NEW YORK, Nov. 23, 2023 /PRNewswire/ — A latest research report [110+] pages with 360-Degree visibility, titled “Animal Genetics Market Share, Size, Trends, Industry Analysis Report, By Animal (Poultry, Porcine, Bovine, Canine, and Other Animals); By Genetic Material; By Genetic Testing Services; By Region; Segment Forecast, 2023- 2032” published by Polaris Market Research in its research repository.
“According to research report, the global animal genetics market size/share was valued at USD 6.27 Billion in 2022 and is expected to touch USD 11.32 Billion By 2032, growing at a CAGR of 6.1% during the forecast period.”
What is Animal Genetics? How Big is Animal Genetics Market Size?
Animal genetics is the study of genes. Genes influence the conduct of an animal and are accrued from parents to offspring. Animals are studied, and the data is garnered on the conduct or alleged attributes they demonstrate. This includes being tough to battle illnesses or being able to evolve with a handful of resources and much more. The rapidly rising demand for the animal genetics market can be attributed to the usage of contemporary technology to collect and process these data for each and every animal in the breeding program. In such a way, it is feasible to meticulously assess the genetic prospect of solitary animals and choose which are the foremost parents to make fit and more structured offspring.
Animal genetics is acquiring escalated precedence to escalate the quality of livestock. The evolving research ventures in this territory might interest producers in resisting the illnesses of the animals and encountering caliber degrees of illness by firms practicing nonvegetarian food processing. In a broad gamut of domains, the livestock population provides people with many goods and services, such as meat, milk, eggs, fiber, and drought power.
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Market’s Key Understanding from the Report
The growing consciousness of animal genetics is acquiring momentum pushed by technological progressions in industries. The increasing alliances in the marketplace are augmenting the existence of the market.
The animal genetics market segmentation is primarily based on animal, genetic material, genetic testing services, and region.
Asia Pacific dominated the largest market share in 2022.
Market Growth Drivers and Trends
Animal genetics is one of the principal cornerstones of livestock advancements, together with animal health, nutrition, and husbandry deliberations such as housing. The animal genetics market size is expanding as it performs a notable path in resolving several issues that producers encounter such as lesser productivity, lesser nutritional substance, and climate propelled illnesses that can cause a reduction in meat production and dairy products. The advancement of technologies such as artificial insemination, cryopreservation, and embryo hand over has displayed superior results than conventional organic breeding amidst animals causing the sift from organic breeding to helped reproduction technology.
The genetic multiplicity existing in livestock herds acts as a commencing position for both humans handled genetic enhancement programs and natural nomination-based advancement in reply to environmental alteration. The animal genetics market sales are soaring as these endeavours are crucial for augmenting yield and for livestock population to adjust to provocations such as climate change, surfacing diseases, and ultimatum on feed and water resources. The growing human population and speedy worldwide urbanization escalate the acquisition of animal derived protein. Livestock is one of the prominent sources of protein and calcium for humans. The growing demand for acquired food products is anticipated to escalate poultry and dairy production, thus pushing the market. The growing demand for animal acquired protein has caused an escalation in consciousness in context to animal welfare. This caused the pronounced acquisition of animal health insurance, which has finally escalated the demand for genetic testing by pet owners and breeders to make improvised animals to convey animal-derived protein.
Prominent Players in the Market
Animal Genetics
Cardinal Health
CRV Holding B.V.
Genomia s.r.o.
Genus
Genetic Technologies
Groupe Grimaud
Hendrix Genetics BV
Mars, Incorporated
Neogen Corporation
TOPIGS NORSVIN
URUS Group LP
VetGen
Zoetis
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Animal Genetics Market Outlook & Scope
|
Report Attributes |
Details |
|
Market value in 2023 |
USD 6.64 Billion |
|
Market value in 2032 |
USD 11.32 Billion |
|
Growth rate |
6.1% from 2023-2032 |
|
Base year |
2022 |
|
Historical data |
2019-2021 |
|
Forecast period |
2023-2032 |
Significant Segmental Breakdown
The bovine segment witnessed the highest growth during the forecast period
Based on animal analysis, the bovine segment witnessed the highest growth during the forecast period. The animal genetics market demand is on the rise as there is a speedy upswing in demand for dairy products and beef. The move in consumer partiality towards a vegetarian diet is one of the prominent elements pushing the demand for dairy products by consumers as it can restore the paucity of vitamins and minerals linked with zero intakes of nonvegetarians. The escalating demand for dairy products, together with beef, is inspiring producers to possess choosy breeding as it sanctions contemporary species with escalated nutritional value and lessens the opportunity for genetic diseases.
The Semen segment dominated the market
Based on genetic material analysis, the semen segment dominated the market. The animal genetics market trends include the semen for animals involving bovine, porcine, equine, and others from healthy and fertile cattle, which will assist producers in escalating milk production and meat in the subsequent offspring. It also sanctions cattle breeders to escalate their hostility to diseases, pushing meat productivity and dairy products in the near future.
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Regional Analysis
Asia Pacific: This region held the largest animal genetics market share as nations in the region are competently enhancing the production of meat and milk by executing strategies. For instance, the government of India initiated the Rashtriya Gokul Mission to enhance the productivity of bovine and milk, which includes the use of genetically surpassed bulls for breeding. Under the pilot project, the policy is executed under the name of Rashtriya Pashudan Vikas Yojna, with a financial estimate of 2,400 crore from 2021-2026. These continuing endeavors by the government will additionally escalate the consciousness of animal genetics amidst livestock producers in the region and reinforce milk production.
Europe: The Europe region is expected to encounter speedy growth due to an escalation in animal meat production. This will ease ample supply to consumers in the region. In 2021, Spain, France, Ireland, and Greece produced the bulk of sheep meat taken in the EU. Greece and Spain are the apex two member states for goat meat production. To address quality matters and enhance immunity against illness, producers may utilize choice breeding technology to improve the genetics of livestock, which can cause an augmentation of the market in the region.
Browse the Detail Report “Animal Genetics Market Share, Size, Trends, Industry Analysis Report, By Animal (Poultry, Porcine, Bovine, Canine, and Other Animals); By Genetic Material; By Genetic Testing Services; By Region; Segment Forecast, 2023- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/animal-genetics-market
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Current Improvements
In June 2022, Zeotis acquired Basepaws to offer genetic testing, analytics, & health risk evaluations to pet owners.
What can the Report Help you Find?
What is the CAGR estimated to be calculated for the animal genetics market growth?
What are the key segments covered?
What are the key driving factors in the market?
Who are the key companies in the animal genetics market?
What will be the market value estimated by the end of the forecast period?
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