The size of the Latin American animal genetics market is predicted to value USD 0.71 Billion by 2028 from USD 0.47 Billion in 2023, growing at a CAGR of 8.7% from 2023 to 2028.
Animal genetics is a branch of genetics that deals with the study of inheritance and genetic variation, primarily in domestic and wild animals. Animal genetics uses hybrid, population, cytological, mathematical-statistical, ontogenetic, and twin general genetics methods. At the commercial level, animal genetics is used for services such as genetic trait testing, DNA typing, and genetic disease testing.
A rise in the demand to consume animal-based protein undoubtedly drives this market during the forecast period. To cater to these demands, the manufacturers are switching to genetic technologies to help large-scale production. In addition, there was a rise in the trend of having animals as pets, and the increase in the number of cases of animal diseases is also boosting the market.
However, low returns on research and development (R & D), high cost of animal testing, stringent regulatory framework, and rising concerns about the adverse effects of using animal genetic engineering on animals are factors hampering the market's growth.
This research report on the Latin American animal genetics market has been segmented and sub-segmented into the following categories:
By Animal Genetic Product:
By Testing Service:
Geographically, the Latin American animal genetics market is estimated to have steady growth during the forecast period. Rising consumer demand for animal-derived protein and growing adoption of advanced genetic technologies for larger-scale production and quality breeds are the critical factor that increases the growth of the Latin America Animal genetics market.
KEY MARKET PLAYERS:
Genus Plc, Hendrix Genetics BV, Alta Genetics, CRV Holding B.V., Neogen Corporation, VetGen, Animal Genetics Inc., and Zoetis are leading companies in Latin American animal genetics market.
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