Global Animal Growth Promoters Market - 2020-2027
Animal growth promoters are growth supplements administered to animals so that the animals grow rapidly and have increased weight. They are also used to increase the productivity of animals; for instance, to increase the production of milk in ruminants. Animal growth promoters are chemicals that help animals in growing faster by digesting their food more effectively, getting maximum benefit out of it and allowing the animals to develop into strong and healthy adults. These chemicals also protect the animal from various types of microbial diseases.The increasing meat consumption all over the world and increasing disposable income are the major factors driving the growth of animal growth promoters & performance enhancers.
The global animal growth promoters market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
The surging demand for meat and related animal products is one of the key factor augmenting the market growth. Also, upsurge in the food derived from animal sources further bolsters the product demand. Lack of knowledge among consumers pertaining to animal growth promoters is likely to challenge the market growth. R&D investments to innovate natural growth promoters promises lucrative opportunities to the market players. Safe, innovative, and improved animal growth promoters & performance enhancers further add to the opportunities for the industry players. Poor regulations and guidelines governing animal growth promoters in the developing regions such as Asia Pacific are expected to offer ample opportunities for market growth.
Increasing demand for food from animal source
Rapid increase in population across the world has led to an increase in the demand for food from animal source, which is expected to fuel the growth of animal growth promoters market. Furthermore, these growth promoters help farmers to increase their income from their livestock, which is expected to support the growth of animal growth market.
Rise in demand for meat in the market
On account of improved income levels, there is a growing concern for quality and environmental impact of meat in the developing countries, thus, augmenting the the animal growth promoters' market expansion. The Asia Pacific animal growth promoters market is further driven by the rapid growth of intensive livestock productions due to the shortage of land and an abundance of labor. The US, Brazil, China, and the European Commission have already banned the use of antibiotics. However, its continued use in India has resulted in increased antimicrobial resistance due to the presence of "superbugs". The potential ban of the antibiotic colistin, for livestock fat enhancement, is also set to drive the probiotics market in India.
COVID-19 Impact Analysis
Rising apprehensions regarding animal epidemics and awareness concerning animal health are expected to positively influence the global market. Strict regulations, such as those governing antibiotics usage as growth promoters are anticipated to challenge a few regional markets over the near future.COVID-19 pandemic affected the global economy in various aspects, such as directly affecting production and demand, supply chain disruption, and financial stability. COVID-19 has directly impacted the manufacturers' supply chain across the globe and has shut down the production facilities to curb the spread of virus. The stringent lockdown and curfew measures, stay-at-home, work from home, and social distancing orders meant that food service of meat and related animal products demand decreased significantly, with restaurants and schools closing and recreation cancelled. Furthermore, demand in the retail market skyrocketed due to panic buying and hoarding of meat products thus created a supply-demand gap as well led to price increase.
Based on the type, the animal growth promoters market has been classified into probiotics and prebiotics, and phytogenics, and others.
The prebiotics & probiotics segment accounted for the highest market share
The type segment is further sub-segmented into prebiotics and probiotics, phytogenics, and others. The highest share of the prebiotics and probiotics segment can be attributed to safe & natural performance-enhancing properties, high nutritional value, and regulatory restrictions on antibiotic and hormonal growth promoters.
Based on the animal type, the animal growth promoters market has been classified into ruminant, poultry, and swine.
The poultry segment accounted for the largest share of the market in 2019
In 2019, the poultry segment accounted the highest share. The significant share of this segment can be ascribed due to the increase in global poultry meat and egg demand, modern diet designing strategies practiced in poultry, and antibiotic phase-outs resulting in the development of alternative strategies for growth promotion.
Based on geography, the study analyzes the animal growth promoters market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
The Asia Pacific accounted for the highest share of the market in 2019
The Asia Pacific dominated the market in 2019. The considerable share of this market can be attributed to high population generating substantial domestic meat demand, poor regulation scenario, favorrable government efforts to encourage animal producers, and the presence of several prominent meat-consuming nations. Also, growing meat consumption in China, India, Indonesia, Malaysia, and Australia, is boosting the size of the animal growth promoters market to considerable heights.
The European regional market, on the other hand, is projected to register the highest growth during the forecast period. Factors such as rising domestic livestock, poultry, and pork production decreasing meat imports owing to the ban of certain growth promoters in Europe, and the non-compliance of import countries to these regulations, along with technological advancements in animal growth production are major drivers attributing to the growth of this region.
The animal growth promoters market is highly competitive, owing to the presence of big brands. The key animal growth promoters' players which are contributing to the growth of the global market include Merck and co., Cargill Inc., Royal DSM N.V., Veto quinol, Bupo Animal Health, Elanco Animal Health Inc., CHR Hansen, Novus International Inc., Associated British Foods (ABF) plc, and Alltech Inc. (US).
Merck and Co.
Merck & Co. is an America based multinational pharmaceutical company and is one of the largest pharmaceutical companies in the world. Merck is incorporated in New Jersey. It is headquarterd in located in Kenilworth, New Jersey. The Merck Index, a compendium of chemical compounds, was formerly published by Merck & Co. before being acquired by the Royal Society of Chemistry in 2012. The company's new London Discovery Research Center site is worth $1.32 billion, 220,000-square-foot research facility which will be located in London's "Knowledge Quarter"
Product Portfolio: The company's portfolio comprises of vaccines, antibacterial medicines, and related pharmaceutical products.
The global animal growth promoters market report would provide access to an approx. 49 market data table, 44 figures, and 220 pages.
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