Global Feed Plant-Based Protein Market Set to Skyrocket, Fueled by Sustainability Concerns


Dublin, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The "Feed Plant Based Protein Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.

The market value for 2022 estimated at $2709.36 million is projected to be $4114 million by 2028, growing at a CAGR of 7.1%. The report offers a comprehensive view on the burgeoning market of plant-based protein for animal feed. Here are the main takeaways:

Driving Factors:

  • The market is seeing substantial growth due to increased sustainability awareness among consumers.
  • Benefits of plant-based proteins for animal feed include high digestibility, nutritional value, and lowered environmental impact.
  • There's a rise in demand for plant-based proteins in pet food, attributed to concerns about animal welfare.
  • In 2020, rice production in India, standing at over 161 million metric tonnes, was the leading plant-based protein source.
  • The popular plant-based protein sources in animal feed are soybean meal, canola meal, and sunflower meal. These ingredients reduce reliance on unsustainable sources like fishmeal and reduce environmental degradation.
  • There's a shift toward plant-based proteins in pet food due to ethical concerns and dietary preferences of pet owners.
  • Synthetic protein sources have been associated with health issues in livestock, further driving the turn to plant-based options.
  • An increase in health awareness among consumers has highlighted the role of protein in body development, making plant-based protein sources more attractive.
  • Aquatic plants and macroalgae are being studied as potential feed ingredients.
  • Companies like The Archer-Daniels-Midland Company and Roquette offer diverse plant-based protein sources.

Challenges:

  • Not all plant-based proteins provide essential amino acids necessary for animal health, demanding a balanced mix in feed.
  • Rising popularity in gluten-free and soy-free diets due to health concerns and dietary preferences may hinder market growth.
  • Limited production vis-a-vis high demand has led to increased prices for raw materials.

Recent Developments:

  • Acquisition of a fish feed production facility by Alltech and Finnforel in February 2023.
  • Roquette's launch of NUTRALYS, an organic range of texturized pea and fava proteins, in June 2022.

Market Segmentation:

  1. Type: Concentrates, Isolates, and Others.
  2. Livestock: Poultry, Ruminants, Swine, Aquatic Animals, and Others.
  3. Source: Soy, Wheat, Pea, Sunflower, and Others.
  4. Region: North America, Europe, Asia Pacific, South America, Middle East & Africa.

Key Players: Some of the significant players in the market include The Archer-Daniels-Midland Company, Cargill, Incorporated, Roquette Freres SA, and more.

Key Attributes:

Report AttributeDetails
No. of Pages115
Forecast Period2022 - 2028
Estimated Market Value (USD) in 2022$2709.36 Million
Forecasted Market Value (USD) by 2028$4114 Million
Compound Annual Growth Rate7.1%
Regions CoveredGlobal


For more information about this report visit https://www.researchandmarkets.com/r/p49aj8

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment

 
Global Feed Plant Based Protein Market

Coordonnées