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Animal Feed Protein Ingredients Market Analysis
- Report ID: GMI2604
- Published Date: Jan 2023
- Report Format: PDF
Animal Feed Protein Ingredients Market Analysis
By product, the animal feed protein ingredients market from the oilseed meals segment is projected to reach USD 475 billion in revenue by 2032, impelled by rising customer preference for plant-based protein ingredients. Moreover, businesses are taking efforts to commercialize in the thriving market and attract new customers, which is set to accelerate the industry growth. For instance, in April 2022, food company Bunge collaborated with startup CoverCress Inc. ("CCI") to launch a novel renewable oilseed & animal feed crop that is ideal as a lower carbon intensity feedstock to address the mounting biofuel demand.
Under oilseed meals, the animal feed protein ingredients market from soymeal sub-segment is slated to depict over 9.5% CAGR through 2032, backed by the growing inclination towards genetically modified (GM) crops due to high yields and improved quality for livestock and fish feeds. In May 2022, the Indian government approved the import of around 0.55 million tons of GM soymeal. Furthermore, as soybean harvesting is concentrated in some regions, particularly those with uncertain weather conditions, key countries such as China are focusing on improving their domestic yields to reduce their reliance on imports.
According to the report, the Asia Pacific animal feed protein ingredients market is forecast to exceed a valuation of USD 228 billion by 2032, owing to the high regional population, rising incomes, and changing diets, which are propelling livestock production. To cite an instance, the Indian government is promoting the livestock and poultry sectors’ expansion through several favorable policies to raise farmers' earnings and increase off-farm employment. Similarly, in December 2022, the Asian Development Bank approved a $62.9 million package to assist Cambodia in strengthening its food security and promoting inclusive economic growth by boosting animal healthcare and value chains.
In terms of livestock, the animal feed protein ingredients market from the poultry segment will exhibit substantial growth at more than 9.5% CAGR during the forecast timeline. Over the last two decades, poultry has emerged as the world's most consumed livestock product, particularly in developing and emerging nations where production possibilities are limited. Many countries have increased domestic poultry production to fulfill expanding demand while the U.S., Brazil, EU, and Thailand have become prominent poultry exporters contributing to the rising requirement for protein-rich animal feed and fueling the market revenue.
Under livestock, the broiler sub-segment is expected to cross USD 165 billion by 2032. Broiler production requires less capital investment and has a shorter production life cycle than other meat-producing animals, which is bolstering profitability and facilitating the global expansion of commercial broiler farming. The high need for protein among broilers to improve performance and output is likely to significantly contribute to market expansion.
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Animal Feed Protein Ingredients Market Scope
