Animal Genetics Market Future Scenarios, Growth and Analytical Insights – 2029

The global animal genetics market size was valued at USD 6.80 billion in 2021 and USD 7.27 billion in 2022. The market is expected to reach USD 11.82 billion by 2029 with a CAGR of 7.2% during the forecast period. Increasing case of genetic disorders that require genetic testing is set to propel market growth. The emergence of new and advanced genetic technologies by the market players is set to eliminate the existing challenges. Genetics are used for various types of testing, such as genetic trait testing, DNA typing, and genetic disease testing. The increasing population of livestock is projected to aid market development. Fortune Business Insights™ shares this information in its report titled “Animal Genetics Market, 2022-2029.”

Segments

Animal Type to Lead Due to Strong Government Support

Based on product & service, the market is divided into animal type, genetic material, and service type. The animal type segment held the largest share in 2021 due to the high consumption of animal protein and government support to reduce the effects on the environment. The genetic material segment is set to have the highest CAGR due to the growing prevalence of several genetic disorders in livestock and companion animals.

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Research Centers & Institutes to Lead the Segment Due to Establishing New Research Centers for R&D

As per end-user, the market is divided into veterinary hospitals & clinics, research centres & institutes segment to have a higher share due to the increasing focus of companies for establishing new research centres for R&D of new products, helping them to introduce new technology in animal genetics. The veterinary hospitals & clinics segment is projected to have a moderate CAGR over the forecast years owing to an increase in livestock and companion animals and investments by governments.

COVID-19 Impact:

Need for Genetic Testing During Pandemic Led to Positive Market Progress

The COVID-19 pandemic changed the landscape of animal healthcare practices globally. For instance, according to the genetic study conducted by the National Academy of Science in August 2020, 12 cetacean species, such as giant anteaters, numerous rodent species, the Angolan colobus monkey, three types of deer, and dolphins, are also suspected to be vulnerable to the virus. Such studies supported the increasing need for genetic testing on animals, thereby driving the market's growth during the pandemic.

Report Coverage

The report provides a detailed analysis of the top segments and latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and strategies undertaken by the market's key players.

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