Animal Growth Promoters and Performance Enhancers Market Overview
Animal Growth Promoters & Performance Enhancers Market are additives that contain antibiotics, hormones, probiotics, prebiotics, organic acids, and phytogenics. It is used to enhance the functionality of the feed, consequently supporting healthy growth & development of the animal. Animal growth promoters & performance enhancers market is observing an exponential growth based on its high usage in the feed industry.
The global Animal Growth Promoters & Performance Enhancers Market is anticipated to be driven by the increasing health awareness towards livestock. Also, the advancement in product development coupled with the technological improvements is considered to be the significant reasons for the increasing growth of the market during the forecast period.
However, increasing prices of raw material are seen to possess high risk and are considered to be a major challenge to this market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 5.2% of animal growth promoters & performance enhancers market during the forecast period 2017-2023.
Competitive analysis
The major players in the Animal Growth Promoters & Performance Enhancers Market
- Alltech, Inc. (U.S.)
- Merck Animal Health (U.S.)
- Cargill Inc. (U.S.)
- Zoetis Inc. (U.S.)
- Biomin Holding GmbH (Austria)
- Elanco US, Inc. (U.S.)
- Boehringer Ingelheim Ltd. (U.K)
- Bayer Animal Health GmbH (Germany)
Regional Analysis
The global Animal Growth Promoters & Performance Enhancers Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). The Asia Pacific region is dominating the animal growth promoters & performance enhancers market followed by North America owing to rising population followed by increasing consumption of poultry and meat products in the developing regions. Moreover, increased demand for animal products with enhanced performance and growth supporting characteristics is driving the market of animal growth promoters & performance enhancers in the Asia Pacific region.
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Furthermore, the U.S. dominates the North American animal growth promoters & performance enhancers market. Increased demand for poultry products such as pork in the North American region is likely to boost the animal growth promoters & performance enhancers market over the forecast period.
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