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“The global animal growth promoters and performance enhancers market is projected to grow at a CAGR of 5.7%”
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%. 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, help 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 non-antibiotic growth promoters and performance enhancers segment is expected to account for the largest share of the animal growth promoters and performance enhancers market”
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.
“Poultry segment is expected to account for the largest share of the animal growth promoters and performance enhancers market”
Based on animal type, 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.
“Asia Pacific to dominate the animal growth promoters and performance enhancers market during the forecast period”
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.
A breakdown of the primary participants for the animal growth promoters and performance enhancers market referred to for this report is provided below:
- By Company Type: Tier 1–40%, Tier 2–30%, and Tier 3–30%
- By Designation: C-level–27%, Director Level–18%, and Others–55%
- By Region: North America–50%, Europe–20%, Asia Pacific–15%, RoW- 15%
The prominent players in the animal growth promoters and performance enhancers market include 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), Novus International, Inc. (US), Associated British Foods plc (UK), Erber AG (Austria), Phibro Animal Health Corporation (US), Kemin Industries, Inc. (US), Zoetis Inc. (US), Nutreco N.V. (Netherlands), Novozymes A/S (Denmark), BASF SE (Germany), Evonik Industries AG (Germany), Bluestar Adisseo Company (China), Land O’Lakes, Inc. (US), Chr. Hansen (Denmark), Biomin Holding GmbH (Austria), Guangdong VTR Bio-Tech Co., Ltd. (China), and Lallemand Inc. (Canada).
Research Coverage:
The report analyzes the market for various animal growth promoters and performance enhancers and their adoption pattern. It aims at estimating the market size and future growth potential of the global animal growth promoters and performance enhancers market and different segments such as type, animal type and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product & service offerings, and recent developments.
Reasons to Buy the Report
The report will enrich 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 for strengthening their market presence.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global animal growth promoters and performance enhancers market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product or service launches in the global animal growth promoters and performance enhancers market
- Market Development: Comprehensive information on the lucrative emerging regions by type, animal type, and region
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global animal growth promoters and performance enhancers market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products & services of leading players in the global animal growth promoters and performance enhancers market.