CHICAGO, Jan. 22, 2020 /PRNewswire/ -- According to the new market research report "Animal Growth Promoters and Performance Enhancers Market by Product Antibiotic and Non-antibiotic (Hormones, Acidifiers, Feed Enzymes, Probioitcs & Prebiotics, Phytogenics), Animal (Poultry, Porcine, Livestock, Aquaculture) - Global Forecast to 2024", published by MarketsandMarkets™, is projected to reach USD 18.5 billion by 2024 from an estimated USD 13.9 billion in 2019, at a CAGR of 5.9% during the forecast period.
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The growth of this market is primarily driven by the increasing global meat demand, research into alternatives to antibiotics, and the need to deal with epidemics and environmental factors. However, various countries have stringent regulations in place against antibiotics and particular growth promoters, which has affected their adoption.
By type, the non-antibiotic growth promoters segment accounted for the largest share of the market in 2019.
Based on type, the Animal Growth Promoters Market is segmented into antibiotic and non-antibiotic growth promoters. The non-antibiotic growth promoters segment accounted for the largest share of the Animal Growth Performance Enhancers Market in 2018. The large share of this segment can be attributed to their economic benefits, the wide range of substances with applications in different production animals, environmental sustainability, and the increasing number of regulations on antibiotics and hormones.
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By animal type, the poultry segment dominated the market in 2019.
In the basis of animal type, the Animal Growth Promoters And Performance Enhancers Market is segmented into poultry, swine, livestock, aquaculture, and other farm animals (equine, rabbit, camel, deer, yak, and geese). In 2019, the poultry segment accounted for the largest share of the Animal Growth Promoters Market. This can be attributed to the increasing demand for poultry meat & eggs, novel diet approaches, and antibiotics phase-outs, resulting in the development of alternatives.
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The Asia Pacific dominated the market in 2019.
In 2019, the Asia Pacific region accounted for the largest market share of 36.7%, followed by North America (26.1%) in 2018. The largest share of the Asia Pacific region is attributed to the strong animal products industry in this region, high population (generating greater domestic meat demand), a comparatively relaxed regulatory scenario, and government efforts to encourage animal producers.
The key players in the global Animal Growth Promoters And Performance Enhancers Market are Merck and Co. Inc. (US), Cargill Inc. (US), Royal DSM N.V. (Germany), Vetoquinol (France), Bupo Animal Health (SA), Elanco Animal Health Inc. (US), CHR Hansen (UK), Novus International Inc. (US), Associated British Foods (ABF) plc (UK), Alltech Inc. (US), ERBER AG (UK), Archer-Daniels-Midland Company (US), Phibro Animal Health Corporation (US), Kemin Industries (US), SHV (Nutreco) (UK), BASF SE (UK), Lallemond Inc. (Canada), Bluestar Adisseo Company (France), Evonik Industries AG (UK), and Land O Lake Inc.(US).
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