Animal Growth Promoters and Performance Enhancers Market Outlook 2032
The global animal growth promoters and performance enhancers market size was USD 14.7 Billion in 2023 and is projected to reach USD 25.2 Billion by 2032, expanding at a CAGR of 6.2% during 2024–2032. The market growth is attributed to the increasing demand for animal protein and the adoption of advanced agricultural practices.
Increasing demand for enhanced livestock productivity for sustainable agricultural practices is resulting in the high demand for animal growth promoters and performance enhancers, thereby boosting the market. These include feed additives, nutritional supplements, veterinary medicines, and biotechnological innovations aimed at improving feed conversion efficiency, disease resistance, and overall performance of livestock. Moreover, the growing focus on animal meat production fuels the demand for alternative growth promoters and performance enhancers.
Impact of Artificial Intelligence (AI) in Animal Growth Promoters and Performance Enhancers Market
The use of artificial intelligence is likely to boost the animal growth promoters and performance enhancers market. AI-powered technologies, such as machine learning algorithms and data analytics enable farmers and ranchers to optimize feed formulation and improve overall production efficiency. Moreover, AI-enabled precision farming techniques allow for real-time monitoring of individual animal health and performance metrics, facilitating early detection of diseases and abnormalities.
Animal Growth Promoters and Performance Enhancers Market Dynamics
Major Drivers
Increasing demand for animal protein worldwide is projected to drive the market during the forecast period. This trend is particularly evident in developing countries due to urbanization and changing dietary habits that contribute to higher consumption of animal pr'oducts. For instance, according to a report by the Food and Agriculture Organization, global consumption of meat is projected to increase by 14% by 2030. Additionally, the need for maximizing agricultural productivity and efficiency to meet the escalating food demand is likely to boost the utilization of these products in livestock farming.
Existing Restraints
Increasing awareness and preferences for antibiotic-free and organic animal products are projected to hamper the market. Consumers are demanding meat, dairy, and eggs sourced from animals raised without the use of antibiotics and growth promoters. Furthermore, rising regulatory scrutiny and restrictions on the use of antibiotics in animal agriculture is hindering the market.
Emerging Opportunities
High investments in R&D activities are expected to create immense opportunities for the players competing in the market. Market players are investing heavily in R&D initiatives to explore new formulations, delivery methods, and active ingredients that improve animal growth and performance without adverse effects. Moreover, the growing adoption of precision livestock farming technologies further boosts the demand for innovation in animal growth promoters and performance enhancers.
Scope of the Animal Growth Promoters and Performance Enhancers Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.
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Attributes
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Details
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Report Title
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Animal Growth Promoters and Performance Enhancers Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2023
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Historic Data
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2017 -2022
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Forecast Period
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2024–2032
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Segmentation
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Type (Antibiotic and Non-antibiotic) and Animal (Poultry, Livestock, Porcine, Swine, Aquaculture, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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ADM; Alltech; BASF SE; Boehringer Ingelheim International GmbH; Cargill, Incorporate; DSM; Elanco; Kemin Industries, Inc; Novozymes A/S; Phibro Animal Health Corporation; and Zoetis Services LLC
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Animal Growth Promoters and Performance Enhancers Market Segment Insights
Type Segment Analysis
Based on type, the animal growth promoters and performance enhancers market is divided into antibiotic and non-antibiotic. The antibiotic segment held a major share of the market in 2023, as they are widely used in animal agriculture to promote growth and prevent disease. Additionally, antibiotics are often perceived as effective and cost-efficient growth promoters, further contributing to their popularity among livestock producers.
The non-antibiotic segment is expected to expand at a significant growth rate in the coming years, owing to the increasing consumer demand for antibiotic-free and organic animal products is encouraging livestock producers to seek alternative growth promoters and performance enhancers. Moreover, advancements in biotechnology and nutrition science have resulted in the development of novel non-antibiotic products further boosting the segment during the forecast period.
Animal Segment Analysis
On the basis of animal, the global market is segregated into poultry, livestock, porcine, swine, aquaculture, and others. The poultry segment held a large market share in 2023, due to the increasing utilization of growth promoters and performance enhancements to meet the growing demand for processed poultry meat and eggs.
Population growth, rising incomes, and evolving dietary preferences are significant factors that are creating a rising demand for these types of poultry products. Furthermore, advancements in genetics, nutrition, and management practices enhance poultry productivity, thereby driving the demand for growth promoters.
The aquaculture segment is anticipated to expand at a substantial CAGR during the forecast period. Aquaculture production methods often involve intensive farming practices where growth promoters and performance enhancers are important in maximizing production efficiency and ensuring profitability. Additionally, the aquaculture industry is increasingly facing challenges, such as disease outbreaks, water pollution, and environmental sustainability concerns which further boost the need for innovative solutions to enhance health and performance of fish and shrimp. These all factors are fueling the market.
Regional Outlook
The market in North America is projected to grow at a significant pace in the years to come, owing to the region's well-established livestock industry creating demand for growth promoters and performance enhancers. Additionally, dietary shifts toward high consumption of meat, dairy, and eggs, further boost the demand for enhancers in these industries across the region.
In terms of region, the global animal growth promoters and performance enhancers market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific held a major market share in 2023, due to the presence of a large and rapidly growing meat protein consumption population. Additionally, increasing consumer demand for high-quality animal products and rising concerns over food safety and sustainability, are fueling the need for innovative solutions to enhance animal health and productivity.
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According to a report published on March 1, 2024, broiler chicken was the most consumed type of meat in the US in 2022, with an average of 98.9 pounds per capita. Moreover, this figure is estimated to reach approximately 107.5 pounds per capita by 2033.
Segments
The animal growth promoters and performance enhancers market has been segmented on the basis of
Type
- Antibiotic
- Non-antibiotic
Animal Type
- Poultry
- Livestock
- Porcine
- Swine
- Aquaculture
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global animal growth promoters and performance enhancers market are ADM; Alltech; BASF SE; Boehringer Ingelheim International GmbH; Cargill, Incorporate; DSM; Elanco; Kemin Industries, Inc; Novozymes A/S; Phibro Animal Health Corporation; and Zoetis Services LLC
These companies use development strategies including mergers, acquisitions, partnerships, collaboration, and product launches to expand their consumer base globally. For instances,
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On March 1, 2024, Zoetis Services LLC, a key global manufacturer of animal health products, announced the acquisition of a 21-acre manufacturing site in Melbourne. This acquisition allows Zoetis to expand its existing operations at the site and enhance its future capabilities for developing and manufacturing animal health products.
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