VANCOUVER, BC, Oct. 13, 2020
- The growth of the market is attributed to the growing consumption of animal-derived food products, advances in animal genomics, and increasing demand for genetic testing services.
- Market Size – USD 6.44 Billion in 2019, Market Growth - CAGR of 5.2%, Market Trends –Increasing export of live animals.
VANCOUVER, BC, Oct. 13, 2020 /PRNewswire/ -- The Global Animal Genetics Market is projected to reach USD 9.66 billion by 2027, according to a recent report by Emergen Research. With the help of genetic modification practices that have developed rapidly in recent years, the breeding of animals with other breeds has amplified, thereby attracting investments from all major consumers on the global level. The placental mammal farmers area unit is achieving high milk-and meat-production by leveraging animal genetic technology. With the assistance of strategic breeding, the placental mammal farmers have been able to bag comparatively higher gains that are likely to drive the growth of the end-user base of the market.
Besides this, the high status of animal-borne sickness transmission to humans has been a push for the animal health business from central authorities to formulate effective medicine for animals. With the growing influence, animal testing is likely to increase across all the analyzed regions in which the market has its presence. However, the cost-prohibitive nature of animal testing, together with a lack of complete professionals, may limit the otherwise steady rate of growth of the animal biology market.
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Key Highlights From The Report
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For the purpose of this report, Emergen Research has segmented into the global Animal Genetics Market on the basis of live animals, genetic materials, and services:
Live Animals Outlook (Revenue, USD Billion; 2017-2027)
Genetic Materials Outlook (Revenue, USD Billion; 2017-2027)
Services Type Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue: USD Billion; 2017-2027)
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