Protein Market for Animal Feed Application to exceed $437 billion by 2030, says Global Market Insights Inc.
The growth of the protein market for animal feed application is driven by the booming aquaculture industry, high consumption of animal products, and growing awareness regarding livestock health, says this report.
SELBYVILLE, Del.,, July 12, 2022 /PRNewswire/ -- As per the report published by Global Market Insights Inc., the Protein Market for Animal Feed Application was estimated at USD 280 billion in 2021 and is projected to surpass a valuation of $437 billion by 2030, progressing at a CAGR of 5% from 2022 to 2030. The report provides a detailed analysis of the market size & estimations, top winning strategies, major investment pockets, competitive scenario, drivers & opportunities, and wavering market trends.
Protein plays an important role in the productivity of farm animals. Soy and fishmeal are considered the most nutritive protein supplements for animal feed as they offer substantial levels of protein and amino acids. Moreover, rising awareness of livestock health and government funding through subsidies and loans has bolstered the availability of high-quality feed ingredients in livestock diets, which is set to aid the growth of the protein market for animal feed application remarkably through the forecast timeframe.
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Alternative proteins for animal feed are mainly derived from plants and insects. These are considered sustainable sources of proteins and provide noteworthy advantages over their animal-based counterparts. For instance, insects like ants, wasps, bees, beetles, and others provide twice the content of proteins as compared to animal-based sources. Propelled by these benefits, the alternative protein product segment is foreseen to exhibit solid growth at a CAGR of above 7.5% over the study timeline.
Meanwhile, the plant protein product segment is also projected to gain traction in the future. Rapeseed protein is estimated to register a valuation of more than $98 billion by the end of 2030. Due to its high protein content, rapeseed feed is commonly used for poultry and livestock, which is primed to fuel overall segment growth over the following years.
Key reasons for protein market growth for animal feed application:
- Rising consumption of plant proteins like rapeseed and duckweed.
- Increased protein uptake in animal feed for cattle.
- Mounting demand for plant- and insect-derived protein.
2030 forecasts show the 'cattle' segment retaining its dominance:
Based on livestock, the cattle segment is contemplated to witness strong growth to reach a valuation of over $5.5 billion by 2030 attributed to rising beef consumption, increasing number of cattle, and proliferating demand for dairy products and red meat worldwide. Protein is a crucial ingredient for cow diets as they enhance animal health, milk production, and meat production. This has pushed producers to use highly nutritious feed to increase production and development, which is foreseen to augment protein demand in cattle feed.
North America to continue its top status in terms of revenue:
In the regional framework, the North America protein market for animal feed application is anticipated to expand at a CAGR of approximately 6% from 2022 to 2030 supported by significant demand for packaged and processed meat, along with notable developments in food processing technologies in the region. Notably, growing penetration of feed protein in poultry and livestock due to surging consumer preference for poultry meat in the food & beverage industry, coupled with soaring need for compound feed that improves quality, digestibility, and animal productivity, is poised to accelerate market growth in the forthcoming years.
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Impact of COVID-19 pandemic on protein market for animal feed application:
Disruptions in production activities as well as the global supply chain during the COVID-19 pandemic negatively impacted the protein industry for animal feed application. Decreasing consumer preference for animal meat due to the fear of contracting the coronavirus through animal-based food further impeded product consumption. However, burgeoning penetration of technologies in light of prevalent environmental concerns has helped the market regain its pre-COVID-19 momentum.
Leading market players:
Prominent firms operating in the protein industry for animal feed application include E.I. Du Pont Nemours and Company, Deep Branch Biotechnology, Nordic Soy Oy, Hamlet Protein A/S, Ynsect, Archer Daniels Midland Company, CHS Inc, Agriprotein Gmbh, Innovafeed, Darling Ingredients, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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