The animal genetics market statistics predict that the industry will foresee substantial growth within the next few years on the back of the expansion of the industry in various developing economies across the globe. Increasing demand for effective and next gen animal genetic products from emerging regions, such as Latin America as well as Asia Pacific is most likely to influence the growth of the animal genetics market in coming years.
Furthermore, the rising ownership of pets and companion animals all over the globe is also supplementing the growth of the animal genetics market. This trend is also leading to the creation of various attractive opportunities in the animal breeding industries in coming years. This factor is anticipated to act as a driver for the expansion of the animal genetics market within the next few years.
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Some of the most prominent and positive ongoing trends of the animal genetics market include the increase in the affordability of the products offered by the industry players among the emerging middle-class population from urban areas as well as the increasing per capita consumption of meat and animal products across the globe. Additionally, the constant investments and efforts in genetic research, presence of an increasingly growing global population, and the increasing trend of urbanization is also motivating the development of the animal genetics market in coming years.
Rising Demand for Animal Products Stimulates High Traction in Animal Genetics Market
The global market study on animal genetics industry projects that the constantly rising demand for effective management of essential animal livestock is one of the most prominent driving forces, shaping the future demand in the industry. Similarly, the rising levels of awareness amongst the farmers and animal caretakers about the significance of healthy and clean livestock, and benefits acquired by using natural and chemical-free feed additives is also boosting the growth of the animal genetics market.
According to the animal genetics market outlook, the rising demand for various types of important animal products as well as the rising focus on genetically managing animal diseases is supplementing the development of the industry. Furthermore, there is a certain risk involved, as some animal infections or diseases can transmit to humans. To prevent this cross-species transmutation of these viruses or infections, certain products and solutions in the animal genetics market can be utilized. This trend is also fostering the landscape of the animal genetics market.
North America to Lead the Animal Genetics Market in Near Future
The animal genetics market revenue analysis dictates that the North America region will witness the highest growth within the next few years. Some of the key drivers influencing the development of the animal genetics market in North America include increasing consumption of animal products, such as dairy products and meat, from the regional consumers, constant focus of the regional players on research and development, and increasing focus for development of new and healthy animal breeds. Furthermore, the demand within the North America animal genetics market is also fueled by the presence of two major regional economies, I.e., Canada as well as the United States.
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Another major region for the animal genetics market is Europe. The strong revenue contribution from Western European economies, such as Germany, Italy, the United Kingdom, and France, is driving the development of the Europe animal genetics market. Furthermore, the demand within the Europe animal genetics market is also driven by the rising consumer demand for high-quality well-bred animals that feature excellent and ideal genetic traits as well as the increasing demand for poultry products and relevant livestock in the regional economies.
The landscape of the animal genetics market is filled with various major players and manufacturers, such as CRV Holdings B. V., Groupe Grimaud, VetGen, Hendrix Genetics B. V., Genus PLC, Neogen Corporation Zoetis, Topigs Norsvin, and Animal Genetics Inc., among others.