The increasing prevalence of animal disease is a key factor driving the global animal growth promoters and performance enhancers market, says Fortune Business Insights in a report, titled “Animal Growth Promoters and Performance Enhancers Market Size, Share and Global Trend By Animal (Poultry, Porcine, Livestock, Equine, Others), By Product (Hormonal Growth Promoters, Antibiotic Growth Promoters, Feed Enzyme Growth Promoters, Organic acid Growth Promoters), By Distribution Channel ( Hospital Pharmacy, Retail Pharmacy, Online Pharmacy), and Geography Forecast till 2026.” Rising demand for meat and animal based products is predicted to contribute significantly to the global animal growth promoters and performance enhancers market.
According to the report, the animal growth promoters and performance enhancers increases the efficiency of the conversion of feed into food products, without exposure to significant risk, thus achieving the desired outcome. According to the Food and Agriculture Organization (FAO) of the United Nations, the U.S. had 93.7 million cattle in 2017.
The prevailing trends in the animal growth promoters and performance enhancers industry are in detail covered in the report. An extensive research, which includes recent product launches by leading market players, is covered in the report. Moreover, the report also offers key insights into the animal growth promoters market and suggests strategies to rhetorically help companies with their Business plans.
Introduction Of DIGESTAROM® Will Enable Growth
BIOMIN, an animal health and nutrition company headquartered in Inzersdorf-Getzersdorf, Austria launched its newest phytogenic feed additive (PFA), Digestarom® DC at EuroTier 2018 in Hannover, Germany. “DIGESTAROM® DC offers targeted delivery of plant-based compounds that aim to maximize beneficial effects in farm animals. The launch of DIGESTAROM® DC is predicted to boost the global animal growth promoters and performance enhancers market shares during the forecast period owing to the next generation of phytogenic solutions of choice for poultry with DIGESTAROM® DC. Moreover, the launch of ALTERION is expected to further aid the global animal growth promoters and performance enhancers market growth. For instance, Adisseo and Novozymes launched ALTERION, an additive for feed responsible to improve the gut health of the animals and to enhance their growth.
However, stringent regulatory scenario and lack of awareness in developing markets are predicted to hamper the growth of the global animal growth promoters and performance enhancers market during the forecast period. In addition, the surge in bacterial resistance owing to the usage of antibacterial growth promoters is expected to further restrict the growth of the global animal growth promoters and performance enhancers market.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Growing Animal Health Expenditure Will Augment Growth in North America
Geographically, the global animal growth promoters and performance enhancers market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominates the global animal growth promoters and performance enhancers market owing to the increasing awareness regarding animal growth and performance enhancers and surge in livestock population. In addition, rising demand for animal and animal-based products, growing expenditure on animal health, and a large pool of veterinarians will enable growth in North America. Asia Pacific is the fastest growing market owing to increasing livestock pool and growing rates of animal usage in agriculture. Furthermore, the increasing awareness about animal welfare and introduction of government initiatives is predicted to further aid growth in Asia pacific. Nonetheless, stringent government regulations in Europe are expected to hamper the growth during the forecast period. Latin America and Middle East & Africa are nascent markets as they lack awareness for growth promoters and performance enhancers products. In addition, lack of improved animal welfare systems will further restrict the growth in the regions.
Major Companies Covered in The Global Animal Growth Promoters and Performance Enhancers Market Report Include:
- Cargill, Incorporated.
- AB Vista
- Intervet Inc.
- Bayer AG
- Boehringer Ingelheim International GmbH
- Vetoquinol S.A.