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Animal Feed Alternative Protein Market size to exceed $9Bn by 2032

  • Published Date: November 4, 2022

Animal Feed Alternative Protein Market size will reach over USD 9 billion by 2032, as per a new research report announced by Global Market Insights Inc.

The report reveals that the escalating livestock production is a major reason fueling the consumption of alternative protein sources for animal feed. Rapid growth in the global population, changing dietary habits, and rising income have made the livestock sector one of the fast-growing agricultural sub-sectors, especially in low- and middle-income countries.

In Europe, the production of industrial livestock is growing steadily. The substantial livestock population in the region comprised over 60 million sheep, 75 million bovine animals, and 140 million swine in May 2022. This preference for livestock rearing, alongside the growing meat and dairy product intake, will proliferate the use of alternative protein in the animal feed sector.

Growing pet ownership to fuel soy protein isolate consumption

Based on the product, animal feed alternative protein market value from the soy protein isolate segment is projected to cross USD 4 billion by 2032. Consumers are gaining awareness about the benefits of plant-based protein products over animal proteins, including high digestibility, rich protein content, and low land requirements. Following the COVID-19 outbreak, pet ownership has witnessed an upsurge. Since animal feed-grade soybean proteins contain over 65% protein and are formulated for the nutritional needs of various animals, increasing pet food sales will contribute to the strong demand for this alternative protein.

Industry share from the soy protein concentrates segment will also register over 8% growth rate through 2032, owing to their easy availability. This plant-based protein has similar usage advantages including high protein and amino acid content as compared to fishmeal. Due to the low-fat content and enhanced nutritional value, the product is also utilized in pet food applications, especially for aquaculture. The use of animal feed soy protein concentrates will further rise, given its emergence as an alternative for plasma protein powder and skimmed milk powder, which are used as starters or early weaning feeds for pigs.

Rise of pig farming & export to bolster swine feed alternative protein consumption

Animal feed alternative protein market share for swine feed application is poised to depict over 7% CAGR through 2023-2032. Over the years, swine farmers have been targeting to achieve cost savings, sustainable operations, and improved growth performance using multiple protein sources including plant-based proteins. In developing nations, pig farming has also become one of the most lucrative animal businesses. Furthermore, with the strong popularity of pork in the export market, swine farming will increase and consequently augment the utilization of alternative proteins in pig feeds.

Browse key industry insights spread across 415 pages with 510 market data tables and 52 figures & charts from the report “Animal Feed Alternative Protein Market Size By Product (Insect Protein, Soy Protein Isolates, Soy Protein Concentrates, Fermented Soy Protein, Duckweed Protein, Single Cell Protein {Algae Protein, Grain Protein, Fungal Protein, Yeast Protein}, Hamlet Protein) By Livestock (Poultry [Broiler, Layer, Turkey, Others], Swine [Starter, Grower, Sow], Cattle [Dairy, Calf, Others], Aquaculture [Salmon, Trout’s, Shrimps, Carp, Others], Pet Food, Equine), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:

Food-service sector expansion drives animal feed alternative protein demand in the U.S.

U.S. animal feed alternative protein market size is slated to exhibit over 4.5% growth through 2032. The growing consumption of meat proteins is among the drivers for regional industry development. According to the USDA’s forecast, in 2022, consumers in the country will gain access to 224.6 pounds of poultry and red meat per capita retail weight basis, 10.3 pounds higher than the 2012-2021 average. These factors, along with the burgeoning food-service sector in the region, will amplify the demand for alternative proteins for use in animal feed.

Business capacity expansion strategies to strengthen the industry outlook

ADM, Deep ranch Biotechnology, Agriprotein GmbH, InnovaFeed, Ynsect, Angel Yeast, AB Mauri, The Scoular Company, Cargill Inc., Evershining Ingredients Company, Nordic Soy Oy, Darling Ingredients, and Imcopa Food Ingredients B.V are some of the key market players profiled in the report. These companies are focusing on business capacity and customer base expansion strategies to reinforce their foothold in the animal feed alternative protein market.

For instance, in April 2022, ADM announced an investment of over USD 300 million to boost its alternative protein production and capabilities by opening an advanced Protein Innovation Center in Decatur, Illinois. This center was intended to join with its Food Application Center and Animal Nutrition Technology Center to develop custom solutions to meet consumer needs, thereby allowing the firm to establish a strong presence in the global industry.

Authors: Kunal Ahuja, Sarita Bayas