The Global Animal Genetic Products Market is forecast to reach USD 7.84 Billion by 2028, according to a new report by Reports and Data. The market is forecasted to witness an increase in demand due to increase in consumption of animal proteins and rapid increase in urbanization across the globe. To fulfill the rising demand, producers have inclined towards animal genetics to breed high-quality livestock and secure large-scale production. The demand for genetic testing has increased over the years due to the rise in animal diseases, increasing the prevalence of zoonotic diseases and a rise in the trend of companion animals.
Increasing investment in research and development of new drugs and vaccines by both government and private companies is expected to propel the market. The high cost of animal testing, low returns on R&D, and concerns about the adverse effect of genetic engineering on animals are some of the restraints limiting the growth of the market.
North America dominates the market for animal genetics product. This is mainly due to the presence of a large number of leading players in the region, along with high and easy adoption and acceptance of the latest technologies. The growing demand for animal protein is further forecasted to drive the market in the region.
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Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented the global Animal Genetic Product Market on the basis of Live Animals, Genetic Material, Testing Services, and Region:
Live Animals Outlook (Revenue, USD Billion; 2018-2028)
Genetic Material Outlook (Revenue, USD Billion; 2018-2028)
Testing Services Outlook (Revenue, USD Billion; 2018-2028)
Country-wise regional analysis covers:
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