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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