Zinc Bacitracin Market Show Exponential Growth by 2024
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Based on product type, the zinc bacitracin market can be segmented into light brown and tan. The light brown segment accounted for a significant share of the zinc bacitracin market in 2015. The growing animal feed sector is expected to boost the demand for zinc bacitracin in the near future. The increasing demand for poultry farming, pig farming, and calf farming has fueled the demand for animal feed. This, in turn, has augmented the zinc bacitracin market. Promotional efforts taken by governments to encourage animal farming are likely to fuel the demand for animal feed. This, in turn, is estimated to propel the demand for zinc bacitracin during the forecast period.
Based on application type, the zinc bacitracin market has been segmented into poultry, pigs, and calves. In 2015, the poultry segment accounted for a significant share of the zinc bacitracin market, due to the increasing number of poultry farms. The increasing demand for milk has driven the demand for calve farming. This, in turn, has boosted the demand for zinc bacitracin.
In terms of region, the global zinc bacitracin market has been segmented into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Asia Pacific dominated the global zinc bacitracin market in 2015, followed by Europe and North America. Asia Pacific is expected to dominate the global market during the forecast period, due to increase in demand for feeds from developing economies in the region such as China, India, and Japan. Growth of the agro industry in Asia Pacific is anticipated to augment the demand for zinc bacitracin in the region during the forecast period. The market in Asia Pacific is likely to expand also due to growth of the feed industry in the region. The zinc bacitracin market in Asia Pacific is projected to witness rapid growth during the forecast period, due to efforts from local governments to promote the agro industry in the region. The market in Latin America is also anticipated to expand substantially during the forecast period. France held a significant share of the zinc bacitracin market in Europe in 2015. The country is projected to dominate the market in the region in the near future.
Demand for zinc bacitracin is anticipated to rise significantly all over the world in the near future, thereby offering high growth opportunities for the global market. Rapid increase in demand from end-use applications, competitive manufacturing costs, and high economic growth rate are propelling the zinc bacitracin market in Asia Pacific. These factors are prompting companies to adopt expansion and R&D strategies in the region. Companies are focusing on Asia Pacific to gain higher market share. Producers of zinc bacitracin have been compelled to adopt expansion and acquisition strategies to meet the rise in global demand. A large number of producers are shifting their plants to countries such as China and India, due to factors such as high demand and low costs of raw material and labor in these countries.
Major players operating in the global zinc bacitracin market include Akorn Pharmaceuticals, Perrigo, Pfizer, Shenzhou Animal Medicine, Youhua Pharmaceutical, and Lifecome Biochemistry.
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