Report : Animal Genetics Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product (Poultry, Porcine, Bovine, Canine, and Others), Genetic Material (Semen and Embryo), and Services (DNA Typing, Genetic Trait Tests, Genetic Disease Tests, and Others) and Geography
Porcine Segment to Grow at Highest CAGR during 2020–2027
According to our new market research study on “Animal Genetics Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product, Genetic material and Services the market is expected to reach US$ 7,705.23 million by 2027 from US$ 4,778.67 million in 2019. The market is estimated to grow at a CAGR of 6.3% from 2020 to 2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.
Based on product, the market is segmented into poultry, porcine, bovine, canine, and others. In 2019, the porcine segment accounted for the highest share of the market. Growth of this segment 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.
In terms of genetic material, the animal genetics market is segmented into embryo and semen. The embryo segment held the largest share of the market in 2019, whereas the semen segment is anticipated to register the highest CAGR of 7.0% in the market during the forecast period.
COVID-19 pandemic has become the most significant challenge across the world. This challenge would be frightening, especially in developing countries across the globe, as it may lead to reducing imports due to disruptions in global trade, which further increases the shortages of meat and dairy product supplies, resulting in a considerable price increase. Asian countries such as China, South Korea, and India are severely affected due to COVID-19 outbreak.
NEOGEN Corporation, HENDRIX GENETICS BV, Zoetis Inc., Genus, TOPIGS NORSVIN, Envigo, VetGen, ANIMAL GENETICS INC., ALTA GENETICS INC., and Groupe Grimaud are among the leading companies operating in the animal genetics market.
The report segments global animal genetics market as follows:
By Genetic Material