Animal Genetics Market - Global Forecast 2023 Animal Genetics Market

Animal Genetics Market $5.8 Billion by 2023
According to the new market research report "Animal Genetics Market by Products & Services
(Live Animals (Poultry, Porcine, Bovine, Canine) Genetic Material (Semen (Bovine, Porcine),
Embryo (Bovine, Equine)) Genetic Testing (DNA Testing, DNA Typing, Genetic Disease
Testing)) - Forecast to 2023", published by MarketsandMarkets™, the global Animal Genetics
Market is projected to reach USD 5.8 billion by 2023 from USD 4.2 billion in 2018, at a CAGR of
6.5 % during the forecast period.
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Factors such as rising consumption for animal-derived protein, growing population and rapid
urbanization across the globe, increased adoption of genetic services and advanced genetic
technologies for larger-scale production and quality breeds, and growing focus on identifying
superior breeds are likely to boost the growth of the market. However, shortage of skilled
professionals in veterinary research and technicians for performing advanced genetic services is
a major factor restraining the growth of this market.
By semen type, bovine semen segment is expected to grow at the highest CAGR during the
forecast period.
On the basis of type, the semen market is categorized into bovine semen, porcine semen,
canine semen, equine semen and semen for other animals such as sheep, goat, and cat. Bovine
semen is expected to grow at the highest CAGR during the forecast period. This is attributed to
the growing demand for meat and milk across the globe, and the increasing need to produce
high yielding cattle to cater to the growing global demand. This is also propelled by the huge
amount of bovine semen being traded internationally for the artificial insemination of cows
subsequent to the opening of trade regulations across the globe.
Browse and in-depth TOC on "Animal Genetics Market".
229 - Tables
31 - Figures
241 - Pages
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