Animal Genetics Market Size, Share & COVID-19 Impact Analysis, By Product & Services (Animal Type, Genetic Material, and Service Type), By End-user (Veterinary Hospitals & Clinics, Research Centers & Institutes, and Others), and Regional Forecast, 2022-2029

Animal genetics is the study of heredity and variation in animals. It involves the study of genetic material, its expression, and its inheritance across generations. Animal genetics plays a crucial role in animal breeding, disease resistance, and improving animal health and welfare. The animal genetics market has been growing steadily over the years and is expected to continue its upward trend in the coming years.

Growth Potential of the Animal Genetics Market:

The global animal genetics market size was valued at USD 6.80 billion in 2021 and is projected to grow from USD 7.27 billion in 2022 to USD 11.82 billion by 2029, at a CAGR of 7.2% during the forecast period. Based on our analysis, the global market exhibited a decline of 7.5% in 2020 as compared to 2019, According to Fortune Business Insights. The global COVID-19 pandemic has been unprecedented and staggering, with animal genetics experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. 

Get More Insights On: https://www.fortunebusinessinsights.com/animal-genetics-market-105584

The growth of the animal genetics market is primarily driven by the increasing demand for animal products such as meat, milk, and eggs. With the growing population and rising income levels, the demand for animal products is expected to increase significantly in the coming years. Animal genetics plays a critical role in meeting this demand by improving the productivity and efficiency of animal production.

Advancements in genetic research have also contributed to the growth of the animal genetics market. With the development of new technologies such as genome editing, gene therapy, and cloning, scientists can now manipulate the genetic makeup of animals to develop new breeds with desired traits. These advancements have opened up new opportunities for animal genetics companies to develop innovative products and services.

Growing awareness about the benefits of animal genetics has also contributed to the growth of the market. As consumers become more aware of the impact of genetics on animal health, welfare, and productivity, they are demanding products and services that promote genetic diversity and animal welfare.

Importance of Animal Genetics:

Animal genetics plays a vital role in livestock and animal husbandry. It has significant implications for the agriculture industry, including the production of meat, milk, eggs, and other animal products. The application of animal genetics helps to develop new breeds of animals with desired traits such as increased growth rate, improved meat quality, and resistance to diseases. It also helps in the conservation of rare and endangered animal species by identifying genetic variations and developing breeding programs to maintain genetic diversity.

The use of animal genetics also has implications for the medical and pharmaceutical industries. Genetic research in animals can provide valuable insights into human health and disease, as many diseases that affect humans also affect animals. By studying animal genetics, scientists can identify disease-causing genes and develop targeted therapies and treatments for humans.

Conclusion:

Animal genetics plays a vital role in livestock and animal husbandry, with significant implications for the agriculture, medical, and pharmaceutical industries. The animal genetics market has been growing steadily over the years, driven by increasing demand for animal products, advancements in genetic research, and growing awareness about the benefits of animal genetics. With the growing population and rising income levels, the demand for animal products is expected to increase significantly in the coming years, providing new opportunities for animal genetics companies to develop innovative products and services.