The global animal growth promoters & performance enhancers market is anticipated to register growth over the forecast period. Escalating meat consumption across the globe is expected to fuel the global market. Rising population and increasing disposable income levels is presumed to increase the protein-rich food demand over the forecast period. Antibiotics, feed enzymes, hormones, organic acids, phytogenics, beta agonists, probiotics, and prebiotics are the different animal growth promoters and performance enhancers. Poultry dominated the end-use applications market, comprising of poultry, aquaculture, porcine, livestock and equine. Reduced production cost along with enhanced and faster meat production is slated to drive the global animal growth promoters & performance enhancers market.
Growing apprehensions regarding animal epidemics and awareness concerning animal health are touted to positively impact the global market. Stringent regulations, such as those governing antibiotics usage as growth promoters are anticipated to challenge a few regional markets over the next six years. Lack of knowledge among consumers regarding animal growth promoters & performance enhancers may challenge the market growth. R&D investments to develop natural growth promoters & performance enhancers promise ample opportunities to the market participants. Innovative, safe, and improved animal growth promoters & performance enhancers further add to the opportunities for the industry participants. Lenient regulations and guidelines governing animal growth promoters & growth enhancers in the emerging regions such as Asia Pacific are expected to offer ample opportunities for market growth.
Asia Pacific was the most dominant regional animal growth promoters & performance enhancers market owing to its massive increase in meat consumption. Rising disposable income levels and massive population growth in countries, such as China, Indonesia, Malaysia, Thailand, Vietnam, and India, are expected to fuel the regional market growth. Brazil, Argentina, Australia, Russia, and a few of the African countries are projected to witness brisk growth owing to similar reasons. However, stringent guidelines for animal growth promoters and performance enhancers’ usage in Europe and in North America are presumed to hamper the regional market growth over the next six years. Key industry participants include Bayer Animal Health, Bioniche Animal Health, Bupo Animal Health, Royal DSM N.V, Merck Animal Health, Biomin Holding Gmbh, Boehringer Ingelheim, Cargill Inc, and Zoetis Inc.
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Restrictions on manufacturing activities due to the advent of the COVID-19 pandemic shall cause a slump in the supply of feed, as well as its additives. The current stagnation in supply is, in turn, detrimental against the backdrop of ever-increasing demand for essential food products such as dairy and meat. The report will account for Covid19 as a key market contributor.