ANIMAL GROWTH PROMOTERS PERFORMANCE ENHANCERS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Animal Growth Promoters Performance Enhancers Market, By Product (Antibiotic Growth Promoters, Beta-Agonist Growth Promoter, Feed Enzymes Growth Promoter, Probiotic Growth Promoter, and Others), By Animal Type (Porcine, Livestock, Equine, Aquaculture, and Others), By Nature of Chemicals (Microbial, Prebiotics, Probiotics, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024
Code : CMI6909
Pages :145
Formats :
Excel and PDF
Industry : Pharmaceutical

Regional Analysis

Animal Growth Promoters Performance Enhancers Market Regional Insights

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North America remains the dominant region in the global animal growth promoters performance enhancers market and is anticipated to hold 36.6% of the market share in 2024 owing to a well-established livestock industry and strong focus on meat consumption. This provides them an advantage in terms of supply chain and strong distribution network within the region. The ban on hormone growth promoters by the U.S. Food and Drug Administration and the adoption of antibiotic-free meat have boosted the demand for alternative natural feed additives. Manufacturers are investing heavily in research and development to develop novel growth enhancers derived from plants and seaweeds. Such innovations are gaining popularity among farms looking to produce antibiotic residue-free meat. North American farms also have higher affordability and purchasing power allowing faster adoption of newer products.

The Asia Pacific region is emerging as the fastest growing regional market worldwide. Countries like Vietnam, Thailand, and Indonesia have seen enormous growth in the consumption of animal-based food products over the last decade due to rising incomes and population. This has propelled the need for higher farm efficiency and yields. However, traditionally farms in the region have relied on rudimentary practices and used fewer additives. Recently local manufacturers have entered this market understanding the lucrative growth opportunities. They are offering cost-effective products tailored to smallholder farms which is increasing adoption. Additionally, the booming aquaculture industry in the region dominated by shrimp production is boosting the sales of tailored aqua feed additives. Looking at the current growth trend, Southeast Asia seems well positioned to become one of the leaders in the global animal growth promoters performance enhancers market in the coming years.