Growing demand for protein-rich foods, increasing global meat consumption, and rising need to manage disease epidemics are key factors driving market growth
New York, January 06, 2022 – The global animal growth promoters and performance enhancers market size is expected to reach USD 23.88 Billion by 2028 at a CAGR of 6.2%, according to the latest report by Reports and Data. Rapidly growing global population, increasing demand for meat products, and rising use of growth promoters and performance enhancers by farmers to increase livestock income are some key factors expected to drive market revenue growth over the forecast period. Extensive research and development activities to develop alternatives to antibiotics and increasing need to prevent animal diseases are some other key factors expected to drive revenue growth of the market going ahead.
Growth promoters and performance enhancers are predominantly used in farm animals to promote growth, improve efficiency, improve distribution of fat and protein, and increase feed-to-muscle concentration ratio. These play a crucial role in animal nutrition due to ability to enhance quality of feed and boost health and efficiency of animals. Growth promoters are generally orally active and can be administered either in feed or in drinking water. Feed additives, anabolic implants, bovine somatotropin, repartitioning agents, and probiotics are some of the extensively applied growth promoters. Use of growth promoters and performance enhancers result in leaner and firmer meat. Significant reduction in production costs and rapid production of high-quality meat are some key factors expected to drive revenue growth of the market over the forecast period. Growing demand for high-value meat and meat products and trend of shift towards protein-rich diets are expected to continue going ahead, and this is expected to further boost revenue growth of the market.
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Demand for and use of antibiotic growth promoters has increased over the recent past, primarily attributed to intensification of livestock farming. Antibiotic growth promoters improve quality of meat by increasing protein content and reducing percentage of fat. Increasing inclination towards protein-rich diet and growing consumer demand is expected to boost adoption of antibiotic growth promoters and drive market revenue growth over the forecast period. However, stringent regulations related to use of antibiotics and ban on certain antibiotics as growth promoters in major regions are expected to restrain market growth to a significant extent over the forecast period.
Some Key Highlights from the Report:
- Non-antibiotic growth promoters segment is expected account for largest revenue share in the global market over the forecast period owing to availability of a wide range of products, cost-efficiency, improved environmental sustainability, and higher economic benefits.
- Poultry segment is expected to register robust revenue CAGR over the forecast period owing to rising demand for poultry meat and eggs and application of novel diet strategies in poultry farming.
- North America is expected to register significant revenue growth over the forecast period owing to increasing R&D activities to develop antibiotic and non-antibiotic growth promoters, rising awareness regarding animal growth promoters, and growing livestock population.
- Key players operating in the market include Merck and Co. Inc., Cargill Inc., Bayer Animal Health, Royal DSM N.V., Vetoquinol, Bupo Animal Health, Elanco Animal Health Inc., CHR Hansen, Novus International Inc., Novozymes A/S, Associated British Foods (ABF) Plc, Zoetis Inc., and Alltech Inc.
- In May 2020, the U.S. FDA updated its list of medically vital animal antibiotics called the Appendix A. The list ranks the drugs based on their effectiveness as compared to human medicine.
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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)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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