New York, USA, April 24, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global plasma powder market. According to the report, the global market is projected to surpass $4,249.2 million and grow at a CAGR of 4.9% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the plasma powder market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Plasma Powder Market:
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global plasma powder market. During the pandemic, the strict regulatory framework for animal-based protein in animal feed was expected to have a substantial impact on plasma production. Moreover, the closure of industries and production facilities, owing to the implementation of lockdown measures, disrupted the supply chain and led to supply shortages. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Plasma Powder Market Growth
The key factor boosting the growth of the global plasma powder market is a significant rise in the need for plasma powder due to the increasing usage of blood plasma derived from cattle as a functional component in food preparation. Furthermore, the rise in pet adoption and increased awareness about pet health have resulted in an increase in demand for pet feed, which is estimated to unlock lucrative opportunities for market growth in the forecast period. However, a lack of awareness about plasma powder and the increasing availability of alternatives at lower prices are anticipated to deter the market’s growth.
The report segments the global plasma powder market into application, source, form, sales channel, and region.
Pet Food Sub-Segment to Grab a Foremost Share of the Market
The pet food sub-segment of the application segment is foreseen to observe leading growth in the forecast period. This growth is mainly because plasma powder is available in single-serve, more convenient-sized packages for both pets and pet owners.
Porcine Sub-Segment to Grab a Leading Share of the Market
The porcine sub-segment of the source segment is predicted to observe leading growth in the forecast period. This growth is mainly because porcine-derived spray-dried plasma is protein-rich and a preferred ingredient in canned pet food owing to its physicochemical properties.
Dry Sub-Segment to Witness Rapid Growth
The dry sub-segment of the form segment is predicted to grow enormously in the forecast period. This growth is mainly because dry plasma offers an effective, delicious, and digestible substance that enhances the health of pets.
Offline Sub-Segment to Observe Rapid Growth
The offline sub-segment of the sales channel segment is projected to grow enormously in the forecast period. This growth is mainly because the offline channel includes physical stores as well as direct sales via a sales team.
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North America Region to Perceive Maximum Growth
The report analyzes the global plasma powder market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth in the estimated period. This growth is mostly due to the existence of a huge number of pet owners in the region.
Key Players of the Global Plasma Powder Market
The report states some of the foremost players operating in the global market including
- ACTIPRO
- Sonac
- IQI Petfood
- APC
- Shenzhen Taier
- Feed Stimulants
- British Aqua Feeds
- UAP
- Otto Chemie Pvt. Ltd.
- Lican Food
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in September 2021, Cargill Animal Nutrition, a leading company that creates new, revolutionary, and sustainable solutions for the animal production industry, announced a strategic collaboration with Dutch family-owned animal nutrition company, Fuite, to build a cutting-edge premix, concentrate, and young animal nutrition production facility in Hasselt, Netherlands.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Plasma Powder Market:
- Why is Plasma Powder Becoming a Popular Choice among Animal Feed Manufacturers?
- Increasing Use of Plasma Powder as an Animal-Based Protein Source to Propel the Growth of the Global Plasma Powder Market by 2031
