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 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?
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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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).