Animal Growth Promoter Market: Insights, Trends & Forecast 2023-2031

Market Overview: The global animal growth promoter market was valued at USD 19.82 billion in 2022 and is projected to reach USD 31.83 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.4% during the forecast period (2023–2031). Animal growth promoters are vital in enhancing the feed conversion efficiency and promoting the growth of animals in livestock farming. These growth promoters, such as probiotics, prebiotics, acidifiers, and phytogenics, significantly influence livestock development, boosting their overall productivity and health. With increasing global demand for meat and animal-derived products, the market for animal growth promoters is witnessing substantial growth.

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Market Dynamics:

• Drivers:

  • Industrialization of Livestock Industry: The accelerated shift towards large-scale, industrialized meat production is driving the market for animal growth promoters. The demand for faster and more efficient production systems in both developed and emerging markets is a key factor.
  • Rising Compound Feed Production: The increased production of compound feed, particularly in the Asia-Pacific region, is contributing to the demand for growth promoters. Feed additives like probiotics and acidifiers help in optimizing feed conversion rates and improving overall animal health.

• Restraints:

  • Regulatory Challenges: The stringent regulations governing the use of growth promoters, particularly in developed markets like North America and Europe, are posing challenges. These regulations often limit the use of antibiotics, creating the need for safer, alternative growth-promoting solutions.

• Opportunities:

  • Reduction of Feed Costs: With rising global feed prices, there is a growing opportunity to lower the overall cost of livestock feed through the efficient use of growth promoters, which is driving market innovation.

Market Segmentation: https://straitsresearch.com/report/animal-growth-promoter-market/segmentation

Market Scope and Segmentation: The global market for animal growth promoters is segmented based on product types, animal types, and regions.

1. By Type:

   • Probiotics
   • Prebiotics
   • Phytogenics
   • Acidifiers

2. By Animal Type:

   • Ruminant
   • Poultry
   • Swine
   • Aquaculture

3. By Region:

   • North America
   • Europe
   • Asia-Pacific
   • Middle East & Africa
   • Latin America

Regional Analysis:

• Asia-Pacific holds the largest market share, driven by the booming livestock industry, particularly in China, where pork is the most consumed meat. The region is expected to maintain a strong growth trajectory due to the increasing meat demand.
• Europe is also experiencing growth, especially in Spain, where livestock production and demand for animal growth promoters are on the rise. The adoption of alternatives to antibiotics due to regulatory changes is further accelerating market growth.
• North America, with its heavy investments in animal health products and increasing demand for poultry feed additives, is expected to witness steady growth during the forecast period.
• Latin America and Middle East & Africa are emerging markets, driven by the demand for meat consumption and the need for efficient livestock production systems.

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Key Players: Prominent players operating in the animal growth promoter market include:

• DSM
• Cargill Inc.
• Elanco Animal Health Inc
• Zoetis Inc
• Alltech Inc
• Bluestar Adisseo
• Kemin Industries Inc
• Guangdong VTR Bio-Tech Co. Ltd
• Dupont De Nemours Inc
• Novozymes A/S
• Biomin GmbH
• Novus International Inc
• BASF SE
• Hansen Holding A/S

Recent Developments:

• In November 2022, Cargill partnered with CARE International to launch the "She Thrives" initiative, aimed at enhancing sustainable farming practices among smallholder farmers in Vietnam.
• In September 2022, Zoetis completed the acquisition of Jurox, a leading livestock and companion animal health supplier, strengthening its presence in the animal growth promoter market.

Market Outlook: With technological advancements in livestock farming and increasing demand for animal-based food products, the animal growth promoter market is poised for substantial growth. The increasing adoption of probiotics, acidifiers, and other performance-enhancing additives is expected to drive the market forward. Additionally, regulatory shifts and innovations in feed production are expected to open new avenues for market players to explore.

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