BIS Research Analysts Project the Global Animal Genetics Market to Grow at a CAGR of 6.24% from 2019-2024

As per the latest market intelligence report by BIS Research, the global animal genetics market is projected to reach the market value of $8.89 billion by 2024 from a valuation of $6.57 billion in 2019, while growing at a CAGR of 6.24% during the forecast period 2019-2024. The market growth is favored by several factors such as the increasing consumption of animal-derived protein, growing population and rapid urbanization, and the increasing adoption of genetic technologies.

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Animal genetics is a division of science that is related to the production of the animal with the required traits. Animal genetic resources are an important part of biological diversity, which is inclusive of the breeds and strains of domesticated animals. The global market for animal genetics is currently witnessing gradual adoption of several upcoming technologies such as artificial insemination, sperm sexing, embryo transfer, and others, which propel the growth of this emerging technology.

According to Rakhi Tanwar, Principal Analyst at BIS Research, “Increasing consumption of animal-derived protein, growing population, and rapid urbanization, increasing adoption of genetic services to overcome genetic diseases in animals, coupled with increased adoption of genetic technologies, are some of the factors driving the growth of animal genetics market. Developed economies, such as the U.S., Germany, Singapore, and others, are offering growth opportunities in the market.”.

Some of the prominent companies operating in the market include Hendrix Genetics BV, Aviagen Group, Groupe Grimaud, Cobb Vantress, DDC Veterinary, Mars Petcare, and H&N International, among others. The growing demand for animal genetic services is further expected to increase the involvement of companies across different segments of the value chain. The majority of the companies preferred business expansion and contracts to enhance their presence, while the relatively less adoptive strategies comprised mergers and acquisitions. Out of all the regions, the North American region has been experiencing a rapid growth in the animal genetics market in the past few years, owing to the increasing technological advancements, high investments in related research and development activities (R&D), increasing consumption of animal-derived protein, rising focus to identify genetically superior breeds and increasing prevalence of various zoonotic diseases.

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The report segments the animal genetics market on the basis of solution type, product type, and region while covering market trends, developments, and investment landscape, among others. The market intelligence report comprises of extensive primary and secondary research based on in-depth interviews from key industry leaders working in the animal genetics market. The report also features the detailed financials and product contributions of the leading players working in the market along with the competitive landscape and country-wise segmentation.

Key Questions Answered in the Report:

• What is the global animal genetics market size in terms of revenue, and what is the expected growth rate during the forecast period 2019-2024?

• What are the traditional and emerging technologies in the animal genetics market?

• What does the industry profitability by region in the animal genetics market signify?

• What is the supply chain analysis of the animal genetics market?

• What is the expected growth and market size for the animal genetics market based on different solutions?

• What is the revenue generated by animal genetics in different product type such as live animals and genetic materials at a global and regional level?

• What is the market size and opportunities of the animal genetics market across different regions?

• What are the major forces that are expected to increase the demand for the global animal genetics market during the forecast period?

• What are the key trends and opportunities in the market pertaining to global animal genetics?

• What are the major challenges inhibiting the growth of the global animal genetics market?

• What is the competitive strength of the key players in the animal genetics market on the basis of analysis of their recent developments, product offerings, and regional presence?

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Global Livestock Monitoring & Management Market- Analysis & Forecast (2017-2021) (Focus on Product Type: Hardware & Systems, Software, Services, Animal Type - Cattle, Swine, Sheep & Goat, Poultry, and Application- Milk Harvesting, Animal Health Monitoring, Feed Management): https://bisresearch.com/industry-report/global-livestock-monitoring-management-market-2021.html

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This release was published on openPR.