Market Size of Animal Growth Promoter Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 20.80 Billion |
| Market Size (2029) | USD 26.93 Billion |
| CAGR (2024 - 2029) | 5.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Animal Growth Promoters Market Analysis
The Animal Growth Promoter Market size is estimated at USD 20.80 billion in 2024, and is expected to reach USD 26.93 billion by 2029, growing at a CAGR of 5.30% during the forecast period (2024-2029).
COVID-19 exerted a negative impact on the supply chain in the animal growth promoter market. The target industry faced challenges in managing the interrupted demand and supply of components. Unpredictable and disturbing supply chain activities and the unavailability of human resources impacted the growth of the global animal growth promotor industry. The product unavailability and impeded supply chains resulted from a reduction in veterinary pharmaceutical production capacity and output, resulting in a negative influence on market growth between 2020 and 2021.
Livestock production across all countries and animal groups has been expanding to support the needs of the changing diet patterns of the populations, particularly in the developing markets. Although the livestock sector in the global market, especially in Asia-Pacific, is increasingly becoming industrial, many farmers remain small and marginal in countries like India and China. The rise in global meat production due to the increasing demand is expected to be the major factor driving the growth of the Global Animal Growth Promoter Market over the forecast period. Moreover, an increased level of intensive and industrialized livestock production is further expected to drive the growth promoter market by substantiating a higher level of livestock production.
Food safety has become a paramount issue for many governments across the world, especially in North America and Europe. Animals often stand in their own waste and are under constant stress, which affects their immune system, making them prone to infections. High awareness, the growing demand for animal nutrition, and the ban of antibiotics in many regions are prompting players in the livestock industry and meat manufacturers to use probiotics. This scenario is anticipated to drive the growth promoter market around the globe. Digitalization and automation are supporting the value-added growth promoter development in regions such as North America and Europe. The development of AI, robotics, blockchain, and Big Data in the field is also fueling the market's revenue during the study period.
