Companies in the animal growth promoters and performance enhancers market are increasingly investing in phytogenics for higher efficiency of growth promoters through natural means. Phytogenics, sometimes also referred to as botanicals or phytobiotics, are plant-based feed additives utilized in animal nutrition. They are derived from herbs, spices, and extracts. Phytochemicals can be used in solid, dried, and ground form, or as extracts, and can also be classified as essential oils and oleoresins depending on the process used to derive the active ingredients. The use of phytogenics promotes increased feed intake, improved gut function, prevention of diarrhea, and antimicrobial and antioxidative effects in livestock. Companies such as Delacon, Cargill, and BIOMIN have invested in phytogenics.
The global animal growth promoters and performance enhancers market is expected to decline from $13.05 billion in 2019 to $12.41 billion in 2020 at a compound annual growth rate (CAGR) of -4.89%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The animal growth promoters and performance enhancers market is then expected to recover and reach $16.09 billion in 2023 at a CAGR of 9.03%.
The growing demand for meat is a significant factor that will drive the market of animal growth promoters and performance enhancers. Animal growth promoters make the animal accumulate fat and weight, resulting in more meat production and more expensive animals. Meat is a major protein source for many people around the world. According to a study by the Food and Agricultural Organization (FAO) in 2019, the production of meat has doubled in the 30 years from 1988 to 2018, and increased four-fold since the mid-1960s. The production and consumption of meat is expected to continue to grow. By 2050, global meat consumption is projected to reach between 460 million and 570 million tons. This is expected to drive the animal growth promoters market.
Strict rules set by the US and European governments on the use of animal growth promoters and performance enhancers are restricting growth of the animal growth promoter and performance enhancers market. For instance, Zoetis, the largest producer of animal medicines, is banned from selling antibiotics in the US and Europe that promote faster growth in animals. In 2017, the USFDA announced a new regulation in the US, which banned the use of antibiotics as feed supplements to help livestock and poultry grow faster. These regulations are expected to negatively impact the growth of the animal growth promoters market.
The animal growth promoters and performance enhancers market consists of sales of animal growth promoters and performance enhancers by entities (organizations, sole traders and partnerships) that manufacture animal growth promoters and performance enhancers. Animal growth promoters and performance enhancers help in the safety of animals from various microbial diseases and also help them to develop into strong and healthy adults.
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