New York, United States, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The Global Animal Growth Promoters and Performance Enhancers Market Size is to grow from USD 13.9 Billion in 2022 to USD 24.6 Billion by 2032, at a Compound Annual Growth Rate CAGR of 5.8% during the forecast period.
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Animal growth promoters and performance enhancers are supplements given to many different sorts of animals that help their major organs work properly and hence raise their performance. Animal growth and performance enhancers assist animals acquire weight and increase their output. Animal growth and performance enhancers are natural and organic chemicals that help in the development of strong and healthy adults. Moreover, the global animal growth promoters and performance enhancers market is expected to grow due to several factors such as the increasing prevalence of animal diseases leading to demand for healthier animals, rising rates of zoonotic diseases, adoption of livestock ownership, rising demand for meat and animal based products, use of animals in agriculture, and easy accessibility and affordability of animal growth promoters and performance enhancers.
The rising demand for organic goods is one of the key factors supporting the use of great husbandry practices in the animal farming sector. According to the Organic Trade Association, organic food is the fastest-growing category in the US food industry, with double-digit annual growth. Similarly, there is an increase in demand for organic products in European nations. Multiple food scandals, as well as a heightened concern for health, environmental issues, and animal welfare, have increased the demand for organic food. Furthermore, the use of animal antibiotics and antimicrobials as performance enhancers is strictly prohibited in the United States and Europe, for example. This restricts the market's potential for growth. The high cost of nutritional items, nutritional supplements, growth boosters, and performance enhancers threatens the market's growth rate even more.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Animal Growth Promoters and Performance Enhancers Market Size, Share, and COVID-19 Impact Analysis, By Product (Non-Antibiotic {Probiotic, Prebiotic, Organic Acid, Phytogenic, Feed Enzyme, Hormonal}, Antibiotic), By Animal (Poultry, Swine, Livestock, & Aquatic), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, & Online Pharmacy), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032."
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The non-antibiotic segment is dominating the market with the largest market share over the forecast period.
The worldwide animal growth promoters and performance enhancers market is divided into non-antibiotic probiotic, prebiotic, organic acid, photogenic, feed enzyme, hormonal, and antibiotic. Among these segments, the non-antibiotic segment is dominating the market with the largest revenue share during the forecast period due to economic benefits, a wide variety of products with applications in different production animals, ecosystem sustainability, and rising laws on antibiotic and hormone consumption.
The poultry segment is dominating the largest market share during the forecast period.
The worldwide animal growth promoters and performance enhancers market is divided into four categories such as poultry, swine, cattle, and aquatic. Among these sectors, poultry is expected to dominate the market over the forecast period. This is owing to increased worldwide demand for chicken meat and eggs, as well as unique food design techniques discovered in poultry, which help in the development of alternative growth promotion tactics.
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Asia Pacific led the market with the largest market revenue during the forecast period.
Asia Pacific is expected to lead substantial market expansion throughout the projection period due to the considerable increase in meat intake. Rising disposable income levels and massive population growth in countries like China, Indonesia, Malaysia, Thailand, Vietnam, and India will boost regional market growth. For similar reasons, Brazil, Argentina, Australia, Russia, and a few African countries are predicted to develop significantly.
Europe is predicted to experience strong revenue market growth throughout the forecast period due to a significant market share in pig meat production; Spain is the world's second-largest producer of animal meat.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Animal Growth Promoters and Performance Enhancers Market include Cargill Incorporated, Royal DSM N.V., Elanco Animal Health Incorporated, Boehringer Ingelheim Group, Merck & Co., Inc, Alltech Corporation, Archer-Daniels-Midland Company, Vetoquinol S.A., Bupo Animal Health Pty Ltd, Novus International, Inc., Associated British Foods plc, Erber AG, Phibro Animal Health Corporation, Kemin Industries, Inc., Zoetis Inc. (US), Nutreco N.V., Novozymes A/S, BASF SE, Evonik Industries AG, Bluestar Adisseo Company, Land O’Lakes, Inc., Biomin Holding GmbH, Guangdong VTR Bio-Tech Co., Ltd, Lallemand Inc. and other key players.
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Recent Development
- In November 2022, Cargill and CARE International signed a Memorandum of Understanding (MoU) in Hanoi for a two-year program called "She Thrives." The "She Thrives" initiative aims to promote sustainable living conditions for rural smallholders, particularly women and members of ethnic minorities in Vietnam's Dak Lak province, by providing farmers and producers with the tools and resources they need to improve their livelihoods in the long term.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Animal Growth Promoters and Performance Enhancers Market based on the below-mentioned segments:
Global Animal Growth Promoters and Performance Enhancers Market, By Product
- Non-Antibiotic {Probiotic, Prebiotic, Organic Acid, Phytogenic, Feed Enzyme, Hormonal}
- Antibiotic
Global Animal Growth Promoters and Performance Enhancers Market, By Animal
- Poultry
- Swine
- Livestock
- Aquatic
Global Animal Growth Promoters and Performance Enhancers Market, By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Animal Growth Promoters and Performance Enhancers Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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