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Market Research Report
Europe Animal Genetics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Products, Genetic Material, Service |
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| Published by | The Insight Partners | Product code | 1001432 | ||||
| Published | Content info | 136 Pages Delivery time: 1-2 business days |
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| Europe Animal Genetics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Products, Genetic Material, Service | ||
| Published: April 8, 2021 | Content info: 136 Pages |
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The Europe animal genetics market is expected to reach US$ 1,803.02 million in 2027 from US$ 1,148.25 million in 2019. The market is estimated to grow with a CAGR of 5.9% from 2020 to 2027.
The growth of this market is attributed to the factors such as the rising number of livestock population across Europe and an increasing diversity in animal breeding resulting in a larger genetic pool. However, the market is expected to experience slow growth during the forecast period owing to the insufficient skilled professionals in veterinary research.
Increasing population and rapid urbanization globally have resulted in a growing preference for animal-derived food products such as dairy products and meat that contain high protein. Livestock groups provide consumers with different products and services, including meat, milk, eggs, fiber, and draught power. The genetic variation within livestock communities produces the raw material for evolving through natural selection to answer changing conditions and human-managed genetic improvement plans. As per the Food and Agriculture Organization (FAO), animal genetics is a livestock development support. It is a vast field, ranging from characterization and conservation to genetic development. Moreover, Spain is regarded as one of the significant livestock product producers in Europe. Spanish meat production in 2015 was 526,561 million tons and 701,305 million tons of poultry. Spanish livestock farming has experienced considerable growth and modernization in the last few years, but their output remained well behind other European countries' efficiency and productivity. The pork was Spain's most crucial meat product, and the number of pigs grown was 28.4 million in 2015. Therefore, the rise in the livestock population across Europe drives the demand for the animal genetics market.
The countries in Europe are highly affected due to the COVID-19 pandemic. The European countries such as Italy and Spain are highly affected and has registered the maximum number of deaths due to COVID-19. However, the animal health in European countries is minimally affected. For instance, according to the Animal Health Europe updates as of 24th March 2020, European Commission has included veterinary medicines in the Communication to implement the Green Lanes under the Guidelines for border management measures to protect health and ensure accessibility of goods and important services.
Pharmaceutical companies operating in the animal health sectors are not affected; their operations are carried out normally. For instance, Vetoquinol is continuing its production by taking all precautions and sterilization measures in their production plants. However, the companies may face challenges for supplying the products in different countries due to lockdown. Thus, the animal genetics market is not much affected by the COVID-19 outbreak in the European region.
Based on product, the Europe 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 Europe 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 Europe 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 Europe animal genetics market are the Italian Animal Genetic Resources (ItAnGR), among others.
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