Bovine genetics commonly referred to as animal genetics, is a branch of animal sciences that determines and analyzes the genetic formation of animals. It predominantly deals with genetic variations and animal heredity in domestic and wild animals. Besides, it is one of the pillars of livestock development (alongside animal health, animal nutrition, and husbandry issues such as housing), ranging from characterization to conservation to genetic improvement. Genetic trait testing, DNA testing, and Genetic disease testing are a few commonly used tests performed for such purposes. The branch has gained popularity due to the increasing prevalence of diseases in pets.
The Global Bovine Genetics Market is projected to grow at a CAGR of around 6.7% during the forecast period, i.e., 2023-28. The market is primarily driven by a swiftly augmented demand for meat and dairy products stemming from the rising population. The growing consumer affinity for animal-derived food products to meet nutritional requirements has led to selective breeding and the large-scale raising of livestock. It can be substantiated by the fact, that animal-based foods are enriched with various nutrients, including fat, riboflavin, iron, zinc, calcium, and vitamins A, B, D, and E, and facilitates proper body growth. Besides, the market is getting bigger due to the hassle-free accessibility of animal-based food products across both online and offline distribution channels, as well as a variety of facilities like doorstep delivery, attractive discounts, and secure payment gateways.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: The USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific|
|South America: Brazil, Argentina, Rest of South America|
|Middle East: UAE, Saudi Arabia, South Africa, Rest of MEA|
|Key Companies Profiled||ABS Global, Zoetis Services LLC, Neogen Corporation, CRV Holding B.V., Trans Ova Genetics, Cogent, Genus plc, Envigo, Tropical Bovine Genetics, Semex, Viking Genetics, Others|
|Unit Denominations||USD Million/Billion|
In addition, the market is growing as people become more aware of veterinary genetic illnesses and embrace cutting-edge genetic and molecular biology methods at a faster rate. In accordance with this, the market might witness considerable investments in research and development (R&D) activities to create techniques for evaluating molecular data and establishing tools to combine data with already-existing phenotypic and biological information. Other than this, the generous funding to accelerate continuing animal research and identify superior animal breeds accompanying the increasing adoption of artificial insemination techniques has furthered the market expansion in the past few years.
In response, key players in the market are relentlessly making investments to develop more innovative products and solutions to tackle rising problems relating to livestock farming. Nonetheless, higher costs associated with animal testing, lack of technical know-how regarding advanced animal genetic tools paired with inadequate well-trained professionals are some of the factors likely to hinder the market growth in the forecast period.