The growth of this
market is primarily driven by the increasing global meat demand, research into
alternatives to antibiotics, and the need to deal with epidemics and
environmental factors. However, various countries have stringent regulations in
place against antibiotics and particular growth promoters, which has affected
their adoption.
The report Animal Growth Promoters and Performance Enhancers Market is
projected to reach USD 18.5 billion by 2024 from an estimated USD 13.9 billion
in 2019, at a CAGR of 5.9% during the forecast period.
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Based on type, the
animal growth promoters and performance enhancers market is segmented into
antibiotic and non-antibiotic growth promoters. The non-antibiotic growth promoters
segment accounted for the largest share of the animal growth promoters and
performance enhancers market in 2018. The large share of this segment can be
attributed to their economic benefits, the wide range of substances with
applications in different production animals, environmental sustainability, and
the increasing number of regulations on antibiotics and hormones.
On the basis of animal
type, the animal growth promoters and performance enhancers market is segmented
into poultry, swine, livestock, aquaculture, and other farm animals (equine,
rabbit, camel, deer, yak, and geese). In 2019, the poultry segment accounted
for the largest share of the animal growth promoters and performance enhancers
market.
In 2019, the Asia
Pacific region accounted for the largest market share of 36.7%, followed by
North America (26.1%) in 2018. The largest share of the Asia Pacific region is
attributed to the strong animal products industry in this region,
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The key players in the
global animal growth promoters and performance enhancers market are Merck and
Co. Inc. (US), Cargill Inc. (US), Royal DSM N.V. (Germany), Vetoquinol
(France), Bupo Animal Health (SA), Elanco Animal Health Inc. (US), CHR Hansen
(UK), Novus International Inc. (US), BASF SE (UK), Lallemond Inc.
(Canada), Bluestar Adisseo Company (France), Evonik Industries AG (UK), and
Land O Lake Inc.(US).
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