Animal Genetics Market to Grow at a CAGR of 6.3% from 2020 to 2027

According to our new market research study on "Animal Genetics Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Product, Genetic material and Services the market is expected to reach US$ 7,705.23 million by 2027 from US$ 4,778.67 million in 2019. The market is estimated to grow at a CAGR of 6.3% from 2020 to 2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.

The scope of the animal genetics market includes product, genetic material, services, and region. The market is analyzed based on regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the animal genetics market emphasizing on various parameters, such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the globe.

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NEOGEN Corporation, HENDRIX GENETICS BV, Zoetis Inc., Genus, TOPIGS NORSVIN, Envigo, VetGen, ANIMAL GENETICS INC., ALTA GENETICS INC., and Groupe Grimaud are among the leading companies operating in the animal genetics market.

COVID-19 pandemic has become the most significant challenge across the world. This challenge would be frightening, especially in developing countries across the globe, as it may lead to reducing imports due to disruptions in global trade, which further increases the shortages of meat and dairy product supplies, resulting in a considerable price increase. Asian countries such as China, South Korea, and India are severely affected due to COVID-19 outbreak.

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Based on product, the market is segmented into poultry, porcine, bovine, canine, and others. In 2019, the porcine segment accounted for the highest share of the market. Growth of this segment is attributed to rise in production of porcine and increase in pork consumption across the globe. The same segment is likely to register highest CAGR in the global animal genetics market during the forecast period.

In terms of genetic material, the animal genetics market is segmented into embryo and semen. The embryo segment held the largest share of the market in 2019, whereas the semen segment is anticipated to register the highest CAGR of 7.0% in the market during the forecast period.

The branch of genetics that deals with the study of gene variation and inheritance in companion, domestic and wild animals is called as animal genetics. Animal genetics are used for genetic trait testing, DNA testing, and genetic disease treatment. Animal genetics is one of the best mainstays of livestock development (alongside animal nutrition, animal health, and husbandry concerns such as housing). According to the Food and Agriculture Organization of the United Nations, it is a wide field, ranging from characterization to maintenance to genetic improvement, and involves activities at local, national, regional, and global scales.

Market Insights

Product-Based Insights

Based on product, the animal genetics market is segmented into poultry, porcine, bovine, canine, and others. In 2019, the porcine segment accounted for the highest share of the market. Growth of this segment is attributed to rise in production of porcine and increase in pork consumption across the globe. The same segment is likely to register highest CAGR in the global animal genetics market during the forecast period.

Material-Based Insights

In terms of genetic material, the animal genetics market is segmented into embryo and semen. The embryo segment held the largest share of the market in 2019, whereas the semen segment is anticipated to register the highest CAGR of 7.0% in the market during the forecast period.

Services-Based Insights

Based on services, the animal genetics market is segmented into DNA typing, genetic trait tests, genetic disease tests, and others. The DNA typing segment held the largest share of the market in 2019, whereas the genetic disease tests segment is anticipated to register the highest CAGR of 7.2% in the market during the forecast period

Product launches and expansion strategy are commonly adopted strategies by companies to expand their footprint worldwide and meet the growing demand. These strategies are commonly adopted by the market players in order to expand their product portfolio.

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