USD 13.23 billion
Report ID: SQSG15A2036 | Region: Global | Published Date: September, 2022 | Pages: 211 | Tables: 66 | Figures: 75
Animal Growth Promoters And Performance Enhancers Market size was valued at USD 13.23 billion in 2021 and is poised to grow from USD 13.99 billion in 2022 to USD 17.79 billion by 2030, growing at a CAGR of 5.7% in the forecast period (2023-2030).
Animal growth is aided by a variety of medications and substances, such as performance boosters and growth promoters. Animals are able to digest food more efficiently and grow more quickly thanks to these enhancers, which also increase output. The animal growth promoters and performance enhancers market is growing primarily as a result of expanding demand for meat and other animal products, increasing need for naturally produced growth promoters on a global scale, and rising animal diseases and climate change. However, the market for animal growth promoters and performance enhancers is anticipated to see certain growth restraints during the forecast period due to antibiotic bans in some countries and rigorous laws limiting the use of antibiotics and hormones for animal growth promotion.
US Animal Growth Promoters And Performance Enhancers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 13.23 billion
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The Global Animal Growth Promoters and Performance Enhancers Market is segmented based on animal type, product type, distribution channel, and region. Based on animal type, the Animal Growth Promoters and Performance Enhancers Market is segmented into poultry, swine, ruminant, aquaculture, and others. Based on Product, the animal growth promoters and performance enhancers market is segmented into hormonal growth promoters, antibiotic growth promoters, feed enzyme growth promoters, organic acid growth promoters. Based on the region Animal Growth Promoters and Performance Enhancers Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Animal Growth Promoters and Performance Enhancers Market Analysis by Animal
Based on animal type, the animal growth promoters and performance enhancers market is segmented into poultry, swine, ruminant, aquaculture, and others. The market for animal growth promoters and performance boosters was dominated by the poultry industry. This segment's significant market share can be ascribed to factors such as rising innovative diet trends, rising demand for chicken meat and eggs, and rising antibiotic phase-outs that have led to the development of substitutes.
As meat is a high source of protein and is widely available at low prices, there is a major increase in livestock output as a result. This is what is driving the market for animal feed additives. According to the FAO, the world's consumption of animal proteins would rise by 14% by 2030, primarily as a result of rising incomes and population growth. More poultry is now included in the meat diet. This reflects the lower price of chicken compared to other meats in developing countries with lower income levels, while it demonstrates an increasing preference for white meats in high-income countries due to their ease of preparation and perception as healthier food options. 41% of global protein production is projected to be renewable by 2030.
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By region, Asia Pacific held the biggest market share for animal growth promoters and performance boosters throughout the forecast period. In 2021, the Asia Pacific region held the highest market share, followed by North America. The Asia Pacific region has a large share, which can be attributed to its robust animal products industry, large population, which increases domestic meat demand, relatively lax regulatory environment, and government initiatives to support animal producers.
Asia Pacific held the most significant regional market share for animal growth boosters and performance enhancers due to its dramatic rise in meat consumption. The region's market expansion is anticipated to be fueled by rising disposable income levels and rapid population growth in nations like China, Indonesia, Malaysia, Thailand, Vietnam, and India. Similar factors are expected to cause Brazil, Argentina, Australia, Russia, and a few African nations to see rapid growth. However, it is anticipated that over the next six years the expansion of the regional industry will be hampered by strict regulations regarding the use of animal growth boosters and performance enhancers in Europe and North America.
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Animal Growth Promoters and Performance Enhancers Market Driver
Animal Growth Promoters and Performance Enhancers Market Restraint
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The animal growth promoters and performance enhancers market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key animal growth promoters and performance enhancers market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Animal Growth Promoters and Performance Enhancers Market Top Players' Company Profiles
Animal Growth Promoters and Performance Enhancers Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, based on animal type, the poultry segment market is projected to hold the most substantial share in the market. Based on product, the hormonal growth promoter segment is projected to hold the most substantial share in the market. Whereas, based on the region, the Asia-Pacific region is projected to hold the most substantial share in the animal growth promoters and performance enhancers market.
|Market size value in 2021||USD 13.23 billion|
|Market size value in 2030||USD 13.99 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Animal Growth Promoters And Performance Enhancers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Animal Growth Promoters And Performance Enhancers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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