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Animal Growth Promoter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Animal Growth Promoter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • December 2021
  • 145 pages
  • ID: 6190189
  • Format: PDF
  • Mordor Intelligence LLP

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The Animal Growth Promoter Market is estimated to register a CAGR of 5.3% during the forecast period.

COVID-19 exerted a negative impact on the supply chain in the animal growth promoter market. The target industry faced challenges in managing the interrupted demand and supply of components. Unpredictable and disturbing supply chain activities and the unavailability of human resources impacted the growth of the global animal growth promotor industry. The product unavailability and impeded supply chains resulted from a reduction in veterinary pharmaceutical production capacity and output, resulting in a negative influence on market growth between 2020 and 2021.

The rise in global meat production due to the increasing demand is expected to be the major factor driving the growth of the Global Animal Growth Promoter Market over the forecast period. Moreover, an increased level of intensive and industrialized livestock production is further expected to drive the growth promoter market by substantiating a higher level of livestock production.

The demand for growth promoters has become essential to enhance and improve the poultry performance. Thus, the demand for poultry growth promoters is projected to achieve potential growth over the forecast period.

Key Market Trends

Rise in Demand for Meat Boosting The Market

The availability and use of growth promoters in livestock are essential for upholding animal health and productivity, thereby contributing to consumer health and food security. The demand for high-value meat and meat products is rising rapidly, giving a boost to the overall market for animal growth promoters. The rise in meat production has had specific and long-term changes in production systems. These changes are directly linked to the rise of the growth promoter markets. These changes are more pronounced in developing regions.

While considering a business-as-usual (BAU) scenario, the total meat and fish consumption in Asia-Pacific is projected to rise by 73%, by 2050, according to a report published by Asia Research & Engagement (ARE) and sponsored by ADM Capital. However, the Food and Agricultural Organization’s (FAO) report on “Mapping Supply and Demand for Animal Produce to 2030” estimates growth in some regions (such as South Asia) at more than 300%. Thus, the aforementioned factors drive the market growth and is anticiapted to grow during the forecast period.

Asia-Pacific - The Fastest Growing Market

Asia-Pacific is the fastest growing market in the animal growth promoters industry, globally. Owing to the improved income levels, growing concerns for quality and environmental impact of meat in the developing countries, there is increase in meat consumption in India, China, Malaysia, Indonesia, and Australia and is anticipated to grow during the forecast period.

The growth promoters market in Asia Pacific is further driven by the rapid growth of intensive livestock productions due to the shortage of land and an abundance of labor. China is the largest pork consumer in the region and is the leading pork consuming country in the world which is the main driving factor for meat production in the country. China’s meat consumption is double the amount consumed in the United States, owing to its increasing population. This is a major factor motivating the growth of the animal growth promoter market in China. ?

Probiotics have become an integral part of the feed industry in the Indian market. From the last few years, the rising consumer awareness toward the growth promoter has resulted in the inclusion of probiotics in the ruminant feed for improving their performance and health, which is augmenting the growth of the market.

Competitive Landscape

The market for animal growth promoters is fairly consolidated with many large and small international players occupying the overall market, globally. The major players are Cargill Inc., DSM, Elanco Animal Health Inc, Zoetis Inc., DuPont de Nemours Inc., Alltech Inc., Novozymes A/S and others.

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