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A recent report published by Infinium Global Research on animal growth promoters market provides in-depth analysis of segments and sub-segments in the global as well as regional animal growth promoters market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional animal growth promoters market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global animal growth promoters market. According to the report, the global animal growth promoters market is projected to grow at a CAGR of 6% over the forecast period of 2021-2027.
The global animal growth promoters market was sized USD 16 billion in 2021. The global animal growth promoters market is projected to grow with a CAGR of 6% during 2021-2027. The substances added to the feeds of animals as a supplement or injection to improve feed utilization and growth of animals are known as growth promoters. These can also be counted as chemicals and drugs used for animal growth. With the help of growth promoters, animals can digest their food effectively and grow faster, which in turn helps to improve productivity. Hence, it can provide excellent support to increase milk production in ruminants. Furthermore, cattle producers use growth promoters to improve the overall efficiency and quality. The most extensively applied growth promoters are feed additives, anabolic implants (both estrogenic and androgenic), bovine somatotropin, probiotics, and others. Moreover, some growth promoters like hormonal promoters have shown various positive effects in animal production, such as prevention and treatment of animal diseases. Additionally, there is an increase in demand for food from animal sources due to the increased global population. Hence, the need for animals growing with good health is higher, demanding more animal forth promoters. Also, farmers benefit from growth promoters and performance enhancers by increasing their livestock income; hence, the demand for the growth promoters products is projected to be high in upcoming years.
The rising demand for food from animal sources caused by increased population is expected to boost the market’s growth during the forecast period. There is an increase in meat consumption all over the globe, which is demanding more animal growth promoters, providing a massive boost to the market. Furthermore, the rising disposable income of the people is another prime factor propelling the growth of the animal growth promoters market. Additionally, the growth promoters and performance enhancers help farmers increase their income from livestock, which is anticipated to fuel the market’s growth. On the other hand, different nations have banned antibiotics and created strict regulations restricting the use of antibiotics and hormones for growth promotion in animals; both these factors can restrain the market’s growth during the forecast period. Nevertheless, the advancement in technologies used for creating growth promoters products offers excellent growth opportunities to the market’s key players.
The Asia Pacific has become a dominating region by accounting for the highest share of the global animal growth promoters market. There is increased demand for meat in countries like India, China, Thailand, Malaysia, Vietnam, and Indonesia in the Asia Pacific region. The need for the animal growth promoter product. Furthermore, there is an increased overall population coupled with the increasing disposable income projected to fuel the growth of the animal growth promoters market in the region. Moreover, the strong animal products industry in this region, huge population generating greater meat demand, comparatively relaxed regulatory scenarios, and government efforts to encourage animal producers are primary reasons why the market is reaching an excellent height in the region. Also, in North America, there is higher consumption of meat, due to which the region is anticipated to have significant growth during the forecast period. Additionally, there is a strong presence of the meat processing industry in North America. The region is projected to support the animal growth promoter's market development. In the case of the rest of the world, the market is expected to grow at a steady rate due to increasing demand for frozen meat and meat products.
The report on global animal growth promoters market covers segments such as product type, and animal type. On the basis of product type, the sub-markets include antibiotics, and non-antibiotics. On the basis of animal type, the sub-markets include livestock, aquaculture, poultry, and porcine.
The report provides profiles of the companies in the market such as Boehringer Ingelheim Group (Germany), Merck & Co., Inc (US), Alltech Corporation (US), Archer-Daniels-Midland Company (ADM) (US), Vetoquinol S.A. (France), Cargill, Incorporated (US), Royal DSM N.V. (Netherlands), Elanco Animal Health Incorporated (US), Phibro Animal Health Corporation (US), Kemin Industries, Inc. (US), Zoetis Inc. (US), Nutreco N.V. (Netherlands), Novozymes A/S (Denmark), BASF SE (Germany), Evonik Industries AG (Germany), and Bluestar Adisseo Company (China).
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of animal growth promoters market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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