Animal Genetics Market: Animal genetics is based on the general principles of he
Posted by rohan on June 25th, 2019
Animal Genetics Market was worth USD 4.7 billion in 2019 and estimated to be growing at a CAGR of 8.48%, to reach USD 7.0 billion by 2024. Animal genetics is a branch of genetics that deals with the study of inheritance and genetic variation, primarily in domestic and wild animals. Animal genetics is based on the general principles of heredity. It encompasses areas such as gene expression, animal breeding, and physical trait genetics such as coat color. Animal genetics uses hybrid, population, cytological, mathematical-statistical, ontogenetic, and twin methods of general genetics. At the commercial level, animal genetics is used for services such as genetic trait testing, DNA typing, and genetic disease testing.
Market Drivers and Restraints:
The Global Animal Genetics Market is anticipated to witness healthy growth during the forecast period, owing to a steep rise in the demand for and consumption of animal proteins and rapidly increasing urban population all over the world. To meet the rising global demand for animal products, producers are getting inclined toward animal genetics to breed high-quality livestock and secure large-scale production. A rapid increase in the number of animal diseases, the rising trend of possessing companion animals, and high prevalence of zoonotic diseases have fuelled the demand for high-end diagnostic methods such as genetic testing. Moreover, increasing investments in research and development of novel drugs and vaccines by private and government bodies are projected to propel the animal genetics market in the near future. However, low returns on research and development (R&D), high cost of animal testing, stringent regulatory framework, and raising concerns about adverse effects of using the animal genetic engineering on animals are some of the restraints for the global animal genetics market.
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Report segmented as
By live animals:
By Genetic material:
The geological basis records are Europe is the largest regional segment of the global animal genetics market, followed by North America. The major share of this region can be attributed to the growing demand of animal-derived products, highly developed animal healthcare system, and presence of a large number of animal breeding and genetic testing companies in this region. However, the Asia-Pacific region represents the fastest-growing market for animal genetics, primarily due to the increasing population, rapid urbanization, increased demand of animal products, increased awareness towards animal welfare in developing countries, and adoption of advanced animal genetic testing services.
Important Market Players:
Key players operating in the animal genetics market include Genus Plc, Hendrix Genetics BV, Alta Genetics, CRV Holding B.V., Neogen Corporation, VetGen, Animal Genetics Inc., and Zoetis.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
Market Data Forecast is a firm working in the areas of market research, business intelligence, and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
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About the Authorrohan
Joined: September 20th, 2017
Articles Posted: 1,346
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