Alternative Protein Market Size for Animal Feed to exceed USD 4bn by 2026
Published Date: November 19, 2020 Authors: Kunal Ahuja, Harneet Mehar
Global alternative protein market size for animal feed is set to surpass USD 4 Billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing consumption of meat & meat products along with rising awareness regarding the benefits of substitute protein sources over livestock health across the globe is expected to boost the alternative protein industry for animal feed during the forecast period. Other factors such as hazardous environmental impact of conventional protein sources, growing livestock diseases, and shifting consumer preferences towards high-quality proteins are expected to positively impact the global market trends.
Single cell based alternative protein for animal feed to witness significant growth during the forecast period:
The single cell alternative protein market for animal feed exceeded USD 184.4 Million in 2019 and is expected to register over 6.9% CAGR. Single cell proteins are produced from micro-organisms such as algae, bacteria, fungi, and yeast. Growing demand for high-quality protein-rich foods along with rising consumer income have attributed to renewable and sustainable protein ingredients for animal feed. Single cell protein feed enables better digestibility and feed absorption in livestock and also mitigates the risk of pathogen attacks. This is a major factor driving the global market demand during the forecast period.
For instance, yeast incorporated animal feed for ruminants’ aids in stimulating rumen metabolism, improving digestibility & feed absorption, mitigating risks due to acidosis, higher milk yield, persistent lactation and better growth. Additionally, for swine it aids in enhancing digestive comfort, increasing feed efficiency, pathogen reduction, and optimizing performance levels.
Browse key industry insights spread across 440 pages with 480 market data tables and 30 figures & charts from the report, “Alternative Protein Market for Animal Feed By Product (Insect Protein, Soy protein Concentrate, Soy protein Isolate, Fermented Soy Protein, Duckweed, Single Cell Protein [Grain Protein, Fungal Protein, Algae Protein, Yeast Protein, Others], Hamlet Protein, Others), By Livestock (Poultry [Broiler, Layer, Turkey, Others], Swine [Starter, Grower, Sow], Cattle [Dairy, Calf, Others], Aquaculture [Salmon, Trouts, Shrimps, Carp, Others], Pet food, Equine, Others), Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Poultry application segment to witness maximum growth due to heavy demand for protein rich foods
Shifting consumer preferences towards protein rich food consumption owing to rising demand for poultry products is expected to boost the alternative protein market for animal feed during the forecast period. The poultry application segment exceeded USD 1,178.03 million in 2019 and rising with a CAGR of 7.9%.
Proteins have a major significance in poultry diets. It helps in growth, renovation, and synthesis of body tissues. It also plays an important role in physiology and weight gain which ultimately improves livestock quality. Additionally, rising consumption of poultry meat across the globe is expected to drive the alternative protein market size for poultry applications during the forecast period. For instance, the global poultry meat consumption is expected to exceed 21,000 tons by 2024.
Major players involved in the alternate protein market for animal feed are adopting expansion strategies such as mergers, acquisitions, and joint ventures along with extensive R&D to develop new products in order to sustain in the market. The key players include Hamlet Protein, Archer Daniel Midland Company, Ynsect, Nordic Soya, DuPont De Nemours, Darlington Ingredients, Titan Biotech Company, Crescent Biotech, Deep Branch Biotechnology, Cargill Incorporated, Agriprotein Gmbh, The Scoular Company, Angel Yeast, CHS Inc, Lallemand, Calysta, and Sojaprotein.
Rising developments in aquaculture is expected to drive the European alternative protein market for animal feed growth
The alternative protein industry for animal feed in Europe was estimated to be USD 591.09 million in 2019 at a rate of 7.1% CAGR. Factors such as developments in insect-based proteins for aquaculture in European Union and growing consumer preferences for ready to eat foods are attributing to the market growth of alternative proteins in the region. Europe comprises of a rich base for aquafeed manufacturing resources such as fish meal and fish oil plant-based proteins. The region also produces a large variety of commercial aquafeed species such as rainbow trout, Atlantic salmon, seabass, and sea breams which in turn is driving the regional demand for alternative protein market for animal feed. Countries such as Norway, Greece, Scotland, and Spain are major producers of commercial aquafeed in the region.