The Global Animal Genetics Market is anticipated to extent USD 5.50 billion by 2021, growing at a CAGR of 8.4% from 2016 to 2021.
Growth Factors in Animal Genetics Market such as
However, dearth of skilled professionals in veterinary research and technicians for performing advanced genetic techniques is a major factor restraining the growth of this market.
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Animal genetics provides advanced breeding technologies and testing services such as DNA typing, genetic trait tests, and genetic disease tests. In recent years, the animal genetics market has witnessed tremendous growth, mainly due to the rising demand of animal products owing to the increasing global population and rapid urbanization, adoption of advanced genetic technologies for larger-scale production and quality breeds, development of cutting-edge technologies in animal genetic testing, and growing awareness about veterinary genetic diseases and disorders.
The animal genetics market has been segmented by product, testing service, and region.
On the basis of products, the market is segmented into
The Animal Genetics Testing Services Market is segmented into
Animal Genetics Market, On the basis of Region
Some of the major players in the global animal genetics market are
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The live animals segment accounted for the largest share of the animal genetics market in 2015. The animal genetics market for live animals is primarily driven by the rising adoption of advanced genetic technologies for larger-scale production and quality breeds and growing awareness about veterinary genetic diseases and disorders.
Market Drivers of Animal Genetics Industry:
Market Restraints of Animal Genetics Industry:
Market Opportunities in Animal Genetics Industry:
Market Challenges in Animal Genetics Industry:
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In 2015, Europe accounted for the largest share to the global animal genetics market, followed by North America, Asia-Pacific, and the RoW. Developed geographies like North America and Europe are likely to grow at lower CAGRs as compared to the Asia-Pacific market, which is expected to witness the fastest growth rate during the forecast period. Growth in the APAC market is largely driven by the rising demand of animal-derived products, increase in the population of livestock animals, and implementation of animal welfare acts.
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Animal Genetics Market report provides insights on the following pointers:
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