Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Animal Growth Promoters And Performance Enhancers Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The animal growth promoters and performance enhancers market size has grown strongly in recent years. It will grow from $14.65 billion in 2023 to $15.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed during the historical period can be attributed to increased demand for meat, improved feed conversion efficiency, and the use of antibiotics in animal feed.
The animal growth promoters and performance enhancers market size is expected to see strong growth in the next few years. It will grow to $20.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The projected growth in the forecast period is expected to be driven by factors such as the reduction in antibiotic usage, a shift toward sustainable agriculture practices, the adoption of nutritional enhancers, and the trend towards customized nutrition. Key trends that are anticipated in the forecast period include the increased use of phytogenic and natural additives, continued efforts to reduce antibiotic usage, the incorporation of nutritional additives, and a growing focus on hormone-free and steroid-free meat production.
The increasing global demand for meat serves as a significant driving force behind the animal growth promoters and performance enhancers market. These enhancers play a crucial role in enhancing an animal's fat accumulation and overall weight, resulting in increased meat production and higher value per animal. Meat stands as a primary protein source for a substantial portion of the global population. As per a study conducted by the FAO, meat production has doubled over the past three decades and quadrupled since the mid-1960s. Furthermore, the production and consumption of meat are poised for continuous growth, with a projected global meat consumption of 460 million to 570 million tons by 2050. This anticipated growth is expected to propel the animal growth promoters and performance enhancers market forward.
The rising demand for premium, high-quality protein feeds is anticipated to be a significant driver for the growth of the animal growth promoters and performance enhancers market in the foreseeable future. These high-quality protein feeds, renowned for their protein richness and provision of essential amino acids crucial for animal growth and development, are frequently employed to promote animal growth and enhance performance in the livestock industry. For example, in March 2021, the American Feed Industry Association, a US-based non-profit organization representing the feed industry, estimated that animal food consumption is poised to increase by 2.5% to reach 254.6 million tons, with an approximate value of $48.8 billion by 2025. This surpasses the figures from 2020, which stood at 248.4 million tons. Moreover, projections suggest that feed consumption could further rise to 263.1 million tons by 2025. Hence, the escalating demand for high-quality protein feeds is a driving force behind the growth of the animal growth promoters and performance enhancers market.
Stringent regulations imposed by the US and European governments regarding the use of animal growth promoters and performance enhancers are placing constraints on the market for these products. Notably, Zoetis, the leading producer of animal medicines, is prohibited from selling antibiotics that promote accelerated growth in animals within both the US and Europe. The US FDA has introduced regulations that forbid the use of antibiotics as feed supplements to promote faster growth in livestock and poultry. These regulatory measures are anticipated to have an adverse effect on the growth of the animal growth promoters and performance enhancers market.
Businesses operating in the market are increasingly allocating resources to the development of phytogenics as a means to enhance the efficiency of growth promoters through natural methods. Phytogenics, also known as botanicals or phytobiotics, are plant-based additives incorporated into animal nutrition. These additives are sourced from herbs, spices, and extracts, and can be employed in various forms, including solid, dried, ground, and as extracts. They are further categorized into essential oils and oleoresins based on the process used to extract the active components. The use of phytogenics contributes to heightened feed intake, improved gut function, prevention of diarrhea, and offers antimicrobial and antioxidative benefits in the context of livestock nutrition. Notably, companies like Delacon, Cargill, and BIOMIN have made significant investments in the development and utilization of phytogenics within this sector.
Prominent companies operating in the animal growth promoters and performance enhancers market are actively pursuing innovation by introducing new products, such as advanced probiotics, to enhance their market profitability. These advanced animal probiotics consist of carefully selected microorganism strains and are designed to improve digestion, modulate the immune system, and deliver various health benefits to animals. For example, in May 2021, Chr. Hansen, a Denmark-based bioscience company, unveiled Bovacillus, a distinctive probiotic product that includes two distinct Bacillus species, Bacillus licheniformis and Bacillus subtilis, both naturally sourced. These Bacilli strains were chosen for their capability to produce substantial amounts of digestive enzymes, and bacillus species have a longstanding history of use as probiotics in agricultural animals, where they have demonstrated improvements in performance and overall health. This innovation reflects the industry's commitment to staying at the forefront of animal growth promoters and performance enhancers.
In July 2021, the Dutch chemical company Royal DSM completed the acquisition of Midori USA Inc. for a total of $63 million. Midori USA Inc. specializes in a precision platform that is dedicated to developing specific eubiotics, aimed at improving livestock health and mitigating environmental impacts. This strategic acquisition complements DSM's existing portfolio of animal nutrition products. It enables DSM to expand its product offerings and provide more environmentally sustainable solutions for the animal agriculture industry. Midori USA Inc. is a biotechnology company based in the United States.
North America was the largest region in the animal growth promoters and performance enhancers market in 2023. Asia-Pacific was the second-largest region in the animal growth promoters and performance enhancers market.
Scope
Markets Covered:
1) By Type: Antibiotic Growth Promoters; Non-Antibiotic Growth Promoters
2) By Animal Type: Poultry; Swine; Livestock; Aquaculture; Other Animals
3) By Nature of Chemicals: Microbial Products; Prebiotics and Probiotics; Yeast Products; Enzymes/Herbs; Oils and Spices
Companies Mentioned: Merck and Co. Inc.; Cargill Inc.; Royal DSM N.V.; Vetoquinol S.A.; Bupo Animal Health
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Merck and Co. Inc.
- Cargill Inc.
- Royal DSM N.V.
- Vetoquinol S.A.
- Bupo Animal Health
- Elanco Animal Health Inc.
- Alltech Biotechnology Pvt. Ltd.
- Bayer HealthCare Animal Health Inc.
- Zoetis Inc.
- Bioniche Life Sciences Inc.
- Danisco A/S
- Du Pont De Nemours and Company
- C.H. Boehringer Sohn AG & Co. KG
- Associated British Foods plc
- Biomin Holding GmbH
- Chr. Hansen A/S
- Novus International Inc.
- Intervet Inc.
- Hipra India Pvt. Ltd.
- Kepro Technologies Private Limited
- Pancosma S.A.
- Provimi Holding B.V.
- Trouw Nutrition International B.V.
- Zagro Asia Limited
- Biostadt India Limited
- ECO Animal Health Group plc
- Heska Corporation
- IDEXX Laboratories Inc.
- Kyoritsu Seiyaku Corporation
- Neogen Corporation
For more information about this report visit https://www.researchandmarkets.com/r/w88ikk
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