Market Research Report
South and Central America Animal Genetics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Products, Genetic Material, Service
|South and Central America Animal Genetics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Products, Genetic Material, Service|
Published: April 8, 2021
The Insight Partners
Content info: 98 Pages
Delivery time: 1-2 business days
The South and Central America animal genetics market is expected to reach US$ 488.51 million in 2027 from US$ 334.10 million in 2019. The market is estimated to grow with a CAGR of 5.0% from 2020 to 2027.
The growth of this market is attributed to the factors such as the high rise in the animal population, growing consumption of animal derived protein products, and a high growth in adoption of progressive genetic practices. However, the market is expected to experience slow growth during the forecast period owing to the stringent government regulations for animal breeding.
Growing focus on developing superior species of animals using genetic engineering to obtain high reproduction rates for large-scale production of modified breeds is expected to drive the animal genetics market during the forecast period. Animal genetics emphasizes the inheritance and genetic variations in wild and domestic animals. This science is used commercially for services such as testing genetic disorders, screening genetic traits, and typing DNA. For identifying genetic hybridizations, animal genetics uses various genetic practices, such as artificial insemination, embryo transfer, and cytological studies. The market players focus on partnerships, collaboration, and acquisitions to develop genetically modified breeds and maintain their market share. According to the Brazilian Association of Artificial Insemination, the number of commercialized doses of semen increased from 7 million in 2003 to ~14 million in 2017.
Moreover, artificial insemination (AI) can reduce various risks involved in animal breeding and disease transmission. It is found that female offspring cattle born through artificial insemination yield more milk than normal offspring. Additionally, the use of antibiotic-containing semen extensors is effective in preventing bacterial infectious diseases. Therefore, the entire AI process is considered more hygienic than natural mating. Thus, the high growth in adoption of progressive genetic practices will support the market growth in coming years.
The lockdown in major countries has affected the supply of domestic food and other goods and services. The countries are facing a shortage of food supplies, and especially livestock related business is highly affected. The countries in the South and Central America consume beef largely and are the largest exporters for beef and pork. The lockdown has also affected the travel business, thus, imports and exports are highly affected. The countries are the largest producers of dairy products; therefore, supplies for the nutrition feeds, and additives for animals are facing shortages. Thus, the animal genetics market is moderately affected in these regions.
Based on product, the South and Central America 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 South and Central America 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 South and Central America 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 South and Central America animal genetics market are the National Institute of Food and Agriculture (NIFA), Food and Agriculture Organization (FAO), among others.
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