The worldwide animal feed ingredients market is expected to reach USD 38.8 Bn in 2021, up 3.1% year over year (YoY), according to Future Market Insights (FMI). The market is anticipated to grow at a CAGR of 3.0% to reach USD 58.6 billion in 2032. Investments in animal feed components have been complemented by an increase in government programmes to support agricultural enterprises.
The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
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It includes in-depth insights into the Animal Feed Ingredients market. Some of these are:
- The estimated value of the market was at US$ 155 Bn in 2022. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Asia Pacific emerged as the leading regional Animal Feed Ingredients market and accounted for significant share of the global demand.
- North America is expected to witness steady growth on account of recovery of economic situation in the U.S.
- Key players are likely to focus on product innovations to stay relevant in developed markets.
“Change in dietary patterns supported by growing importance of health management has promoted protein consumption in daily diets increasing meat products intake, thereby contributing towards Animal Feed Ingredients market growth,” said a lead analyst at FMI.
Despite Focus on Healthy Diet, Change in Consumption Pattern Due to COVID-19 Outbreak will Impact Growth
Because of the significance of protein as a major constituent in biologically active compound in the body, protein rich products are highly commendable for poultry production and nutrition. It assists in body tissue synthesis for renovation and for faster development. Broilers typically need high dietary protein to drive product demand to optimize broiler efficiency and benefit.
These protein-rich poultry diets are highly digestible and devoid of less anti-nutritional factors (ANF’s) which help in early gut development and digestive physiology to improve performance and immunity when fed early to broiler chicks.
Protein-offered amino acid profile plays an important role in development, egg production, immunity, environmental adaptability and many other biological functions. These factors will propel Animal Feed Ingredients market demand.
Rising population along with growing economic standards has led to increase in food service spending. However, contrary to aforementioned predictions, the market may be heading towards tough waters. Coronavirus outbreak had a considerable impact on consumption pattern of buyers.
They are unlikely to purchase meat products amidst lockdown enforced across various nations. This will invariably impact growth forecasts for the market. For instance, lockdown enforced on meat and seafood markets across Asia Pacific will restrict the market’s expansion in the region.
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Who is Winning?
Burcon NutriSciences, Alltech, Nutraferma LLC, ADM, Hamlet Proteins, Dupont, Calysta, Titan biotech, Koninklijke DSM, and Proliver are some of the key players functioning in the global Animal Feed Ingredients market. Market players are engaged in innovations, product launches, and partnerships, in order to expand their product portfolio, increase presence in other regions.
In February 2022, Catalysta has developed and commercialized FeedKind protein which is used as in organic systems for animal feed. It is safe sustainable non-animal protein source approved in sale for multiple countries as an alternative to wheat and soy protein. The product would help in catering demand for alternative protein sources.
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
Get Valuable Insights into Animal Feed Ingredients Market
Future Market Insights, in its new report, presents an unbiased analysis of the global Animal Feed Ingredients market, covering historical demand data and forecast figures for the period between 2022 and 2032. The study divulges compelling insights into growth witnessed in the market.
On the basis of source, the animal protein ingredients market can be segmented into fish and meat. The meat segment is further sub-segmented on the basis of animal origin, that is, pork, beef, and poultry. The fish derived proteins are typically used in the dietary supplements and cosmetic industry.
On the basis of applications, the animal protein ingredients market can be segmented as feed industry, pet food industry, the pharmaceutical industry, dietary supplements and food industry. Regionally, the market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.
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