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What Are Some Facts You Should Know About Animal Genetics

Published on: May 2022

An overview of the Animal Genetics market

The global animal genetics market is expected to grow at a CAGR of 7.1 percent to USD 7.7 billion by 2026, up from USD 5.5 billion in 2021. The increased consumption of animal-derived protein, as well as the growing worldwide population and fast urbanisation, are driving the expansion of the animal genetics market. Increased acceptance of genetic services to prevent genetic illnesses and business loss, as well as increased adoption of advanced genetic technologies, all contribute to the market's growth.

Impact of Covid-19 on the Animal Genetics Market

In order to contain the COVID-19 spread, numerous governments enforced transit and travel restrictions, causing international trade and transportation to be hampered. As a result, the supply chain for animal genetic products was interrupted, resulting in a temporary decrease in product demand. The market operators' capacity to offer new animal genetic goods and apply previously sold products has been hampered by limited access to present and potential clients, resulting in a modest reduction in the growth rate in 2020. However, the supply chain disruption is projected to be mitigated in 2021, and the market is expected to develop at a faster rate during the projection period.

Market Trends in Animal Genetics

Increased intake of animal-derived protein and dairy products is a driving force

Humans get their protein and calcium from livestock and fowl. Beef, veal, dairy products, and eggs are among the most popular foods, and demand for them is likely to rise significantly in the future. Meat output in industrialised countries is expected to rise dramatically, owing to strong growth in Canada and the United States. Pork is expected to account for a major portion of the total rise in meat production during the next 10 years, as well as being the fastest-growing meat in terms of consumption. Due to increased population and income growth in India and Pakistan, global consumption of fresh dairy products is predicted to increase dramatically over the next decade. Consumption is predicted to exceed output in some places that are not self-sufficient in dairy products, such as Africa, Southeast Asia, and the Middle East, resulting in increased dairy imports. Milk powders, which are cheaper to export than liquid milk, are projected to meet this demand.

Restraint: The emergence of alternatives such as lab-based beef has created a sense of restraint.

The move toward a demand for high-quality products offsets some of the increase in per capita meat consumption. A shift to lab-based or cultured meat is one example. Consumer preferences and attitudes about meat consumption, as well as concerns about its influence on health, the environment, animal welfare, and global greenhouse gas (GHG) emissions, may shift demand away from animal-based protein. This could have a long-term negative influence on demand for animal-based protein, delaying the adoption of animal genetics.

A look into the future

Market Players & Competitor Analysis: The report includes information on the industry's key players, including Company Profiles, Product Specifications, Production Capacity/Sales, Revenue, Price, and Gross Margin 2016-2027 & Sales, as well as a comprehensive analysis of the market's competitive landscape, detailed information on vendors, and comprehensive details of factors that will stymie the growth of major market vendors.

Global and Regional Market Analysis: The study covers the current state and future prospects of the global and regional markets from 2016 to 2027. In addition, the study contains detailed information on each of the report's regions and countries. Identifying the company's revenues, sales volume, and revenue projections. With a thorough examination of the various types and applications.

Delve deeper and get a look into the more detailed version of the expert report.