The global animal growth promoters market size reached US$ 15.88 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 22.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028. The growing prevalence of animal diseases, the rising expenditure capacities of consumers, and the increasing concerns regarding food safety represent some of the key factors driving the market.
Animal growth promoters are substances that are added to animal feed to enhance growth and performance and improve feed efficiency and health. They include probiotics, phytogenics, acidifiers, prebiotics, antibiotics, hormones, and other feed additives. They are composed of natural and organic chemicals which help improve animal growth and feed efficiency. Animal growth promoters are mainly used in farm animals to promote growth, improve the distribution of fat and protein, and increase the feed-to-muscle conversion rate. They are also used to increase weight gain, improve feed efficiency, digestion, nutrient absorption, control, and prevent diseases. Animal growth promoters assist in reducing mortality, and risk of foodborne illness, preventing diseases, and improving growth rates and overall efficiency and product quality.
Animal Growth Promoters Market Trends:
The growing prevalence of animal diseases across the globe is one of the key factors driving the market growth. Animal growth promoters help to prevent and treat diseases in livestock while reducing the risk of illness and mortality. Moreover, the increasing meat consumption and rising demand for animal protein are favoring the market growth. Animal growth promoters are widely used to improve the growth and feed efficiency of livestock and enhance the overall health and welfare of the animals. In line with this, the escalating demand for frozen meat and frozen meat products owing to the changing lifestyle and taste preferences among consumers is acting as another growth-inducing factor. Apart from this, the utilization of phytobiotics that consist of plant-derived products, which are added to animal feed to improve regular activities, and gut health and immunity, is providing an impetus to the market growth. Additionally, the increasing demand for animal protein sources, such as meat, milk, and eggs, is creating a positive outlook for the market. Furthermore, the widespread product adoption to reduce the risk of foodborne illness by preventing or treating diseases in livestock that can be transmitted to humans through contaminated meat or other animal products is propelling the market growth. Other factors, including significant technological advancements, extensive research and development (R&D) activities, rising expenditure capacities of consumers, increasing concerns regarding food safety, and the easy availability and cost-effectiveness of animal growth promoters, are anticipated to drive the market growth.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each segment of the global animal growth promoters market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on types, and animal type.
The report has provided a detailed breakup and analysis of the animal growth promoters market based on the types. This includes phytogenic, probiotics, acidifiers, prebiotics, and others.
According to the report, prebiotics and probiotics represented the largest segment.
Animal Type Insights
A detailed breakup and analysis of the animal growth promoters market based on the animal type has also been provided in the report. This includes livestock, aquaculture, poultry, and porcine.
According to the report, poultry accounted for the largest market share.
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
According to the report, Asia Pacific was the largest market for animal growth promoters. Some of the factors driving the Asia Pacific animal growth promoters market included the increasing concerns regarding food safety, rising demand for meat, and rapid technological advancements.
The report has also provided a comprehensive analysis of the competitive landscape in the global animal growth promoters market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Alltech, Bluestar Adisseo Company (China National Bluestar (Group) Co. Ltd.), Kemin Industries Inc., Koninklijke DSM N.V., Novus International Inc., Phibro Animal Health Corporation, Vetoquinol SA, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
How has the global animal growth promoters market performed so far, and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global animal growth promoters market?
What is the impact of each driver, restraint, and opportunity on the global animal growth promoters market?
What are the key regional markets?
Which countries represent the most attractive animal growth promoters market?
What is the breakup of the market based on the types?
Which is the most attractive types in the animal growth promoters market?
What is the breakup of the market based on the animal type?
Which is the most attractive animal type in the animal growth promoters market?
What is the competitive structure of the global animal growth promoters market?
Who are the key players/companies in the global animal growth promoters market?
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