Animal Genetics Market to Garner Brimming Revenues by 2020 to 2026

Posted by Arslan on November 19th, 2019

Animal genetics is a branch in the field of genetics that are primarily involved with the study of gene variation for wild and domestic animals, which includes aspects such as animal breeding, gene expression, and physical genetic traits. Activities in the field involve genetic disease traiting, DNA testing, and genetic trait testing among others.

The global animal genetics market is projected to grow at a strong CAGR of over 6 per cent through the forecast period till 2026, and is expected to accrue a projected value of ~ USD 8 billion by the end of this period. The demand for animal genetics activities is expected to witness an uptick owing to the exponential rise in urban populations, the high demand and consumption of animal protein, and agri-business activities.

Artificial Insemination Advancements to Generate Opportunities

Healthy embryos are essential for the growth of livestock rearing, and consequently the practice of artificial insemination has been gaining traction over the relatively high efficiency of using animal semen, which is responsible for a better profit margin.

In addition, the export and import of embryos are cost substantially lesser than the import and export of animals, which is also a major factor which is increasing the preference for artificial insemination. In addition, artificial insemination are very controlled procedures, which have greater hygiene standards, which reduce the risk of diseases that are commonly associated with the conventional animal mating practices, boosting the quality of livestock.

Poultry and Animal Husbandry Contribute to Demand

Animal genetics has been playing an increasingly larger role, particularly in the growth of bovine animals, which is expected to continue for the foreseeable future owing to the high demand for dairy products.

In addition, financial incentives by central government bodies are also anticipated to increase the scope of health care technologies for animals, which will bolster the reliance of animal genetics in terms of livestock farming. In addition, the poultry industry has also expanded at an exponential rate in recent years.

The importance of eggs and poultry as an important source of nutrition has resulted in poultry business owners seeking avenues to increase production capacity. In addition the byproducts of the poultry business find use as manure and animal feed as well, which makes the business highly lucrative and is expected to contribute to the strong growth rate for the foreseeable future.

Maintaining a Diverse Gene Pool is Essential for Sustainable Animal Rearing

The rising number of positive outcomes from the adoption of genetic technologies, awareness about genetic diseases and increasing interest in animal welfare practices, are major factors propelling the animal genetics market. In addition, maintaining a diverse genetic pool of animals for rearing is a very important aspect of sustainable animal husbandry practices.

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On the other hand, the animal genetics industry is subject to very strict regulations, which are a major challenge for players in the industry. The challenge is further augmented by the massive shortage of professionals with the requisite skills, and the high costs of genetic testing activities, which are expected to continue through the forecast period.

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