Global Animal Genetic Market was valued US$ 19.7 Bn in 2018 and is expected to reach 33.3 Bn by 2026, at a CAGR of 7.13 % during a forecast period.
Global Animal Genetic Market: Overview Development of economy in countries, such as Asia Pacific and Latin America have increased affordability in urban middle-class population, enhance the per-capita meat consumption, which drive the demand for more efficient livestock production. Furthermore, rise in awareness about the importance of healthy livestock, feed additives, and other materials of companion animals along with growing pet ownership are key factors that are projected to provide opportunities to animal breeders in developing markets during the forecast period. The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis. Global Animal Genetic Market: Drivers and Restraints Huge demand for animal products and improved focus toward genetic management of diseases in animals are projected to drive the market for animal genetic during the forecast period. Globalization and climate change managed to outbreaks of animal diseases; some are communicable to humans. According to International Federation for Animal Health (IFAH), increase in global temperature leads to the arrival of new diseases and helps other diseases to resurface. Increasing occurrence of diseases among animals fuel the demand for genetically improved or genetically enhanced breed, which is predicted to drive the demand for animal genetics market. On the other hand, government have increased the investment in advanced technologies to increase the demand for animal genetic market during forecast period but it restrict the market owing to unpredictable change in raw material. Global Animal Genetic Market: Segment Analysis On the basis of material type, the semen segment is projected to grow at the fastest CAGR (XX %) of animal genetic market during the forecast period. This can be credited to the growing acceptance of artificial insemination (AI) and semen sexing in the refinement of cattle, pigs, sheep, goats, etc. These factors lead to increase the demand for animal genetic market during forecast period. Global Animal Genetic Market: Regional Analysis In Geographical area, North America is anticipated to lead the animal genetics market during the forecast period. This is credited to the existence of a large number of leading players of the animal genetics market in this regions, along with the high acceptance of the latest technologies in animal genetics. Moreover, the conventional livestock sector, and the rising demand for animal protein is anticipated to drive the North American animal genetics market. The objective of the report is to present comprehensive assessment projections with a suitable set of assumptions and methodology. The report helps in understanding Global Animal Genetic market dynamics, structure by identifying and analyzing the market segments and projecting the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, growth strategies, and regional presence. To understand the market dynamics and by region, the report has covered the PEST analysis by region and key economies across the globe, which are supposed to have an impact on market in forecast period. PORTER’s analysis, and SVOR analysis of the market as well as detailed SWOT analysis of key players has been done to analyze their strategies. The report will to address all questions of shareholders to prioritize the efforts and investment in the near future to the emerging segment in the Global Animal Genetic market.