Animal Genetics Market Size To Expand at a Notable CAGR Of 6.9% During 2023 - 2032

Pune, India, December 2022/MRFR Press Release/- Market Research Future published a half-cooked research report on the Global Animal Genetics Market.

Market Highlights:

The Animal Genetics Market is projected to reach USD  6.38 billion by 2032 at 6.9% CAGR during the forecast period 2023-2032

The Animal Genetics Market is expected to witness tremendous growth owing to as increased adoption of genetic services to prevent genetic diseases and business loss, and rising acceptance of advanced genetic technologies. Other key factors such significant investments in R&D and expansions undertaken by key players are contributing towards the growth of the market. However, challenges such as need for specific breeding programs for breeds with inferior economic performance, and economic sustainability in local breeds is likely to curb the market growth during the forecast period.

Segmentation:
The Global Animal Genetics Market is segmented into animal genetic products, services, and end-user. The Animal Genetics Market, by animal genetic products, the market is segmented into genetic materials and live animals. The live animals are further bifurcated into poultry, bovine, porcine, canine and others. The genetic materials are sub-segmented into semen and embryo. On the basis of services, the animal genetics market is bifurcated into genetic disease tests, DNA typing, gene trait tests, and others. On the basis of end-user, the market is segmented into veterinary hospitals & clinics, diagnostic centers, research centers and institutes, and others

Regional Analysis:

The Americas is the largest in the market owing to the high acceptance of animal genetics in research, the development in research expenditure along with the increasing acquisition by the market players are also accountable for the growth of the animal genetics market. For instance, in 2018, Neogen completed the acquisition of Livestock Genetic Services, a firm that specializes in genetic evaluations and data management for cattle-breeding organizations. This strategy enhances the company’s in-house genetic evaluation capabilities and further expands the company’s global network of animal genomics laboratories.

The European region is the second largest animal genetics market over the forecast period due to high consciousness about animal wellbeing coupled with increased expenditure on veterinary services in the region. As per a report by the European Pet Food Industry Federation, more than 75 million households in Europe own a pet.

The Asia Pacific region is likely to develop at the uppermost CAGR for the animal genetics market in the years to come. Moreover, the rising veterinary care services both at the veterinary hospital and at community level are expected to influence the market in a positive way.

The Middle East and Africa accounts for the least share due to low per capita income and lack of availability of well-trained healthcare professionals. However, there has been an increasing demand for test accuracy and consistency among end-users and the government in this region that is enhancing the adoption of animal genetic technology in this region.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Animal Genetics Market Research Report

Key Players:
Some of the key players in the global animal genetics market are Neogen Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding B.V. (The Netherland), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US) Hendrix Genetics BV (The Netherland), Animal Genetics (US), Alta Genetics (US), vetGen (US), and others.