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The global poultry industry has witnessed significant growth in the past few decades owing to rising demand for meat and poultry products. Antibiotics are commonly used in poultry farming to promote growth and prevent diseases. Some of the commonly used poultry antibiotics include tetracyclines, amphenicols, penicillins, sulfonamides, and macrolides. These antibiotics help improve overall animal health and productivity while reducing mortality rates. However, indiscriminate and continuous use of antibiotics raises concerns about antibiotic resistance in humans and animals.
The global Poultry Antibiotic Market is estimated to be valued at US$ 2.0 Bn in 2024 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.
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Market key trends:
One of the major trends witnessed in the poultry antibiotic market is the rising demand for antibiotic-free meat and meat products. Due to increasing awareness among consumers about the possible health risks associated with antibiotic residues in meat, there is a growing demand for meat raised without the use of any antibiotic globally. According to a survey, about 70% of American consumers say they would prefer to purchase meat raised without antibiotics. Moreover, strict regulations imposed by regulatory bodies like FDA and EU on the use of antibiotics in food-producing animals are further fueling the demand for antibiotic-free meat. The shift towards more prudent and restrained use of antibiotics in livestock production is positively impacting the growth of the antibiotic-free poultry meat market. However, producing antibiotic-free meat also increases the production cost, which is a major challenge for its widespread adoption.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as substantial capital investment is required to conduct R&D and meet stringent regulations. Bargaining power of buyers: The bargaining power of buyers is low since there are only a few large buyers. Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple suppliers supplying raw materials and APIs. Threat of new substitutes: The threat of new substitutes is low since there are limited alternatives for antibiotics. Competitive rivalry: The competitive rivalry is high among the major players operating in the market.
Key Takeaways
The global poultry antibiotic market is expected to witness high growth.
Regional Analysis: North America dominates the poultry antibiotic market and is expected to continue its dominance over the forecast period. This is attributed to the increasing demand for poultry meat and eggs in the region.
Key players operating in the poultry antibiotic market are Zoetis Inc., Elanco Animal Health, Boehringer Ingelheim Animal Health, Merck & Co. Inc., Bayer AG. These players are focused on strengthening their product portfolio and global presence through collaborations and acquisitions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
