Animal health products, including growth promoters and performance enhancers, are types of drugs and chemicals used for animal growth. These enhancers help to digest food more effectively and enable animals to grow faster, which, in turn, helps to improve productivity. Growth in the animal growth promoters and performance enhancers market is majorly driven by the rising demand for animal consumption and consumption of livestock-based products, rising global demand for naturally produced growth promoters, and rising animal epidemics and climate change. However, a ban on antibiotics in different nations and stringent regulations restricting the use of antibiotics and hormones for growth promotion in animals are expected to restrain the growth of the animal growth promoters and performance enhancers market during the forecast period.
The global Animal growth promoters and performance enhancers market is projected to reach USD 21.4 billion by 2026 from USD 16.2
billion in 2021, at a CAGR of 5.7%.
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MARKET DYNAMICS
1 DRIVERS
1.1 Increase in demand and consumption of livestock-based products
1.2
Research for alternatives to antibiotics and hormones and increasing demand for
non-antibiotic growth promoters
1.3 Rise in the global demand for naturally produced growth promoters
1.4 Rise in awareness about growth promoters
1.5 Rise in animal
epidemics and climate change
2 RESTRAINTS
2.1 Stringent regulations restricting the use of antibiotics and hormones for
growth promotion in animals
2.2 Ban on antibiotics in different nations
3 OPPORTUNITIES
3.1
Focus on increasing environmental sustainability
4
CHALLENGES
4.1 Increasing global feed tonnage and high feed costs leading to the adoption
of conventional feeding systems
4.2 Growing threat of disease transmission to and from agricultural animals
Market Segmentation: -
The non-antibiotic growth promoters and performance
enhancers segment accounted for the largest share of the animal growth
promoters and performance enhancers market in 2020. The large share of this
segment can be attributed to the economic benefits of these products, the wide
range of substances with applications in different production animals,
environmental sustainability, and the increased number of regulations on
antibiotics and hormones.
The poultry segment accounted for the largest share
of the global animal growth promoters and performance enhancers market. The
large market share of this segment can be attributed to the increasing demand
for poultry meat and eggs, rising novel diet approaches, and increasing
antibiotic phase-outs resulting in the development of alternatives.
Regional
Analysis: -
Asia
Pacific region accounted for the largest market share,
followed by North
America with a share in 2020. The large share of
the Asia Pacific region
can be attributed to the strong animal products industry in this region, huge
population generating greater domestic meat demand, comparatively relaxed
regulatory scenario, and government efforts to encourage animal producers.
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Top Key Players: -
Prominent players in the Animal Growth Promoters and
Performance Enhancers Market include are Cargill, Incorporated (US), Royal DSM
N.V. (Netherlands),
Elanco Animal Health Incorporated (US), Boehringer Ingelheim Group (Germany),
Merck & Co., Inc (US), Alltech Corporation (US), Archer-Daniels-Midland
Company (ADM) (US),
Vetoquinol S.A. (France),
Bupo Animal Health Pty Ltd. (South
Africa) and Novus International, Inc. (US).
