NEW YORK, Oct. 6, 2016 /PRNewswire/ -- The animal growth promoters and performance enhancers market is poised to reach USD 9.66 billion by 2020 from USD 7.56 billion in 2015, growing at a CAGR of 5% during the forecast period of 2015 to 2020. Growth promoters are used for increasing feed efficiency, average daily gain, carcass quality, and milk production. Prevention of disease transmission and enhancement of growth and feed efficiency are the critical factors in the meat industry that are being addressed by the use of growth promoters.
Subtherapeutic/low doses of in-feed antibiotics are the most widely used growth promoters and have been used in animal feed since decades. However, in the wake of growing awareness about pathogenic resistance—owing to an overuse of antibiotics—alternatives such as feed enzymes and organic acids are being developed by companies.
In 2015, the antibiotic growth promoters segment is expected to account for the larger share of the market, by product. Factors responsible for the growth of this market are the wide usage of antibiotics in animal feed in countries such as China, Russia, Brazil, and the U.S. The poultry segment is expected to account for the largest share of the animal growth promoters and performance enhancers market, by animal. This is due to the low consumption of pork meat in India and in a number of Islamic countries owing to religious reasons, which is why poultry products are in high demand in these regions.
In 2015, Asia-Pacific is expected to account for the largest share of the global market, followed by North America, Europe, and the Rest of the World (RoW). Asia-Pacific's large share is attributed to the high meat consumption in China, population explosion and growing purchasing power of the middle class in India, continued use of AGPs despite a ban in India, awareness conferences in the Rest of Asia, persistent use of growth promoters in Australia and New Zealand, and upsurge in meat demand in Thailand, Vietnam, Indonesia, and the Philippines, among others. North America is expected to account for the second-largest share of the market.
The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (agreements, partnerships, joint ventures, collaboration, expansion, new product launches, and acquisition) to increase their market shares and establish a foothold in the global market.
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