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Animal Growth Promoter Market: By Type (Poultry, Livestock, Porcine, Equine, Aquaculture and Other); By Product (Antibiotic Growth Promoters, Hormonal Growth Promoters, Probiotic and Prebiotic Growth Promoters, Organic Acid Growth Promoters and Phytogenics), And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
Global Animal Growth Promoter Market to surpass USD 32.16 billion by 2031 from USD 17.13 billion in 2021 at a CAGR of 6.4% in the coming years, i.e., 2021-31.
Animal health products, which include growth promoters and performance enhancers, are drugs and chemicals used to help animals grow. These enhancers aid in the digestion of food and allow animals to grow faster, which improves productivity. The rising demand for animal consumption and consumption of livestock-based products, rising global demand for naturally produced growth promoters, and rising animal epidemics and climate change are all driving growth in the animal growth promoters and performance enhancers market.
Global Animal Growth Promoter Market to surpass USD 32.16 billion by 2031 from USD 17.13 billion in 2021 at a CAGR of 6.4% in the coming years, i.e., 2021-31. The rise in global meat production can be attributed to rising population, income levels, and urbanisation rates in almost all regions of the world. The demand generated by these forces has propelled the animal growth promoter industry into an ever-expanding phase, driving revenue forward. The need for increased animal performance and growth rates is another aspect of this high demand.
Based on type, global Animal Growth Promoter Market is fragmented into Poultry, Livestock, Porcine, Equine, Aquaculture and Other. During the forecasted period, poultry held the largest market share. The poultry industry accounted for the largest share of the global market for animal growth promoters and performance enhancers. This segment's large market share can be attributed to rising demand for poultry meat and eggs, rising novel diet approaches, and increasing antibiotic phase-outs, which has resulted in the development of alternatives.
Global Animal Growth Promoter Market is classified on the basis of Product into Antibiotic Growth Promoters, Hormonal Growth Promoters, Probiotic and Prebiotic Growth Promoters, Organic Acid Growth Promoters and Phytogenics. In the forecasted period, offline is the largest distribution channel in the Animal Growth Promoter market. Prebiotics and probiotics held the largest share of the animal growth promoters and performance enhancers market. This is due primarily to their safety, natural performance-enhancing properties, and high nutritional value. The use of prebiotic, probiotic, and synbiotic growth promoters is safe and free of any cumulative future effects, which encourages the use of these products.
Rising population and global meat consumption
The increasing global meat consumption and disposable income are the major factors driving the growth of animal growth promoters and performance enhancers. Furthermore, rapid population growth around the world has increased demand for food from animal sources, which is expected to fuel the growth of the animal growth promoters & performance enhancers industry. Furthermore, using these growth promoters and performance enhancers helps farmers increase their income from livestock, which is expected to support market growth.
Increase in awareness and R&D investments
Growing concerns about animal epidemics and increased awareness about animal health are expected to have a positive impact on the global market. R&D investments in natural growth promoters and performance enhancers promise a plethora of opportunities for market participants. Animal growth promoters and performance enhancers that are innovative, safe, and improved add to the opportunities for industry participants. In the emerging regions, simple regulations and guidelines governing animal growth promoters and growth enhancers are expected to provide ample opportunities for market growth.
Stringent rules and regulations and consumers lack of knowledge
Stringent rules and regulations regarding the use of animal growth promoters and performance enhancers in some countries can stifle the growth of the animal growth promoters and performance enhancers industry. Consumers' lack of knowledge about animal growth promoters and performance enhancers may pose a challenge to market growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Animal Growth Promoter Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. During the forecast period, Asia Pacific accounted for the largest share of the global animal growth promoters and performance enhancers market by region. The Asia Pacific region's large share can be attributed to the region's strong animal products industry, large population generating increased domestic meat demand, comparatively relaxed regulatory environment, and government efforts to encourage animal producers.
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Report Attribute |
Details |
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Market size value in 2021 |
USD 17.13 billion |
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Revenue forecast in 2031 |
USD 32.16 billion |
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Growth Rate |
CAGR of 6.4% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, Product and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Biomin, Elanco Animal Health, Zoetis, Inc., Alltech, Inc., Bayer Animal Health, Kemin, Yiduoli, DowDuPont, Novozymes and Other Prominent Players . |
Global Animal Growth Promoter Market to surpass USD 32.16 billion by 2031 from USD 17.13 billion in 2021 at a CAGR of 6.4% in the coming years, i.e., 2021-31.
Animal health products, which include growth promoters and performance enhancers, are drugs and chemicals used to help animals grow. These enhancers aid in the digestion of food and allow animals to grow faster, which improves productivity
During the forecasted period, poultry and prebiotic and probiotic segment held the largest market share.
Alltech, Inc., Bayer Animal Health, Kemin, Yiduoli, DowDuPont, Novozymes and Other Prominent Players
The rise in global meat production can be attributed to rising population, income levels, and urbanisation rates in almost all regions of the world.
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