Animal Growth Promoters Market

Report Description
Table of Contents

Report Description

The global animal growth promoters market size is estimated to be USD xx billion in 2021 and is expected to witness a CAGR of xx% during the forecast period. Research into substitutions to antibiotics and hormones is a key driver for the growth of the global animal growth promoters market. Additionally, incessant growth in the global meat demand and increase in demand for non-antibiotic growth promoters in the animal growth promoters market are some of the other drivers propelling the market growth. Nevertheless, strict regulations limiting the application of antibiotics and hormones for growth promotion in animals and increase in global feed capacity are expected to restrain the global market growth.

Global Animal Growth Promoters Market Size (USD Billion), 2021-2029

Source: Erevna Healthcare

By Type

Based on type, the market is segmented into antibiotic growth promoters and non-antibiotic growth promoters. In 2021, the non-antibiotic growth promoters segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is attributed to these promoters offering high nutritional value, safe and natural performance-enhancing properties worldwide. Antibiotic growth promoters segment projected to grow at a profitable CAGR during the forecast period. This is attributed to the economic advantages, widespread range of substances with uses in different production animals globally.

By Animal Type

Based on animal type, the market is segmented into livestock, poultry, aquaculture, swine, and other animals. In 2021, the poultry segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is attributed to the increase in the demand for poultry meat and egg worldwide. Aquaculture segment projected to grow at a profitable CAGR during the forecast period. This is attributed to the antibiotic phase-outs results in the development of alternate strategy for the growth promotion.

Regional Insights

In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the rise in domestic livestock, pork and poultry production is decreasing the meat imports due to the ban of specific growth promoters, and accessibility of technological advanced products in the region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the large population results in the generation of larger domestic meat demand, increasing government efforts to boost the animal producers and growing export of meat products are the major factors in this region.

Competitor Insights

Some of the key players in the animal growth promoters market are Merck and Co. Inc. (U.S.); Cargill Inc. (U.S.); Royal DSM N. V. (Germany); Vetoquinol (France); Bupo Animal Health (SA); Elanco Animal Health Inc. (U.S.); CHR Hansen (U.K.); Novus International Inc. (U.S.); Associated British Foods (ABF) plc (U.K.); Alltech Inc. (U.S.); ERBER AG (U.K.); and Archer-Daniels-Midland Company (U.S.). The leading players operating in the animal growth promoters industry are adopting various strategies including R&D investments, adaption of advanced techniques, new technology launches, new export and import regulations, mergers & acquisitions, and regional expansions to capture a maximum revenue share.

This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The animal growth promoters market report is categorized into the following segments and subsegments: