USD 13.26 billion
Report ID: SQMIG30C2041 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: 66 | Figures: 75
Feed Plant-Based Protein Market size was valued at USD 13.26 billion in 2021 and is poised to grow from USD 14.1 billion in 2022 to USD 21.13 billion by 2030, growing at a CAGR of 6.4% in the forecast period (2023-2030).
Proteins and amino acids are very important for animals to grow and stay healthy. Animals like calves, broilers, and pigs need amino acids to get the nutrition they need and to speed up their metabolism. The feed protein market is now being driven by changing trends and people who know how good plant-based protein is. Additionally, increasing inclination towards a vegan diet, emerging economies such as Southeast Asia, Latin America, and the Middle East & Africa, and increasing intolerance for animal proteins provide significant growth opportunities for plant-based protein manufacturers. It has been seen that vegans and vegetarians who own pets or animals are more likely to feed their pets or animals plant-based protein. Since there isn't a big difference between animal-based protein for feed and plant-based protein for feed, the use of and demand for plant-based protein for feed has grown a lot in recent times and will drive the feed plant-based protein market during the analysis period.
US Feed Plant-Based Protein Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 13.26 billion
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The global feed plant-based protein market is segmented based on type, application, and region. Based on type, the Feed Plant-Based Protein Market is segmented into soybean protein, wheat protein, pea protein, and sunflower protein. Based on application, the Feed Plant-Based Protein Market is segmented into pets, swine, ruminants, poultry, and aquatic animals. Based on region, the global Feed Plant-Based Protein market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Feed Plant-Based Protein Market Analysis by Type
In the year 2021, the market sector for pea protein accounted for the largest feed plant-based protein market share and is the one that is expanding at the quickest rate, and soybean protein dominated the plant-based feed protein segment during the same time. Alternatives to the traditional protein components used in animal feed can be made from pea proteins. Pea protein is becoming more in demand as an essential component in the production of feed as a result of the numerous health advantages it offers as well as the simplicity with which it can be included in finished goods. These factors will propel the demand for feed plant-based protein during the analysis period.
Feed Plant-Based Protein Market Analysis by Application
The pet industry was driving the plant-based protein market for animal feed in 2021. The pet food industry is leaning toward using more plant-based ingredients, and plant-based proteins are finding their way into more and more products. Increasing numbers of pet owners are opting for a vegetarian or vegan diet, which has spurred a rise in the popularity of plant-based pet food. More and more vegan and vegetarian pet owners are choosing to provide their animals with a diet based on plant-based proteins, which has been linked to a reduction in the incidence of some common health problems in pets. These factors are creating demand for the feed plant-based protein and are responsible for driving the global feed plant-based protein market during the analysis period.
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In 2021, the European market accounted for the most significant plant-based protein market share globally. Soy, pea, and wheat are three of the most popular plant-based sources of protein for animal feed in Europe. Rising demand for organic materials in the pet food and feed sector is expected to boost sales of plant-based protein components in both North America and Europe. Nonetheless, the Asia-Pacific region is expected to continue seeing significant demand for feed plant-based protein due to factors such as the rising adoption of pets, the expansion of metropolitan areas, the rise of animal husbandry, and the expansion of the meat-eating population. As pet owners in China continue to favor prepackaged pet food over raw ingredients, the demand for plant-based protein in feed is expected to stay high.
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Feed Plant-Based Protein Market Driver
The demand for vegetarian protein in the human population has led to a shift in the use of animal products in animal feed.
The increased Free-FORM MARKET.
The increased soy-free and gluten-free demands of the consumer is helping to drive the market. It quickly became the fastest-growing nutritional movement, gaining popularity for their health and therapeutic benefits.
Feed Plant-Based Protein Market Restraint
Increasing costs and strict regulation in some regions are the major restraints to market growth.
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The feed plant-based protein market is relatively fragmented, with a high level of competition. Few large players, like DuPont, Ingredion, and Kroner, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Feed Plant-Based Protein Market Top Player’s Company Profiles
Feed Plant-Based Protein Market Recent Developments
In March 2022, Goodmylk, the plant-based dairy company, acquired nutrition brand PRO2FIT in one of the first M&As in India’s growing plant-based sector. PRO2FIT produces plant-based nutrition products such as vegan protein powder and retails across India.
In January 2022 , PlantPlus Foods Closes $100 Million Acquisition Of Sol Cuisine To Expand Foothold In America’s Plant-Based Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, Pea protein is becoming more in demand as an essential component in the production of feed as a result of its numerous health advantages. These factors will propel the demand for feed plant-based protein during the analysis period. The pet industry was driving the plant-based protein market for animal feed in 2021. Increasing numbers of pet owners are opting for a vegetarian or vegan diet. Rising demand for organic materials in the pet food and feed sector is expected to boost sales in North America and Europe. The Asia-Pacific region will continue to see significant demand for feed with the expansion of the meat-eating population.
|Market size value in 2021||USD 13.26 billion|
|Market size value in 2030||USD 14.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Feed Plant-Based Protein Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Feed Plant-Based Protein Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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