Animal Growth Promoters and Performance Enhancers Market by Product Type (Antibiotic, Hormonal, Feed Enzymes, Probiotics & Prebiotics, Phytogenic, and Others), Animal Type (Poultry, Porcine, Bovine, Equine, Aquaculture and Others): Global Market Size Estimates and Forecast (2022–2030)
The market crossed US$ 13.7 billion mark in 2022 and is expected to hit US$ 22.6 billion by 2030, recording a CAGR of 7.90% during the forecast period.
Animal growth promoters and performance enhancers market has been significantly growing with the increasing meat consumption around the world
Animal growth promoters and performance enhancers are the supplements fed to different kinds of animals that help to improve the functioning of their vital organs and therefore enhance their performance. Animal growth promoters and performance enhancers help to improve the body weight of animals and multiply their productivity. Rising demand for meat products is a major factor driving the growth of the market. With the rising population and increasing disposable income levels, the demand for protein-rich food will surge, ultimately affecting the animal growth promoters and performance enhancers market positively. The animal growth promoters and performance enhancers are composed of natural and organic chemicals which help animals to grow into strong and healthy adults.
Within the report, the market is segmented into product type, animal type, and geography. By product type, the market is further segmented into antibiotic, hormonal, feed enzymes, probiotics & prebiotics, phytogenic, and others. On the basis of animal type, the market is bifurcated into poultry, porcine, bovine, equine, aquaculture and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Increased awareness about animal health management is further bolstering the market growth.
Animal growth promoters and performance enhancers are defined as the chemicals or drugs that helps in the rapid growth of animals by digesting their food more effectively, to develop them into strong and healthy adults. These chemicals and steroids also protect the animal from various types of microbial diseases. Antibiotics, feed enzymes, hormones, organic acids, phytogenics, beta agonists, probiotics, and prebiotics are the different animal growth promoters and performance enhancers. Rising awareness about the benefits of animal growth promoters and performance enhancers is expected to multiply their demand in the forecast period. Moreover, rising meat consumption across the globe is another factor propelling the market growth of animal growth promoters and performance enhancers market. Furthermore, rising personal disposable income is an indirect market growth determinant.
Rising adoption of frozen meat and frozen meat products is one of the major factors accelerating the market growth.
With the changing lifestyle, the demand for frozen meat and frozen meat products has risen and this in turn has induced growth in the demand for animal growth promoters and performance enhancers. The growing awareness among consumers regarding the health benefits of consuming meat products is ultimately accelerating the market growth. Moreover, the growing trend of consuming frozen meat products is also contributing to the market growth. Frozen food products are in demand due to the increase in dual working households, along with surge in demand for easy to cook products. Additionally, frozen products have a long shelf life as compared to fresh food products. Furthermore, meat products are filled with vitamins and nutrients, consumers are demanding better meat products with high nutritional value, hence propelling the market growth of animal growth promoters and performance enhancers.
Recent strategic developments in animal growth promoters and performance enhancers market
The animal growth promoters and performance enhancers market has undergone several significant developments, and a few of these have been mentioned below:
- In November 2018, BIOMIN Holding GmbH launched phytogenic feed additive DIGESTAROM DC to feed livestock animals in order to enhance their growth and performance.
- In June 2020, Elanco acquired Bayer Animal Health for US$ 7.6 billion. This acquisition is expected to help Elanco to expand its product profile expand its reach for medicines for pets and livestock. Bayer Animal Health is a division of Bayer HealthCare.
The animal growth promoters and performance enhancers market are driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Cargill Inc., Bayer Animal Health, Merck & Co Inc., Elanco Animal Health Inc., Vetoquinol, Royal DSM N. V., Associated British Foods (ABF), Zoetis Inc, Alltech, and Biomin Holding GmbH are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Animal husbandry
- Veterinarian
- Meat manufacturers
- Animal -related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Product Type:
- Antibiotic
- Hormonal
- Feed Enzymes
- Probiotics & Prebiotics
- Phytogenic
- Others
- Animal Type:
- Poultry
- Porcine
- Bovine
- Equine
- Aquaculture
- Others
- Region:
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Cargill Inc.
- Bayer Animal Health
- Merck & Co Inc.
- Vetoquinol
- Royal DSM N. V.
- Cargill Inc.
- Bayer Animal Health
- Merck & Co Inc.
- Vetoquinol
- Royal DSM N. V.