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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Market
Segmentations: -.
Based on type, the
animal growth promoters 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.
On the basis of animal
type, the Animal 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.
Critical
questions answered in the Report: -
- How will the current animal growth
promotion trends affect the market in the long term?
- What are the reasons contributing to the
growth of the non-antibiotic growth promoters segment in the market?
- Which regions are likely to grow at the
highest CAGR?
- What are the challenges hindering the
adoption of equipment in the market?
- What are the growth strategies being
implemented by major market players?
Regional
Analysis: -
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, high
population (generating greater domestic meat demand), a comparatively relaxed
regulatory scenario, and government efforts to encourage animal producers.
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Key
Players: -
The key players in the
global animal 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), Associated British Foods (ABF) plc (UK), Alltech Inc. (US), ERBER AG
(UK), Archer-Daniels-Midland Company (US), Phibro Animal Health Corporation
(US), Kemin Industries (US), SHV (Nutreco) (UK), BASF SE (UK), Lallemond Inc.
(Canada), Bluestar Adisseo Company (France), Evonik Industries AG (UK), and
Land O Lake Inc.(US).
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