Animal Growth Promoters and Performance Enhancers Market by Product Antibiotic and Non-antibiotic (Hormones, Acidifiers, Feed Enzymes, Probioitcs & Prebiotics, Phytogenics), Animal (Poultry, Porcine, Livestock, Aquaculture) - Global Forecast to 2024
“The animal growth promoters and performance enhancers market projected to grow at a CAGR of 5.9% during the forecast period (2019–2024).”
The global 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. The key factors driving the growth of this market is 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.
“By type, the non-antibiotic growth promoters segment is expected to grow at the highest CAGR during the forecast period (2019–2024).”
On the basis of type, the market is segmented into antibiotic and non-antibiotic growth promoters. The non-antibiotic growth promoters segment commanded the largest share of the animal growth promoters and performance enhancers market in 2018. This large share of this segment is due to the economic benefits, a wide range of substances (acidifiers, prebiotics & probiotics, feed enzymes, phytogenic, hormones and others growth promoters), numerous applications in various production animals, greater sustainability, and the increasing number of regulations on antibiotics.
“By animal type, the poultry segment is expected to dominate the market during the forecast period (2019–2024).”
Based on animal type, the market is segmented into poultry, porcine, livestock, aquaculture, and other animals (equine, rabbit, camel, deer, yak, and geese). The poultry segment marked the largest share of the animal growth promoters and performance enhancers market in 2018. The large market share of this segment can be attributed to the increasing demand for poultry meat & eggs, novel diet approaches, and antibiotics phase-outs, resulting in the development of alternatives.
“The Europe region to witness the highest growth during the forecast period (2019–2024).”
The Europe market is projected to register the highest growth during the forecast period. Factors such as rising in domestic livestock, poultry and pork production, and decreasing meat imports owing to the ban of certain growth promoters in Europe are driving the growth for the animal growth promoters and performance enhancers market in Europe. Other factors also include technological advancements in animal production in this region and increasing meat production.
A breakdown of the primary participants referred to for this report is provided below:
By Company Type: Tier 1–21%, Tier 2–26%, and Tier 3–53%
By Designation: C-level–32%, Director-level–23%, and Others–45%
By Region: North America–36%, Europe–32%, Asia Pacific–17%, RoW–15%
Prominent players in the global animal growth promoters and performance enhancers market include are Merck and Co. Inc. (US), Cargill Inc. (US), Royal DSM N. V. (Germany), Bupo Animal Health (SA), Elanco Animal Health Inc. (US), CHR Hansen (UK), Alltech Inc. (US), Phibro Animal Health Corporation (US), Kemin Industries (US), and SHV (Nutreco) (UK).
The report analyzes the animal growth promoters and performance enhancers market and aims at estimating the market size and future growth potential of this market based on various segments such as product, animal type, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies.
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The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one, or any combination of the below mentioned five strategies.
This report provides insights into the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the animal growth promoters and performance enhancers market. The report analyzes the market based on the product, animal type, and region.
Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the animal growth promoters and performance enhancers market.
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various animal growth promoters and performance enhancers equipment across regions.
Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in the animal growth promoters and performance enhancers market.
Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the animal growth promoters and performance enhancers market.
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