AGP market worth over $8,7 million by 2018

29-04-2014 | |
AGP market worth over $8,7 million by 2018
AGP market worth over $8,7 million by 2018

The Animal Growth Promoter and performance enhancers market will be worth $8,787 million by 2018, These figures are based on a recent market research report.

The report published by MarketsandMarkets, states the market was valued at $6,871 million in 2013 and is now expected to reach $8,787 million by 2018. The global animal growth promoters and performance enhancers market is categorised into eight broad segments, namely, antibiotics, hormones, a-agonists, feed enzymes, organic acids, probiotics and prebiotics, phytogenics, and others. Based on animal industry, the animal growth promoters and performance enhancers market comprises porcine, poultry, livestock, equine, and aquaculture.

Over the years, the global demand for animal meat is increasing. The rise in demand of meat is likely to propel the meat producers to increase the meat production by the use of growth promoters in animals to increase the weight of the animals and to promote faster growth. Scientists across the world are carrying out researches to find safer and improved growth promoters as an alternative to antibiotics and hormones, and alternatives such as organic acids and feed enzymes are being considered. The risk of loss to epidemic outbreaks is prompting the producers to make use of growth promoters and performance enhancers, which is likely to propel the growth of this market. The use of growth promoters results in a direct decrease in the production cost of meat. The pivotal factors driving the meat demand is the enormous surge in population, urbanisation, and increase in gross domestic product per capita in developing countries.

In 2013, Asia commanded the largest share of the global growth promoters and performance enhancers market, followed by RoW, North America, and Europe. However, the growth in the market is likely to be centered at the fast-growing Asian region. This can be attributed by little or no regulations on the use of animal growth promoters in most Asian countries. The growth in RoW is likely to be concentrated in Brazil, Argentina, Australia, and Africa.

The growth in the European region is likely to occur on a large scale due to a substantial growth in the Russian market. Despite the ban in the EU, growth promoters are still being used. However, increasing awareness amongst the consumers regarding the hazards of antibiotic growth promoters in animal meat, and ban on the use of antibiotic growth promoters in some countries are likely to hamper the growth of the market.

The key players in the global Animal Growth Promoters Market are Bayer Animal Health (Germany), Biomin (Austria), Bioniche Animal Health (Canada), Boehringer Ingelheim (Germany), Cargill Animal Health (US), Merck Animal Health (US), Royal DSM N.V. (Netherlands), Elanco Animal Health (US), Bupo Animal Health (South Africa), and Zoetis (US).