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:

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

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• Global Feed Plant Based Protein Market