Global Animal Growth Promoter Market Projected to Reach USD 32.16 Billion by 2031 Amid Rising Demand for Livestock-Based Products
The global animal growth promoter market is forecasted to achieve remarkable growth, reaching USD 32.16 billion by 2031, up from USD 17.13 billion in 2021. This represents a compound annual growth rate (CAGR) of 6.4% over the period from 2021 to 2031.
Animal growth promoters and performance enhancers are essential in the agriculture sector, comprising drugs and chemicals designed to support animal growth and improve productivity. These enhancers aid in the digestion of food, allowing animals to grow faster and more efficiently.
Key Market Drivers:
- Increased Animal Consumption: The rising demand for animal consumption and livestock-based products is a significant growth driver for the animal growth promoters market.
- Natural Growth Promoters: There is a growing global demand for naturally produced growth promoters, which is further boosting market expansion.
- Animal Epidemics and Climate Change: The increase in animal epidemics and the impacts of climate change are creating a greater need for effective animal health products.
- Global Meat Production: The rise in global meat production is attributed to increasing population, higher income levels, and urbanization across various regions. This surge in demand has driven the animal growth promoter industry into a continuous growth phase, bolstering revenue.
- Enhanced Animal Performance: The need for improved animal performance and growth rates is another critical factor contributing to the high demand for growth promoters and performance enhancers.
The projected growth of the animal growth promoter market underscores the essential role of these products in meeting the increasing global demand for livestock-based products. As the industry evolves, manufacturers are expected to focus on developing more efficient and natural growth promoters to cater to market needs.
