The global Animal 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.
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Now that the tide is turning, more worldwide growth in the pharmaceutical business is likely to come from emerging nations, particularly China, where health systems are rapidly developing. Despite the fact that only a few acquisitions were announced or completed, tremendous growth is projected in the future years.
Significantly, China’s adoption of health insurance and broader healthcare reforms last year effectively created a market of one billion people overnight. However, generic medications account for 76% of the Chinese market, making it difficult for European and American multinationals to capitalize on market prospects.
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In the past, developed countries were hesitant to trade in emerging markets, with only a few multinational pharmaceutical companies making acquisitions in Latin America, India, or China. However, with tremendous development potential in the East, major businesses in the pharmaceutical industry should explore acquisitions in China aggressively to gain a presence.
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Some Key Highlights from the Report:
- Non-antibiotic growth promoters segment is expected account for largest revenue share in the global market over the forecast period owing to availability of a wide range of products, cost-efficiency, improved environmental sustainability, and higher economic benefits.
- Poultry segment is expected to register robust revenue CAGR over the forecast period owing to rising demand for poultry meat and eggs and application of novel diet strategies in poultry farming.
- North America is expected to register significant revenue growth over the forecast period owing to increasing RD activities to develop antibiotic and non-antibiotic growth promoters, rising awareness regarding animal growth promoters, and growing livestock population.
- Key players operating in the market include Merck and Co. Inc., Cargill Inc., Bayer Animal Health, Royal DSM N.V., Vetoquinol, Bupo Animal Health, Elanco Animal Health Inc., CHR Hansen, Novus International Inc., Novozymes A/S, Associated British Foods (ABF) Plc, Zoetis Inc., and Alltech Inc.
- In May 2020, the U.S. FDA updated its list of medically vital animal antibiotics called the Appendix A. The list ranks the drugs based on their effectiveness as compared to human medicine.
For the purpose of this report, Reports and Data has segmented the global Animal Performance Enhancers Market based on type, animal type, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Antibiotic Growth Promoters
- Non-antibiotic Growth Promoters
- Prebiotics and Probiotics
- Feed Enzymes
Animal Type Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Growing advancements in medical therapies to drive market growth
The pharmaceutical and healthcare industry is driven by rapid advancements in customized therapies, medical devices, and surgical procedures. Integration of advanced technologies to accelerate research and development and manufacturing and production activities are some other factors driving market growth.
High prices of certain drugs might affect revenue growth
Launch of high-priced drugs to treat rare and chronic diseases and lesser affordability in middle- and low-income regions might limit their adoption and restrain market growth going ahead. In addition, less knowledge and awareness regarding advanced treatment approaches and lower adoption of advanced technologies might further hamper market growth over the forecast period.
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