Growing awareness about the importance of animal nutrition and the advantages of growth promoters or performance enhancers will propel the growth of the animal growth promoters and performance enhancers market. Increasing awareness about the benefits of animal growth promoters and performance enhancers will multiply their requirement during the future. Growing meat consumption around the globe is another aspect propelling the growth of the animal growth promoters and performance enhancers market. With the altering lifestyle, the requirement for frozen meat and frozen meat products has grown and this in turn has induced growth in the requirement for animal growth promoters and performance enhancers. Increasing personal disposable income is a direct market growth determinant.
Accomplishing the augmented efficiency of the conversion of feed into food products, without the exposure of proficient risk is the objective of most of the livestock-connected industries across the globe. This can be accomplished through animal growth promoters and performance enhancers of augmented proficiency and lower harmful ingredients. According to the Food and Agriculture Organization of the UN, the U.S. had 93.7 million cattle during 2017. This has led to an augmented requirement for the products due to the increasing animal population and the subsequent growing demand for animals and animal based-products.
According to the SPER market research, ‘Animal Growth Promoters and Performance Enhancers Market Size, Share & Trends Analysis By Product, By Type, By Application, By disease indication By, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030’ states that animal growth promoters and performance enhancers market is predicted to reach USD 26.1 billion by 2030 with a CAGR of 6.1%. The growing requirement for natural growth promoters, increasing animal epidemics, livestock-based products, climate change, and animal consumption, are the foremost aspects for the enlargement of this market.
With the augment in livestock breeding, the usage of antibiotics to encourage growth has emerged. The several categories of livestock feed additives are named non-antibiotic growth promoters or natural growth promoters. They are generally concerned as preferred substitutes to antibiotic growth promoters in livestock production. Non-antibiotic growth promoters majorly include organic acids, prebiotics, probiotics, synbiotics, tannins, feed enzymes, and immune stimulants.
Growing awareness of meat health is propelling the demand for natural growth promoters to augment the production of healthy animals and thus stimulate market growth. Strict regulations introduced by the U.S. and European governments against the usage of animal growth promoters and performance enhancers are, however, restricting the requirement for animal growth promoters and performance enhancers.
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Key players operating in the global animal growth promoters and performance enhancers market include Erber AG, Evonik Industries AG, Guangdong VTR Bio-Tech Co., Ltd., Alltech Corporation, Archer-Daniels-Midland, Company (ADM), Associated British Foods plc, BASF SE, Biomin Holding GmbH, Bluestar Adisseo Company, Boehringer Ingelheim Group, Bupo Animal Health Pty Ltd., Cargill, Incorporated, Chr. Hansen, Elanco Animal Health, Incorporated, Kemin Industries, Inc, Lallemand Inc., Land O’Lakes, Inc., Merck & Co., Inc, Novozymes A/S, Novus International, Inc., Nutreco N.V., Phibro Animal Health, Corporation, Royal DSM N.V., Vetoquinol S.A., Zoetis Inc. among others. The foremost players are now concentrating on accepting strategies such as implementing new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to develop their market position in the global market of animal growth promoters and performance enhancers.
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Animal Growth Promoters and Performance Enhancers Market
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