The animal genetics market is estimated to generate revenue of approximately US$ 10067 million annually, compounded by approximately 6% during the forecast period i.e. 2023 – 2033.
New York, New York, India, November 16, 2022 /EINPresswire.com/ – Research Nester published a report titled “Animal genetics market: Global Demand Analysis and Opportunity Forecast to 2033 that provides a detailed overview of the global Animal Genetics Market in terms of market segmentation by animal type, germplasm, genetic testing, and by region.
Further, for in-depth analysis, the report includes industry growth indicators, restraints, supply and demand risks, along with a detailed discussion of current and future market trends associated with market growth.
The global animal genetics market is expected to grow at a CAGR of approximately 6% during the forecast period i.e. 2023 – 2033 by raking in revenues of about USD 10067.0 million by the end of 2033. The increase in animal livestock numbers is expected to drive the growth of market during the forecast period. As of 2022, the worldwide livestock population is estimated to be 1,000 million head. In addition, rising demand for animal protein is expected to drive the growth of the market during the forecast period. In 2021, fish protein consumption is estimated to be around 150 million metric tons.
Additionally, by animal type, the global animal genetics market is segmented into dogs, cattle, swine, poultry, and others. Among these sub-sectors, it is estimated that the swine sector will have a market share of 31.15% in 2022. The growth of this sector can be attributed to the increase in the number of pigs. In 2022, the largest number of pigs will be found in China, totaling 400 million heads.
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Moreover, the global animal genetics market, by region, is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region. Among these regions, North America currently holds the highest market share at 36.26% and is estimated to grow at a rapid pace during the forecast period on the back of increasing pork production and consumption and a growing inclination towards higher quality breeds.
The research is global in nature and covers detailed market analysis in North America (USA and Canada) and Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands, Luxembourg and 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, the rest of the Middle East and Africa). In addition, analysis comprising market size, annual growth, opportunity analysis, competitive study of market players, investment opportunities, demand for future forecast, etc. are also covered and presented in the research report.
Rising incidence of animal infectious diseases to promote market growth
The Centers for Disease Control and Prevention reports that about 6 out of 10 infectious diseases are spread by animals.
Animals are responsible for spreading a large number of infectious diseases among humans. These diseases are hookworms, ringworm, salmonella, parrot fever, Lyme disease, and others. In 2018, about 20,000 cases of Lyme disease were observed in the United States. To find the cause and treatment of these diseases, animal genetics comes in handy. Therefore, these factors are expected to drive the growth of the market during the forecast period.
However, the high cost associated with specialized breeding programs is expected to be a major constraint to the growth of the global animal genetics market during the forecast period.
This report also presents the current competitive scenario of some of the key players in the global Animal Genetics market which includes company classification of Hendrix Genetics BV, Genus plc, Animal Genetics Inc. , Crv Holding BV, Vetgen LLC, Neogen Corporation, Topigs Norsvin, Zoetis Inc. and GROUPE GRIMAUD LA CORBIERE and Royal Agrifirm Group. Profiling includes key corporate information which includes an overview of business, products and services, key financial data, and recent news and developments. Overall, the report depicts a detailed overview of the global animal genetics market that will help industry advisors, equipment manufacturers, existing players looking for expansion opportunities, new players looking for possibilities, and other stakeholders to align their market focused strategies in accordance with the ongoing and forecast trends. In the future.
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