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Animal Growth Promoters and Performance Enhancers Market 2024 Analysis, Share Growth, New Trends Forecast 2033
Animal Growth Promoters and Performance Enhancers Market
The market for animal growth promoters and performance enhancers has experienced strong growth in recent years, with an anticipated increase from $14.65 billion in 2023 to $15.63 billion in 2024, reflecting a Compound Annual Growth Rate (CAGR) of 6.7%. This growth trajectory is expected to continue, reaching $20.23 billion in 2028, with a sustained CAGR of 6.7%.
Rising Global Meat Demand Drives Market Expansion
A significant factor propelling the animal growth promoters and performance enhancers market is the increasing global demand for meat. These promoters stimulate animals to accumulate fat and weight, resulting in enhanced meat production and more valuable livestock. Meat stands as a vital protein source worldwide, with production doubling over the last 30 years and a fourfold increase since the mid-1960s. With a projected global meat consumption of 460 million to 570 million tons by 2050, the market for animal growth promoters and performance enhancers is poised to capitalize on this escalating demand.
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Increased Demand for High-Quality Protein Feeds Fuels Growth
The market is set to witness substantial growth due to the escalating demand for high-quality protein feeds. These feeds, rich in protein and essential amino acids, are integral for animal growth and development. Projections indicate that animal food consumption is expected to increase by 2.5% to 254.6 million tons by 2025, emphasizing the critical role of premium protein feeds in promoting animal growth and performance. This surge in demand is a key driver behind the market's upward trajectory.
Investment in Phytogenics and Probiotic Technology Enhances Market Potential
Companies are increasingly investing in phytogenics, derived from herbs, spices, and extracts, to unlock the potential of natural growth promoters. The use of phytogenics, characterized by increased feed intake, improved gut function, and antimicrobial effects, demonstrates the industry's commitment to natural and efficient growth promotion. Additionally, market leaders are innovating with advanced probiotic technology, such as Chr. Hansen's Bovacillus, containing selected strains of microorganisms to enhance digestion and immune modulation in animals.
Global Dynamics and Market Segmentation
North America emerged as the largest region in the animal growth promoters and performance enhancers market in 2023, with Asia-Pacific following closely as the second-largest region.
The animal growth promoters and performance enhancers market covered in this report is segmented -
1) By Type: Antibiotic Growth Promoters, Non-Antibiotic Growth Promoters
2) By Animal Type: Poultry, Swine, Livestock, Aquaculture, Other Animals
3) By Nature of Chemicals: Microbial Products, Prebiotics And Probiotics, Yeast Products, Enzymes/Herbs, Oils And Spices
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Animal Growth Promoters And Performance Enhancers Global Market Report 2024from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
TheAnimal Growth Promoters And Performance Enhancers Global Market Report 2024byThe Business Research Company is the most comprehensive report that provides insights on animal growth promoters and performance enhancers market size, animal growth promoters and performance enhancers market drivers and trends, animal growth promoters and performance enhancers market major players, animal growth promoters and performance enhancers market competitors' revenues, animal growth promoters and performance enhancers market positioning, and animal growth promoters and performance enhancers market growth across geographies.The animal growth promoters and performance enhancers market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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