat and dairy product supplies, resulting in a considerable price increase.
Asian countries such as China, South Korea, and India are severely affected due to COVID-19 outbreak.
The World Health Organization, Food and Drug Administration, American Pet Products Association, American Veterinary Medical Cattle Health, and Welfare Group for Disease Control and Prevention are among the major primary and secondary sources referred for preparing this report.
Read the full report: https://www.reportlinker.com/p06010023/?utm_source=GNW
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