Home > Healthcare & Medical Devices > Animal Genetics Market
Animal Genetics Market size exceeded USD 4.2 billion in 2020 and is projected to grow at over 6.6% CAGR between 2021 and 2027.
To get more details on this report: Request Free Sample PDF
Growing funding for animal genetics research, advancement in genetic technologies, and rise in implementation of animal welfare acts will drive the market growth during the forecast timeframe. Also, rising focus of animal genetics providers on producing poultry animals with higher productivity to meet the growing demand for dairy products and meat will influence the market expansion. However, the COVID-19 pandemic in its early days raised many concerns around consumption of animal products, thus negatively affecting the market. Additionally, as most of the parts of the world were in total lockdown to tackle infection spread, many businesses suffered including the animal genetics industry.
Report Coverage | Details |
---|---|
Base Year: | 2020 |
Market Size in 2020: | 4.2 Billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 6.6% |
2027 Value Projection: | 6.5 Billion (USD) |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 110 |
Tables, Charts & Figures: | 142 |
Segments covered: | Animals, Service Type and Region |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
To get more details on this report: Request Free Sample PDF
Researchers in animal genetics field have identified elements within genes that are responsible to enhance animal health, growth, and ability to utilize nutrients in animals. These genetic advances increase production while reducing environmental impacts. Livestock and animals contribute to the food security and livelihoods of almost a billion people globally and contribute around 40% of the global value of agricultural output. Thus, identification and production of disease-resistant breed using animal genetics is vital for growing population. Also, the COVID-19 pandemic that originated in Wuhan and gradually spread across the world has resulted in millions of casualties. The pandemic has shown the importance of safe and healthy eating habits. Thus, animal genetics has become an important part of the agriculture concerned with animals that are raised for meat, milk, fibre, eggs, and other products.
The poultry segment accounted for more than USD 1.4 billion in 2020. There is a substantial rise in the demand for superior quality foods such as eggs, meat and milk compared with food of plant origin. The change in consumption pattern coupled with rising population and urbanization have led to increase in the demand for poultry farming industry. Since, poultry animal products are in high demand and will constantly grow, it will also propel the overall market value during the forecast period.
To get more details on this report: Request Free Sample PDF
The DNA typing segment held 43% of the market share in 2020. DNA typing has application in domestic animals for identification and parentage control. It is also used for the diagnosis of genetic diseases and for the sexing of animals, thus augmenting the segment growth. Furthermore, increasing acceptance of selective breeding for desirable traits will the raise the demand for animal genetics services, thereby fostering the market expansion.
To get more details on this report: Request Free Sample PDF
North America dominated the global animal genetics market, where the U.S. represents major regional share for animal genetics services. The region is expected to grow at over 5% CAGR till 2027 on account of the increased spending on pet health enabled by high disposable incomes and growing research on animal genetics. Moreover, rising pet acceptance and personalized medicines for pets will also act as a driver for the market.
Some of the prominent industry leaders functioning in the market include Zoetis, Genus, Neogen Corporation, Hendrix Genetics, Animal Genetics, CRV, Topigs Norsvin, Envigo, VetGen, EasyDNA, and others. The industry is concentrated with the presence of numerous international as well as the local market participants. These companies are undertaking several organic and inorganic growth strategies to capture a higher revenue share in this industry.
Click here to Buy Section of this Report
Market, By Animals, 2016-2027 (USD Million)
Market, By Service Type, 2016-2027 (USD Million)
The above information is provided for the following regions and countries: