Animal Growth Promoters and Performance Enhancers Market to be dominated by Non-antibiotic growth promoters through 2028
The increasing demand for
animal-based products is expected to drive the global animal growth promoters
and performance enhancers market between 2024 and 2028.
According to TechSci Research
report, “Animal Growth Promoters and Performance Enhancers Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F,” the global
animal growth promoters and performance enhancers market is anticipated to grow
at an impressive rate during the forecast period of 2024-2028. The
growing demand for protein-rich food across the world, lower production costs,
and improved and faster meat output are the key factors driving the market.
Going forward, the increasing
investments in R&D of natural growth promoters and performance enhancers is
likely to boost the market over the forecast period. Besides, the rising number
of key players with different strategies, such as collaborations, technological
innovations, investments, acquisitions, and research and development
activities, are expected to drive the demand for animal growth promoters and
performance enhancers during the forecast period.
On the other hand, the stringent
regulatory scenario, and the lack of awareness in developing markets may slow
down the growth of the market during the forecast period. Similarly, an
increase in bacterial resistance owing to the usage of antibacterial growth
promoters may obstruct the growth trajectory of this market over the next few
years. Additionally, side effects related to antibiotics may also restrict the
market from growing smoothly.
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The
animal growth promoters and performance enhancers market can be segmented by type,
animal type, and region. Based on the type, the market
can be divided into non-antibiotic
growth promoters and antibiotic growth promoters. The
non-antibiotic growth promoters dominated the market in 2022 and are expected
to continue maintaining their dominance throughout the forecast period. This
can be ascribed to the goods' favorable economic effects, the variety of
compounds used in producing animals, environmental sustainability, and the rise
in laws governing antibiotics and hormones. Also, growing apprehensions
regarding animal epidemics and awareness concerning animal health are expected
to create lucrative growth prospects for market players during the forecast
period.
Based on animal type, the market
can be segmented into poultry, livestock, swine,
aquatic animals, and other animals. The poultry segment is
expected to dominate the global market during the forecast period. The surging
trends of innovative diets, rising demand for chicken meat and eggs, and
increasing antibiotic phase-outs that have led to the development of
substitutes are the key factor behind the dominance of this segment.
Major companies operating in the
global animal growth promoters and performance enhancers market are:
- Cargill Incorporated
- Royal DSM N.V.
- Elanco Animal Health Incorporated
- Boehringer Ingelhem Group
- Merck & Co. Inc.
- Archer Daniels Midland Company
- Bluestar adisseo company
- Alltech Corporation
- Evonik Industries AG
- Vetoquinol S A
In February 2021, the Oil-Dri Corporation was granted a patent by the
Korean Intellectual Property Office for two of its mineral-based products,
Varium in poultry and NeoPrime in Swine. These products can significantly help
in addressing the rising demand for meat globally.
In June 2020, Elanco acquired Bayer Animal Health for US$ 7.6 billion.
This acquisition is expected to help Elanco to expand its product profile and
expand its reach for medicines for pets and livestock. Bayer Animal Health is a
division of Bayer HealthCare.
In November 2020, Bluestar Adisseo announced the acquisition FRAmelco
Group, a Dutch feed additive company. This acquisition helped Adisseo’s
strategy to become one of the worldwide leaders of specialty additives in
animal nutrition.
In May 2021, Chr. Hansen Holding A/S launched a new probiotic for dairy
and beef cattle called ‘Bovacillus,’ a special type of probiotic as its
Bacillus spores survives harsh conditions during feed production, preparation,
and within the gastrointestinal tract. The new product will help the company in
strengthening its position in animal growth promoter products.
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“North
America is expected to dominate in the global animal growth promoters and
performance enhancers market over the forecast period, thanks to the presence
of a robust animal products business and big animal population, which increases
domestic meat consumption, poor regulatory environment, and government
initiatives to support animal farmers across the region.
Similarly,
the rise in the global demand for naturally produced growth promoters and the
increasing animal epidemics are expected to create lucrative growth in the
market during the forecast period. Also, the rising prevalence of zoonotic
diseases and growing awareness about animal nutrition is expected to drive the
growth of the market in the coming years.
Furthermore,
the digitalization and automation, supporting the value-added growth promoter
development, is expected to create lucrative opportunities for market growth in
the near future,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Animal Growth Promoters and Performance Enhancers Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028, Segmented by Type (Non-antibiotic Growth
Promoters, Antibiotic Growth Promoters), By Animal Type (Poultry, Livestock,
Swine, Aquatic Animals, Other Animals), By Region, and Competition,” has evaluated the future growth potential of global animal growth
promoters and performance enhancers market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the global animal growth promoters and performance enhancers
market.
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