Animal Genetics Market Worth ($7,705.23 Mn by 2027) by (6.3% CAGR) with Impact of Coronavirus Outbreak and Global Analysis & Forecast by The Insight Partners
Growth of Animal Genetics Market is attributed to rise in production of porcine and increase in pork consumption across the globe. The same segment is likely to register highest CAGR in the global animal genetics market during the forecast period.
PUNE, India, Nov. 25, 2021 /PRNewswire/ -- According to The Insight Partners study on "Animal Genetics Market to 2027 – Global Analysis and Forecast – by Animal Genetic Material, Genetic Material and Service" the animal genetics market was valued at US$ 4,778.67 million in 2019 and is projected to reach US$ 7,705.23 million by 2027; it is expected to grow at a CAGR of 6.3% during 2019–2027. The growth of the market is attributed to the growing preference for animal derived proteins supplements and food products and rising adoption of progressive genetic practices such as artificial insemination (AI) and embryo transfer. However, limited number of skilled professionals in veterinary research and stringent government regulations for animal genetics is expected to hinder the market growth.
The North American region holds the largest market share of this market and is expected to grow in forecasted years. The growth in North America is characterized by the presence of new market players, various product launches and increasing government initiatives.
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Likewise, Mexico is likely to offer attractive business opportunities for livestock genetics. Over the last decades, Mexico's beef, pork, and dairy productions have undergone valuable developments. Mexican generators in the expanding livestock intensive systems are frequently using modern genetic improvement technologies such as artificial insemination and embryo transfers.
In North America, the US is the largest market for animal genetics market. Livestock groups provide consumers with different products and services, including meat, milk, eggs, fiber, and draught power. The genetic variation within livestock communities produces the raw material for evolving through natural selection in answer to changing conditions and human-managed genetic improvement plans. As per the Food and Agriculture Organization (FAO), animal genetics is one of the livestock development support. It is a wide field, ranging from characterization to conservation to genetic development. According to the National Institute of Food and Agriculture (NIFA), there have been dramatic improvements in animal production yields and efficiencies. Therefore, the ever-increasing demand for dietary protein in the United States has been observed. These demands are achieved by one the best Animal breeding is one strategy by which these improvements may be performed. NIFA, with the help of scientists from universities and research organizations and food animal industries, provides national leadership and funding opportunities to conduct basic, applied, and integrated research to increase knowledge of animal genetics and genomics.