Market Size and Overview:
The animal growth promoters & performance enhancers market has been experiencing steady expansion due to the rising population, urbanization, and changing dietary habits of consumers worldwide. The market is expected to reach 22.58 billion by 2030, growing at a CAGR of 7.78% during the forecast period.
Revenue Drivers:
Several factors contribute to the growth of the animal growth promoters & performance enhancers market report.
Growing Global Population: The continuous increase in the global population has resulted in a higher demand for animal-based products, creating the need for improved animal productivity to meet these demands.
Rising Demand for Quality Animal Protein: The shift towards a protein-rich diet, especially in emerging economies, has fueled the demand for meat, milk, and eggs, driving the need for efficient animal growth promoters.
Technological Advancements: The development of innovative animal growth promoters and performance enhancers using advanced technologies has significantly improved their efficacy, thus boosting their adoption.
Increased Livestock Production: The expansion of commercial livestock farms and a focus on intensive animal farming have necessitated the use of growth promoters to enhance productivity.
Market Restraints:
Despite the promising growth prospects, the animal growth promoters & performance enhancers market also faces certain challenges
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Stringent Regulations: Regulatory authorities in various countries impose strict guidelines on the use of growth promoters in animals due to concerns related to antibiotic resistance and consumer safety.
Public Health Concerns: The use of certain growth promoters, especially those containing antibiotics, has raised public health concerns related to the potential transfer of residues to humans through animal products.
Increasing Adoption of Plant-Based Diets: The rise in popularity of plant-based diets has led to a shift away from animal-based products, affecting the overall demand for growth promoters in the animal agriculture sector.
Segmentation:
The animal growth promoters & performance enhancers market trend can be segmented based on type and animal type:
By Type:
Antibiotics
Hormonal Growth Promoters
Beta-agonists
Probiotics & Prebiotics
Organic Acids
Others
By Animal Type:
Poultry
Swine
Cattle
Aquaculture
Others
Key Players are: 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)
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