Dublin, Nov. 12, 2021 (GLOBE NEWSWIRE) -- The "Global Animal Growth Promoters and Performance Enhancers Market by Type (Antibiotic and Non-antibiotic (Hormones, Acidifiers, Feed Enzymes, Probiotics & Prebiotics, Phytogenic)), Animal Type (Poultry, Porcine, Livestock, Aquaculture) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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%.
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.
The 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.
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.
Companies Profiled
- Key Players
- Cargill, Inc.
- Royal DSM N.V.
- Elanco Animal Health Inc.
- Boehringer Ingelheim International GmbH
- Merck & Co. Inc
- Alltech, Inc.
- Archer-Daniels-Midland Company (ADM)
- Vetoquinol
- Bupo Animal Health
- Novus International, Inc.
- Other Players
- Associated British Foods plc
- Erber AG
- Phibro Animal Health Corporation
- Kemin Industries Inc.
- Zoetis, Inc.
- Nutreco N.V. (A Wholly Owned Subsidiary of SHV Group)
- Novozymes A/S
- BASF SE
- Evonik Industries AG
- Bluestar Adisseo Company
- Land O'Lakes, Inc.
- Chr. Hansen
- Biomin Holding GmbH
- Guangdong VTR Bio-Tech Co. Ltd.
- Lallemand Inc.
Market Dynamics
- Drivers
- Increase in Demand and Consumption of Livestock-based Products
- Research into Alternatives to Antibiotics and Hormones and Increasing Demand for Non-Antibiotic Growth Promoters
- Rise in the Global Demand for Naturally Produced Growth Promotors
- Rise in Awareness About Growth Promotors
- Rise in Animal Epidemics and Climate Changes
- Restraints
- Ban on Antibiotics in Different Nations
- Stringent Regulations Restricting the Use of Antibiotics and Hormones for Growth Promotion in Animals
- Opportunities
- Focus on Increasing Environment Sustainability
- Challenges
- Increasing Global Feed Tonnage and High Feed Costs Leading to the Adoption of Conventional Feeding Systems
- Growing Threat of Disease Transmission to and from Agricultural Animals
For more information about this report visit https://www.researchandmarkets.com/r/2qgo4u
