New York, May 04, 2021 (News) — Market Size – USD 14.76 Billion in 2020, Market Growth – at a CAGR of 6.2%, Market Trends – Increasing awareness regarding animal health and growing need to manage epidemics
The global animal growth promoters and performance enhancers market size is expected to reach USD 23.88 Billion in 2028 at a CAGR of 6.2%, according to the latest report by Reports and Data. Increasing awareness about animal health, growing demand for high-quality meat and meat products, and rising inclination towards protein-rich diets are key factors expected to drive market revenue growth over the forecast period. Rapidly increasing global population has also boosted demand for food and this has increased need for meat and meat products. This is expected to contribute significantly to revenue growth of the market over the forecast period. In addition, increasing demand for non-antibiotics promoters to overcome complications of excess use of antibiotics in feed is also a key factor driving market revenue growth.
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Growth promoters are substances or medicines added to feeds as supplement or injection to enhance feed utilization and growth of farm animals. Livestock farmers use growth promoters to improve growth rate of farm animals and to improve overall efficiency and quality of products. These are primarily used to boost the efficiency of feed conversion, average daily gain, and milk production of bovines. Growth promoters also improve the efficiency of animals to utilize nitrogen to form amino acids and build up proteins to enhance the protein content. Feed additives, repartitioning agents, bovine somatotropin, hormonal anabolic implants, and probiotics are some key growth promoters extensively used by farmers. Use of growth promoters also boosts income generated from livestock farming and is a key factor expected to support revenue growth of the market over the forecast period.
Increasing use of antibiotic growth promoters due to intensification of livestock farming has resulted in improved quality of meat and meat products. This is expected to drive market growth going ahead. However, ban on use of antibiotic growth promoters due to increasing side effects and growing bacterial resistance are key factors expected to hamper market growth to some extent over the forecast period.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/animal-growth-promoters-and-performance-enhancers-market
Some Key Highlights from the Report:
- Non-antibiotic growth promoter segment is expected to register significant revenue growth over the forecast period owing to increasing environmental sustainability, improved economic benefits, high nutritional value, natural performance-enhancing properties of probiotics, and increasing demand for non-antibiotics growth promoters.
- Poultry segment is expected to register largest revenue share in the global market over the forecast period owing to increasing demand for eggs, meat, and milk, implementation of advanced dietary regimen, and high yield of poultry products.
- Asia Pacific market revenue is expected to expand significantly over the forecast period owing to a sharp increase in meat consumption in countries in the region, rising disposable income, and growing demand for food due to rapidly increasing population. In addition, more relaxed regulations regarding use of antibiotics and increasing efforts by governments to encourage adoption of performance enhancers and growth promoters are also expected to drive revenue growth of the market in the region.
- In February 2021, Korean Intellectual Property Office issue a patent to Oil-Dri Corporation of America for its proprietary mineral-based technology of two natural feed additives, Varium for poultry and NeoPrime, for swine. The technology of these two feed additives can help global producers meet rapidly rising consumer demand for high-quality animal protein, which is devoid of any traces of antibiotics.
Prominent players in the market include:
- Merck and Co.
- Cargill Inc.
- Bayer Animal Health
- Royal DSM N.V.
- Bupo Animal Health
- Elanco Animal Health Inc.
- CHR Hansen
- Novus International Inc.
- Novozymes A/S
- Associated British Foods (ABF) Plc
- Zoetis Inc.
- Alltech Inc.
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For the purpose of this report, Reports and Data has segmented the global animal growth promoters and performance enhancers market based on type, animal type, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Antibiotic Growth Promoters
- Non-antibiotic Growth Promoters
- Prebiotics and Probiotics
- Feed Enzymes
Animal Type Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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