Feed Plant-based Protein Market Dynamics: Drivers, Restraints, Key Players
by Mit K. SEOThe feed plant-based protein market is projected to grow at a CAGR of
6.3% during the forecast period
According to MarketsandMarkets, the global feed plant-based protein
market size is estimated to be valued at USD 2.5 billion in 2020
and is projected to reach USD 3.4 billion by 2025, recording a CAGR of 6.3% in
terms of value.
The feed plant-based protein market is primarily driven
by factors such as increase in demand for plant-based pet food due to rise in
awareness among the pet owners, pet owners’ inclination toward organic pet food
ingredients, and innovative animal husbandry techniques to improve meat quality
augments demand for nutritional plant-based protein.
Leading players profiled in this report include the following:
·
DuPont (US)
·
Kerry Group (Ireland)
·
Ingredion (US)
·
Emsland Group (Germany)
·
AGRANA (Austria)
·
Avebe (Netherlands)
·
Kroner (Germany)
·
Batory Foods (US)
By source, the pea segment is projected to grow at the highest CAGR
during the forecast period
Based on source, the pea segment is expected to be the
fastest-growing during the forecast period. This segment is rapidly growing and
gaining popularity among feed plant-based protein manufacturers as it is an
allergen friendly with various functional characteristics. Furthermore, pea
proteins are used in alternatives to conventional feed protein ingredients.
Market Dynamics:
Drivers
·
Increase in demand for plant-based
pet food due to rise in awareness among the pet owners
·
Pet owners’ inclination toward
organic pet food ingredients
·
Innovative animal husbandry
techniques to improve meat quality augments the demand for nutritional
plant-based protein
Restraints
·
Stringent regulatory framework
restrains international trade
·
Possibilities of nutritional and
vitamins deficiency among pets
Opportunities
·
Technological advancements to
develop plant-based protein for feed
·
Focus on cannabis and aquatic
plants as new and emerging plant-based protein sources
Challenges
·
Concern over quality of feed due
to GM adulteration
·
High initial investment costs
involved for small & medium enterprises
By livestock, the pet segment is
estimated to account for the largest share
The pet
segment of the feed plant-based protein is dominating the market. The
plant-based pet food trend is growing because the pet owners have been more
inclined to consume a meatless diet themselves. Moreover, protein preferences
in dog and cat food diets have been shown to closely mimic those of their vegan
or vegetarian owners, with more of these owners opting to feed their pets a
diet consisting of plant-based protein. Owing to these factors the segment is
accounted for the largest share.
The Asia Pacific region is projected
to grow at the highest CAGR during the forecast period
Asia Pacific
is projected to be the fastest-growing market for the period considered for this
study, due to increase in the demand and consumption of livestock-based
products, a rise in feed production, and the implementation of innovative
animal husbandry practices to improve the meat quality and output of other
livestock-based products. The increasing awareness about livestock nutrition
and healthy diet, modernization of the livestock industry, and the rise in
consumption of meat & other livestock-based products have led to an
increase in the size of the feed plant-based protein market.
The feed
plant-based protein market is segmented region-wise, with a detailed analysis
of each region. These regions include North America, Europe, Asia Pacific, and
RoW (South America, Middle East and Africa).
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Created on Mar 15th 2021 06:46. Viewed 291 times.