Animal growth promoters and performance enhancers Market Share, Industry Trends, Analysis, Opportunity and Forecast To 2028
Market
Insights
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 during the forecast period of 2022 to 2030. Market Research
Future reveals several key projections regarding the market.
The Animal Growth Promoters and Performance Enhancers
Market Trends are
expected to attain a value of USD 22.58 billion by 2030 with a compound annual
growth rate (CAGR) of 7.78%.
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.
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.
Market
Segmentation
The global Animal growth promoters and performance enhancers
Market Share 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 is 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
Prominent players in the global market have
been analyzed in the report and include
Zoetis Inc, Biomin Holding GmbH, Alltech Inc., Merck Animal Health, Cargill
Inc., Chr. Hansen Holding A/S, Boehringer Ingelheim Ltd, and Bayer Animal Health
among others.
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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