(MENAFN- America News Hour) Research Nester published a report titled
“Animal Genetics Market: Global Demand Analysis & Opportunity Outlook 2033”
which delivers a detailed overview of the global animal genetics market in terms of market segmentation by animal type, genetic material, genetic testing, and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global animal genetics market is projected to grow at a CAGR of ~6% during the forecast period, i.e., 2023 – 2033 by obtaining a revenue of ~USD 10067.0 million by the end of 2033. The growing animal livestock population is anticipated to propel the growth of the market during the forecast period.
As of 2022, the population of cattle across the globe was estimated to reach around 1000 million head. Additionally, higher demand for animal protein is further estimated to propel the market growth over the forecast period.
In 2021, fish consumption for protein was estimated to reach 150 million metric tons.
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Additionally, by animal type, the global animal genetics market is segmented into canine, bovine, porcine, poultry, and others. Out of these sub-segments, the porcine segment is estimated to obtain a market share of 31.15% in 2022. The growth of the segment can be accounted to the escalation in the number of pigs.
In 2022, the highest number of pigs was found in China summing up to 400 million heads.
Furthermore, the global animal genetics market, by region, is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market in the North America region currently holds the highest market share of 36.26%, and is estimated to grow at a rapid pace over the forecast period on the back of increasing production and consumption of pork and a growing inclination toward high-quality breeds.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
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Rising Cases of Animal Infectious Diseases to Foster the Growth of the Market
Centers for Disease Control and Prevention stated that around 6 out of 10 infectious diseases are spread by animals.
Animals are responsible to spread a significant number of infectious diseases in humans. These diseases are hookworms, ringworms, salmonella, parrot fever, Lyme disease, and others.
In 2018, around 20,000 cases of Lyme disease were observed in the US.
to find the cause and cure of these diseases, animal genetics becomes beneficial. Therefore, such factors are anticipated to propel the growth of the market during the forecast period.
However, the higher cost associated with the specialized breeding programs is expected to operate as a key restraint to the growth of the global animal genetics market over the forecast period.
This report also provides the existing competitive scenario of some of the key players in the global animal genetics market which includes company profiling of Hendrix Genetics BV, Genus plc, Animal Genetics Inc., Crv Holding B.V., Vetgen LLC, Neogen Corporation, Topigs Norsvin, Zoetis Inc., GROUPE GRIMAUD LA CORBIERE, and Royal Agrifirm Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global animal genetics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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