PUBLISHER: The Business Research Company | PRODUCT CODE: 1387798
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387798
“Animal Growth Promoters And Performance Enhancers Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on animal growth promoters and performance enhancers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for animal growth promoters and performance enhancers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The animal growth promoters and performance enhancers market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Animal growth promoters and performance enhancers are substances incorporated into animal feeds or administered through injections to enhance feed efficiency and promote growth in farm animals. They also encompass veterinary medicinal products used in healthy animals to positively impact the quantity, quality, and growth of animal products.
The two primary categories of these enhancers are antibiotic growth promoters and non-antibiotic growth promoters. Antibiotic growth promoters contribute to animal health and productivity improvements. Non-antibiotic growth promoters encompass various natural compounds like microbial products, prebiotics, probiotics, yeast products, enzymes, herbs, oils, and spices. These enhancements find application in various animal categories, including poultry, swine, livestock, aquaculture, and other animal.
The animal growth promoters and performance enhancers report is one of a series of new reports from The Business Research Company that provides animal growth promoters and performance enhancers market statistics, including animal growth promoters and performance enhancers industry global market size, regional shares, competitors with animal growth promoters and performance enhancers market share, detailed animal growth promoters and performance enhancers market segments, market trends and opportunities, and any further data you may need to thrive in the animal growth promoters and performance enhancers industry. This animal growth promoters and performance enhancers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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.
Major companies operating in the animal growth promoters and performance enhancers market include 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
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. The regions covered in the animal growth promoters and performance enhancers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the animal growth promoters and performance enhancers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The animal growth promoters and performance enhancers market consists of sales of growth hormone medications, anabolic implants, bovine somatotropin, beta-agonists and probiotics. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.