Animal Genetics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Animal Genetics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Report Digest
Global Animal Genetics Market: Overview
The global animal genetics market is likely to rise at a healthy growth rate over the assessment timeframe. Augmented consumption of protein extracted from animals is prophesized to favor the growth of the global animal genetics market in the forthcoming years. In addition, increasing populations generates massive demand for animal-based protein, which further benefits the market.
The global animal genetics market has been segmented on the basis of region and product and services. The sole objective of providing such an all-inclusive report is to offer a deep insight into the market.
Global Animal Genetics Market: Notable Developments
The global animal genetics market has gone through a few developments in the last few years. These market developments make a manifestation of how and what is influencing the growth of the global animal genetics market. One such development is mentioned below:
- In February 2019, Netherlands-based Hendrix Genetics B.V. along with a leading manufacturer of aquafeed and animal nutrition has acquired 80% of stake in Ecuador-based Macrobio S.A. The latter is a shrimp farm from Moxley Corporation S.A. Hendrix Genetics B.V. is a leading provider of multi-species animal breeding services. This strategic move by Hendrix Genetics is anticipated to expand its product portfolio and widen its reach globally.
Some of the key market players of the global animal genetics market are
- CRV Holding B.V.
- Hendrix Genetics BV
- Neogen Corporation
- Topigs Norsvin
- Groupe Grimaud
- Animal Genetics
Global Animal Genetics Market: Growth Drivers
High Demand for Animal Protein Places the Market on a High Growth Trajectory
The global animal genetics market is estimated to experience considerable growth over the review period. Such stellar growth of the market is attributed to the augmented adoption of genetic technologies and strict implementation of animal welfare regulations.
Likewise, livestock population has witnessed a substantial rise together with awareness related to the existence of animal genetic disorders. Besides, the need to cater to the unmet demands of animal protein is likely to add fillip to the global animal genetics market over the forecast timeframe.
With an objective to produce better milk and food products, there has been an escalation in the research and development activities by several scientists. Genetic modifications are likely to emerge as another factor supporting the expansion of the global animal genetics market in forthcoming years.
The market is also prophesized to be fuelled by rapid expansion of urbanization and rise in population, which place massive demand for animal protein. Increased adoption of various advanced genetic practices like embryo transfer, artificial insemination (AI) for production of modified breed on a large scale is estimated to favor the market in the years to come.
On the other hand, the dearth of properly skilled technicians and professional with expertise in genetic services is estimate to impede the growth of the global animal genetics market in years to come. Furthermore, strict regulations related to genetic engineering of animals together with high cost of animal testing is likely to obstruct the growth of the market.
Global Animal Genetics Market: Regional Outlook
Asia Pacific, the Middle East and Africa, South America, Europe, and North America comprise the major regions of the global animal genetics market.
Considering geographies, North America is likely to play a dominant role in the global animal genetics market over the assessment timeframe. Such regional supremacy is ascribed to the presence of a large number of well-known companies of the global animal genetics market. In addition, the presence of a well-established livestock industry is likely to propel the North America animal genetics market to prominence in the near future.
The global animal genetics market is segmented as:
Products and Services
- Live Animals
- Genetic Material
- Embryo
- Genetic Testing
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