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:
- Type: Concentrates, Isolates, and Others.
- Livestock: Poultry, Ruminants, Swine, Aquatic Animals, and Others.
- Source: Soy, Wheat, Pea, Sunflower, and Others.
- 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 Attribute | Details |
| No. of Pages | 115 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2709.36 Million |
| Forecasted Market Value (USD) by 2028 | $4114 Million |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/p49aj8
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