The global animal growth promoter and performance enhancers market is expected to witness growth in the future owing to an increase in the consumption of meat across the world. Also, factors such as rise in the population as well as increase in the levels of disposable income areexpected to increase the demand for protein-rich food in the upcoming years. The market includes products such as feed enzymes, antibiotics, organic acids, probiotics & prebiotics, which helps to enhance the growth in performance of animals. Animal growth promoters and performance enhancers are defined as the chemicals or drugs that helps in the rapid growth of animals by digesting their food more effectively, getting maximum benefits out of it and transforming the animals to develop into strong and healthy adults. These chemicals and steroids also protect the animal from various types of microbial diseases.
COVID-19 scenario analysis:
The coronavirus pandemic is having a huge impact on businesses and has already caused an unprecedented collapse of economic activities. The COVID-19 impact is straining the healthcare systems globally. The rapidly increasing demand for healthcare facilities and healthcare workers may leave only a few healthcare systems to fulfill the increasing demand during the pandemic situation.
The COVID-19 pandemic cases are because of direct or indirect contact between humans. There has been no evidence or confirmation that animals can spread COVID-19 to humans. However, the myth that animals can spread the virus to humans has increased the number of abandoned pets. Furthermore, COVID-19 has weakened the supply chain and has created shortage of animal health products such as nutritional feed as well as vaccines globally. The animal health industry has been impacted largely as many manufacturers in the animal health industry are left with a significantly reduced workforce. Also, stringent government policies such as restrictions of import of raw materials from China,are expected to hamper the animal health market.
Healthcare facilities are stocking up the animal related health products, considering the high demand. This is expected to further create financial strain on the market due to procurement inefficiencies and wasted speeding. Due to the pandemic situation, many hospitals and veterinary clinics are overstocking the products.Considering these factors, COVID-19 is expected to have a significant impact on the animal growth promoters and performance enhancers market.
Top Impacting Factors:
- As there is increasing awareness about the epidemics in animals and awareness concerning the animal health, it has positively impacted the global market. Also, the strict regulations that govern the antibiotic usage as a growth promoter can affect the growth of the animal growth promoter and performance enhancers market. As there is lack of knowledge among the consumers regarding the animal growth promoters and performance enhancers, it can challenge the growth of the animal growth promoter and performance enhancers market.
- Huge investments in R&D to develop the natural growth promoters and performance enhancers have provided opportunities to the manufacturers. Innovations in the industry have resulted in the safe and improved growth of animal growth promoters & performance enhancers.
New Product launches:
- Phytobiotics are available in the animal growth promoter and performance enhancers market as feed additives due to the beneficial effects on gut health and immunity. Phytobiotics consist of plant-derived products, which are added to animal feed to improve their regular activities, and areavailable in solid, dried, ground form, or as extracted oil.
- Biomin Hold Company developed animal feed additives and premixes.The piglets which were fed with phytogenetic feed additives with essential oils from anise, citrus, oregano and plant extracts gained 5.2% extra weight as compared to the normal growing piglets.
Surge in usage in Animal growth promoters & performance enhancers:
- The livestock and poultry business has dominated the animal growth promoter and performance enhancers market. There was increase in the output seen in the yield of products such asmilk, egg and wool, which is driving the growth of the animal growth promoter and performance enhancers market. Moreover, the increase in demand for meat globally is another major reason that is expected to boost the growth of the animal growth promoter and performance enhancers market in future.
Key benefits of the report:
- This study presents analytical depiction ofthe animal growth promoters & performance enhancers industry along with the current trends and future estimations to determine the investments to be made.
- It helps in making informed business decisions by having complete insights of the market and by making in-depth analysis of the animal growth promoter and performance enhancers market segments.
- The report presents information related to key drivers, restraints and opportunities with detailed analysis of market share.
- The current market is quantitatively analyzed to highlight the animal growth promoter and performance enhancers market growth scenario.
- Porter’s five forces analysis gives the potency of buyers and suppliers in the animal growth promoter and performance enhancers market.
- The report provides a detailed globalanimal growth promoters & performance enhancers market analysis based on the competitive intensity in upcoming years.
Questions answered in the Animal growth promoters & performance enhancers market report:
- Who are the leading market players active in theanimal growth promoters & performance enhancers market?
- What are the current trends that will influence the market in the next upcoming years?
- What are the driving factors, opportunities and restraints in the market?
- What will be the forecast for the future that would help in taking further strategic steps?
Animal Growth Promoters and Performance Enhancers Market Report Highlights
Key Market Players
Associated British Foods (ABF) plc (UK), Vetoquinol (France), Royal DSM N. V. (Germany), Bayer Animal Health, Elanco Animal Health Inc. (US), Merck & Co Inc. (US), Cargill Inc. (US)