15 March 2021
Visiongain has published a new report on Animal Hormones Market Report to 2031: Forecasts By Application (Growth Promoters, Performance Enhancers, and Others), By Animal (Poultry, Porcine, Livestock, Equine, Aquaculture, and Other Animals (Cats, Dogs, & Rabbits)) PLUS COVID-19 Recovery Scenarios.
Global Animal Hormones market size is projected to reach US$ XX Million in 2021 and is expected to display strong revenue growth through to 2031.
COVID-19 Impact on Animal Hormones Market
The COVID-19 pandemic has deleteriously affected all the countries and industries. Similarly, the animal hormones market is anticipated to take a hit. The target industry is now facing challenges to manage the interrupted demand and supply of components. Also, unpredictable and disturbing supply chain activities and the unavailability of human resources are anticipated to impact the target industry growth. The target market growth is expected to have an impact on the growing incidence of zoonotic infections, such as SARS-CoV-2 aka Covid-19, globally. There has been growth in animal health spending in current years, which is anticipated to push the target industry growth in the given time frame.
Growth in Animal Epidemics Worldwide
Increasing the prevalence of hormonal lack of sicknesses, for instance, Addison illness in animals is a dominant factor that pushes the animal hormones market growth. The rise in the importance of meat, increase in animal farming, pets, and incidence of animal sicknesses leads to the animal hormones market growth. However, the prohibition of some growth promoter in a few European nations such as Denmark, the UK, and Sweden have hindered the market growth. Also, antagonistic influences of animal hormones and strict government rules associated with the safety and competency of animal hormones are predicted to prevent market development. Constant R&D activities on animal hormones are expected to generate new opportunities for the target industry growth.
Continuous Growth in the Global Meat Demand and Other Food Products
Growing demand for milk, meat, and other food products. The use of several types of meats and a range of milk in dairy products, particularly in the western diet, and the prompt acceptance of these intake habits around the world are anticipated to lead to an increase in demand for animal hormones worldwide.
The demand for meat is projected to be upsurge across the world. In the last few decades, meat production has multiplied. The world nowadays produces over 320 million tonnes of meat annually. Regionally, Asia is the major meat producer, attaining nearly 40 to 45% of total meat production. By 2050, worldwide meat intake is anticipated to achieve between 460 million and surpassing 570 million tons in 2050.
Asian Market has Potential Opportunity
Asian market holds potential opportunity for the target industry growth. This growth is owing to the factors such as huge populations generating a large amount of meat demand, unclear regulation situation, government efforts to boost animal producers, and the occurrence of numerous prominent animal producer countries.
Other factors such as the greater acceptance rate of companion animals and growing animal health concerns have endorsed the target industry in the region. Besides, China is a high meat consumption country, due to the huge population and rising buying power of the middle class in India, sustained the use of animal hormones regardless of a prohibition in India, insistent use of animal hormones in New Zealand and Australia, and increased meat demand in Vietnam, Indonesia, Thailand, and the Philippines, among others.
Key players operating in the global Animal Hormones market are Alltech, Bayer Animal Health, Bupo Animal Health, Merck Animal Health, Boehringer Ingelheim, Elanco Animal Health, Royal DSM N.V., Inc., Danisco A/S, Elanco Animal Health, and AB Vista.
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