Market Research Report
Asia Pacific Animal Genetics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Products, Genetic Material, Service
|Published by||The Insight Partners||Product code||1001402|
|Published||Content info||126 Pages
Delivery time: 1-2 business days
|Asia Pacific Animal Genetics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Products, Genetic Material, Service|
|Published: April 8, 2021||Content info: 126 Pages||
The Asia Pacific animal genetics market is expected to reach US$ 1,683.59 million in 2027 from US$ 994.44 million in 2019. The market is estimated to grow with a CAGR of 6.9% from 2020 to 2027.
The growth of this market is attributed to the factors such as a rise in animal production, increased consumption of animal meat, and a significant investment by governments across Asia Pacific in animal genetics. However, the market is expected to experience slow growth during the forecast period owing to the dearth of skilled professionals in animal research.
A significant contribution by private and government organizations has supported the growth of the animal genetics market. For instance, the Ministry of Agriculture, Forestry, and Fisheries launched the animal gene bank project; Japan aims to collect and preserve animal genetic resources. This project covers cattle, horses, pigs, sheep, goats, and chickens for farm animals and mouse deer, field vole, Rats for laboratory animals, and silkworms and honeybees for insects. These animal genetic resources have been stored and preserved in frozen semen and embryos to reduce preserving costs. Moreover, the Chinese government's significant investment in various breeding programs also supports the growth of the market in APAC. For instance, the central and local governments have invested more than 76,40,23,500 US$ to build breeding or multiplier farms and conservation farms for breed improvement programs and centers for testing the quality of breeding stock, semen, and embryos. As a result, the supply capacity of superior breeds has increased. The breeding stock farms have nearly doubled the number by 2012 relative to 2000; currently, the number reaches 4500 breeding farms, which fundamentally addressed the breeding stock insufficiency. Moreover, the national subsidy policy has led to the rise in the popularity of superior breeds and is the driving force behind the constant livestock production level. Currently, in China, a total of 108 new animal breeds for commercial lines have been developed. Therefore, the significant investment by the governments across the Asia Pacific in the animal genetics market is anticipated to drive the market's growth.
The Asian countries such as China, South Korea, and India are profoundly affected due to the COVID-19 outbreak. The majority of the people were killed in the country to control the growing number of deaths due to corona virus. This situation has left many pet/companion animal orphans. The infected people were quarantine. Therefore, this has affected the behavior of companion animals. On the other hand, the biotechnology industry is affected due to lockdown in these countries. China and India are the largest supplier of raw materials to pharmaceutical companies in the western region. Various trades dependent on imports and exports are highly affected. Therefore, it is expected that the COVID-19 has impacted the Asian countries with moderate severity.
Based on product, the Asia Pacific animal genetics market is segmented into poultry, porcine, bovine, canine, and others. The porcine segment held the largest market share in 2019 and is anticipated to register the highest CAGR in the market during the forecast period.
Based on genetic material, the Asia Pacific animal genetics market is segmented into semen and embryo. The embryo segment held a larger market share in 2019, whereas the semen segment is anticipated to register a higher CAGR in the market during the forecast period.
Based on service, the Asia Pacific animal genetics market is segmented into DNA typing, genetic trait tests, genetic disease tests, and others. The DNA typing segment held the largest market share in 2019, whereas the genetic disease tests segment is anticipated to register the highest CAGR in the market during the forecast period.
A few of the primary and secondary sources referred to while preparing the report on the Asia Pacific animal genetics market are the Korean Institute for Animal Products Quality Evaluation (KAPE), and Tropical Animal Genetics (TAG), among others.
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