Animal Growth Promoters & Performance Enhancers Market Segmentation for 2023-2032
Animal growth promoters and performance enhancers Market Outlook
Animal husbandry has become a massive industry with the rapid growth of the global population which has led to increased demand for meat, meat products, and other animal products. As a result, the demand for growth promoters and performance enhancers has grown considerably. The massive global demand for meat and meat products has led farmers to pay closer attention to animal health. Moreover, in the age of information, awareness regarding livestock health is widespread to include consumers. As a result, there is a high demand for natural growth promoters and performance enhancers to support the health of the animals and increase yield. Another key factor promoting market growth is the growth of the food & beverage industry which places a great demand for animal products in an effort to meet demands with innovation. Frozen food options are highly popular, and the high demand for frozen meat and meat products is driving the demand for meat which in turn is expected to lead to growth for the animal growth promoters market.
Animal growth promoters and performance enhancers have become increasingly popular for the improvement of animal nutrition, growth development of livestock, and support of overall performance. As such, growth promoters and performance enhancers include prebiotics, probiotics, organic acids, and other essential compounds that may be needed for better nutrition.
The global pervasiveness of such products for ensuring healthy livestock among others is anticipated to drive the growth of the global animal growth promoters and performance enhancers market overview during the forecast period of 2022–2030. Market Research Future reveals several key projections regarding the market.
Animal Growth Promoters & Performance Enhancers Market Size is Anticipated to be worth USD 22.58 billion by 2030, Registering a CAGR of 7.78% by 2022–2030
Use of antibiotics as growth promoters have been popular, however, due to the nature of emerging microbes with resistance to antibiotics has led to the banning of antibiotics for anything other than veterinary purposes. This move has been made in several developed economies and is aimed at combating the threat to human and animal life caused by antimicrobial resistance. The ban on antibiotics as growth promoters has ultimately led farmers to seek and implement the use of natural growth promoters which is expected to lead to the development of various options during the forecast period.
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Market Segmentation
The global animal growth promoters & performance enhancers market is segmented on the basis of type, livestock, and region. By type, the market is segmented into antibiotics, hormones, probiotics, & prebiotics, organic acids, phytogenics, and others. Among these , the antibiotics segment is the largest due to its extensive use in poultry and other meat producing animals for high yield and protection against diseases.
By livestock, the market is segmented into poultry, swine, ruminants, aquatic, and others. Presently, the poultry segment dominates the market due to the globally increased consumption of poultry meat. The swine segment, however, is expected to experience rapid growth due to the increasing consumption of pork products in developed economies, particularly Europe.
By region, the global market is segmented to include North America, Europe, Asia-Pacific, and the Rest of the World.
Regional Analysis
Globally, the animal growth promoters & performance enhancers market Scope led by the Asia-Pacific due to the high consumption of meat and animal products in the region. China is a major consumer of meat and meat products and has one of the largest populations in the world thud driving demand and growth for the market. The region, which is high in population, is also increasing consumption due to rapid urbanization and the subsequent increase in disposable income. The budding food & beverage industry which is growing at a rapid pace in the region is expected to produce market opportunities for the region.
Key Players
Vétoquinol and Bioniche Life Sciences Inc. (Canada), Bayer Animal Health GmbH (Germany), DSM N.V. Merck & Co. Inc. (US), Biomin Holding Gmbh (German), Boehringer Ingelheim International GmbH (Germany), Cargill Inc (US), Zoetis Inc.(US), AB Vista Inc. (UK), The Alltech Groupare (US), Elanco Animal Health Incorporated (US), Bupo Animal Health (South Africa), Chr. Hansen A/S (Denmark), Danisco A/S (Denmark), Novus International Inc. (US).
Latest Industry News
After the discovery that most countries use vital antibiotics for animals as growth promoters, the U.N. has openly condemned the misuse of antibiotics by farmers. Recently banned by the E.U and the U.S due to the side effect of antibiotics creating antibiotic-resistant microbes (superbugs), superbugs have been identified as a great threat to public health, thus leading to the U.N encouraging other countries to follow the U.S & the E.U.
Archer Daniels Midland has announced that it has reached an all-cash agreement of GBP 185 Mn to acquire Probiotics International Ltd, which is a producer of probiotics for human, pet and production animals consumption.
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