The global animal growth promoters and performance enhancers market size is expected to reach USD 23.88 Billion by 2028 at a CAGR of 6.2%, according to the latest report by Reports and Data. Rapidly growing global population, increasing demand for meat products, and rising use of growth promoters and performance enhancers by farmers to increase livestock income are some key factors expected to drive market revenue growth over the forecast period. Extensive research and development activities to develop alternatives to antibiotics and increasing need to prevent animal diseases are some other key factors expected to drive revenue growth of the market going ahead.
Growth promoters and performance enhancers are predominantly used in farm animals to promote growth, improve efficiency, improve distribution of fat and protein, and increase feed-to-muscle concentration ratio. These play a crucial role in animal nutrition due to ability to enhance quality of feed and boost health and efficiency of animals. Growth promoters are generally orally active and can be administered either in feed or in drinking water. Feed additives, anabolic implants, bovine somatotropin, repartitioning agents, and probiotics are some of the extensively applied growth promoters. Use of growth promoters and performance enhancers result in leaner and firmer meat. Significant reduction in production costs and rapid production of high-quality meat are some key factors expected to drive revenue growth of the market over the forecast period. Growing demand for high-value meat and meat products and trend of shift towards protein-rich diets are expected to continue going ahead, and this is expected to further boost revenue growth of the market.
Demand for and use of antibiotic growth promoters has increased over the recent past, primarily attributed to intensification of livestock farming. Antibiotic growth promoters improve quality of meat by increasing protein content and reducing percentage of fat. Increasing inclination towards protein-rich diet and growing consumer demand is expected to boost adoption of antibiotic growth promoters and drive market revenue growth over the forecast period. However, stringent regulations related to use of antibiotics and ban on certain antibiotics as growth promoters in major regions are expected to restrain market growth to a significant extent over the forecast period.
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Market Overview:
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Animal Growth Promoters and Performance Enhancers market in these key regions.
Some Key Highlights from the Report:
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For the purpose of this report, Reports and Data has segmented the global animal growth promoters and performance enhancers market based on type, animal type, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
Animal Type Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
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