Animal Growth Enhancers Market to Grow by USD 4.05 Billion During 2020-2024

Strategic Insights -

The animal growth enhancers market is poised to grow by USD 4.05 billion during 2020-2024, progressing at a CAGR of over 6% during the forecast period. The demand for water-soluble organic feed additives is one of the key factors driving the market growth. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Archer Daniels Midland Co., BASF SE, Bayer AG, C.H. Boehringer Sohn AG & Co. KG, Cargill Inc., Elanco Animal Health Inc., Evonik Industries AG, Land O'Lakes Inc., Nutreco NV, and Zoetis Inc. are some of the major market participants.

Key Takeaways:

  • The animal growth enhancers market size was USD 11.48 billion in 2019, and it is projected to reach USD 15.53 billion by 2024.
  • The market growth will accelerate in the forecast period, growing at a CAGR of over 6%.
  • The demand of water-soluble organic feed additives is a key factor driving the market growth.
  • The market is anticipated to reach a value of USD 4.05 billion during 2020-2024.
  • Archer Daniels Midland Co., BASF SE, Bayer AG, C.H. Boehringer Sohn AG & Co. KG, Cargill Inc., Elanco Animal Health Inc., Evonik Industries AG, Land O'Lakes Inc., Nutreco NV, and Zoetis Inc. are some of the major market participants.
  • The market is expected to hold the highest market share in APAC.
  • The year-over-year growth rate for 2020 is estimated at 5.75%.
  • The demand for animal growth enhancers increased due to the growing need to protect humans from animal-food related diseases.

Statistics:

  • Market size: USD 11.48 billion (2019) to USD 15.53 billion (2024)
  • CAGR: over 6% during the forecast period 2020-2024
  • Annual growth rate: 5.75% (2020)
  • Market value: USD 4.05 billion (2020-2024)

Sources:

  • Technavio, Animal Growth Enhancers Market 2020-2024
  • Business Wire, Technavio Announces its Latest Market Research Report Titled Global Animal Growth Enhancers Market 2020-2024
  • Technavio, Growth Drivers and Challenges for the Animal Growth Enhancers Market (2020-2024)