Animal Growth Promoters Market 2023

According to IMARC Group's latest research report, titled "Animal Growth Promoters Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," presents a comprehensive analysis of the industry, covering animal growth promoters market size, opportunity, overview, share, trends, demand, and growth prospects. The report also provides competitor and regional analysis and showcases the contemporary advancements in the global market. The global animal growth promoters market size reached US$ 15.88 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.60% during 2023-2028.

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Animal Growth Promoters Market Outlook:

Animal growth promoters (AGPs) are feed additives that are added to animal feed in subtherapeutic doses for prolonged periods to enhance growth, productivity, and disease prevention in livestock animals such as poultry, swine, and cattle. They are typically administered at low levels and can be added to animal feed in powder, pellet, or liquid forms. AGPs promote nutrient absorption and utilization by suppressing harmful gut bacteria or promoting beneficial gut bacteria growth. AGPs are instrumental in enhancing animal growth, productivity, and health by improving feed conversion efficiency. Some of the advantages of these growth promoters include reduced mortality and disease rates, increased yield and quality of animal products and improved profitability of animal production.

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Animal Growth Promoters Market Trends:

The global market is primarily driven by the augmenting demand for animal-based products, such as meat, milk, and eggs. This can be attributed to the growing demand for animal protein among the increasing global population. In line with this, continual technological advancements in animal husbandry including precision farming and automation by farmers and livestock producers is resulting in a higher product uptake. Moreover, an enhanced focus on animal health and welfare is also resulting in an increased demand for safe and effective animal growth promoters. In addition to this, stringent government regulations governing the usage of animal growth promoters in several countries is also impacting the market positively. Furthermore, the rising prevalence of zoonotice diseases is leading to the rapid adoption of AGPs to help prevent and control the spread of these diseases, thereby providing an impetus to the market. Some of the other factors contributing to the market include rapid expansion of the animal feed industry, continual product innovations and extensive research and development (R&D) activities.

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