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The global Poultry Antibiotic Market is estimated to be valued at US$ 2.0 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Poultry antibiotics are antimicrobial drugs used to prevent and treat diseases in poultry including chickens, turkeys, ducks, and geese. They play an important role in the health and well-being of poultry animals and ensuring safe and affordable food supply.
Market key trends:
One of the key trends in the poultry antibiotic market is the shift from antibiotic growth promoters to alternatives like probiotics, prebiotics, organic acids, and essential oils. Strict regulations restricting the use of antibiotics as growth promoters in animal feed have led poultry farmers and producers to find effective substitutes to antibiotics. Growing consumer demand for antibiotic-free and natural meat has also compelled industry players to focus on developing antibiotic-free feed additives and substitutes. However, antibiotics are still crucial for disease prevention and control in poultry farming.
SWOT Analysis
Strength: The poultry antibiotic market has a strong demand due to rising meat consumption globally and growing population which is boosting poultry production. Antibiotics helps to improve health and growth rate of poultry animals.
Weakness: Stringent regulations on the use of antibiotics in poultry feed and rising awareness about antibiotic residues in meat are restraining the market growth. Overuse of antibiotics is also leading to antimicrobial resistance.
Opportunity: Growing meat export and adoption of alternative animal medicines provides opportunities for market players. Advancements in veterinary medicine and focus on development of novel drugs for disease treatment is expanding business opportunities.
Threats: Threat of substitute products like probiotics, prebiotics, organic acids poses challenges. Emergence of new bacterial strains resistant to antibiotics also threatens the industry. High R&D cost for new drug development is another concern area.
Key Takeaways
The global poultry antibiotic market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing meat consumption across the world. Asia Pacific region is expected to emerge as the fastest growing market owing to rising meat production in countries like China and India. The market size for poultry antibiotic is projected to reach US$ 2.0 Bn by 2023.
Regional analysis
The Asia Pacific region dominates the global poultry antibiotic market and is expected to grow at the fastest pace during the forecast period. Developing nations like China and India are the major contributors to regional market growth. According to industry estimates, China accounted for over 60% of the global broiler production in 2021. North America and Europe are other major markets, though growth is expected to be moderate due to regulations limiting antibiotic usage.
Key players
Key players operating in the poultry antibiotic market are Zoetis Inc., Elanco Animal Health, Boehringer Ingelheim Animal Health, Merck & Co. Inc., Bayer AG, Ceva Santé Animale, Virbac, Vetoquinol S.A., Phibro Animal Health Corporation, Huvepharma, Neogen Corporation, Nisseiken Co., Ltd., Venkys India Ltd., Inovio Pharmaceuticals, Inc. The industry is highly consolidated with top five players accounting for over 50% market share. Companies are focusing on expanding their geographical presence and new product launches to strengthen market position.
