CHICAGO, December 11, 2018 /PRNewswire/ --
According to the new market research report "Animal
Genetics Market by Products & Services (Live
Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen
(Bovine, Porcine), Embryo (Bovine, Equine)) Genetic Testing (DNA
Testing, DNA Typing, Genetic Disease Testing)) - Forecast to
2023", published by MarketsandMarkets™, the global
Animal Genetics Market is projected to reach USD 5.8 billion by 2023 from USD 4.2 billion in 2018, at a CAGR of 6.5 %
during the forecast period.
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Factors such as rising consumption for animal-derived protein,
growing population and rapid urbanization across the globe,
increased adoption of genetic services and advanced genetic
technologies for larger-scale production and quality breeds, and
growing focus on identifying superior breeds are likely to boost
the growth of the market. However, shortage of skilled
professionals in veterinary research and technicians for performing
advanced genetic services is a major factor restraining the growth
of this market.
By semen type, bovine semen segment is expected to grow at
the highest CAGR during the forecast period.
On the basis of type, the semen market is categorized into
bovine semen, porcine semen, canine semen, equine semen and semen
for other animals such as sheep, goat, and cat. Bovine semen is
expected to grow at the highest CAGR during the forecast period.
This is attributed to the growing demand for meat and milk across
the globe, and the increasing need to produce high yielding cattle
to cater to the growing global demand. This is also propelled by
the huge amount of bovine semen being traded internationally for
the artificial insemination of cows subsequent to the opening of
trade regulations across the globe.
Browse in-depth TOC on "Animal
Genetics Market"
229 - Tables
31 - Figures
241 - Pages
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By embryo type, bovine embryo segment is expected to dominate
during 2018-2023.
On the basis of type, the embryo market is categorized into
bovine embryo, equine embryo and other animal embryo (sheep, goat
and pigs). The bovine embryo segment is expected to hold the
largest share in the animal genetics in 2018. This is attributed to
the increasing penetration of advanced genetic technologies into
this segment, and the growing popularity of bovine embryo transfer
practices with seedstock and beef producers enabling rapid
multiplication of genetically elite animals.
APAC holds high growth potential in the Animal
Genetics Market.
APAC is expected to grow at the highest CAGR during the forecast
period. Asia Pacific countries,
particularly China India, Japan,
and Australia offer significant
growth opportunities for players in the market owing to the large
scale livestock production and the growing demand of animal protien
in these regions due to the rapid growth in urbanization and
disposable income in these countries. Moreover, growing exports of
livestock and animal products from Southeast Asian countries to the
global market are expected to improve the productivity of the
livestock population in this region, thereby contributing to the
growth of the Animal Genetics Market in the coming years.
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The prominent players in the Animal Genetics Market are Neogen
Corporation (US), Genus (UK), URUS (US), EW Group (Germany), Groupe Grimaud (France), CRV Holding (Netherlands), Topigs Norsvin (Netherlands), Zoetis (US), Envigo (US),
Hendrix Genetics (Netherlands),
Animal Genetics (US), and vetGen (US). Collaborations, partnerships
and agreements, and acquisitions are the major growth strategies
adopted by these players to strengthen their position in the
market.
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