What is the global market size of Feed Plant-Based Protein Market?

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).

Global Feed Plant-Based Protein Market Size, Share, Growth Analysis, By Type(Soybean Protein, Wheat Protein), By Application(Pets, Swine) - Industry Forecast 2024-2031

Report ID: SQMIG30C2041 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 66 | Figures: 75

Global Feed Plant-Based Protein Market Insights

Feed Plant-Based Protein Market size was valued at USD 13.26 billion in 2019 and is poised to grow from USD 14.1 billion in 2023 to USD 21.13 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).

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 Feed Plant-Based Protein Market Report Snapshots

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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. 'Beyond Meat', 'Impossible Foods', 'Quorn', 'Gardein', 'MorningStar Farms', 'Tofurky', 'Lightlife Foods', 'Boca Foods', 'Amy's Kitchen', 'Field Roast', 'Daiya Foods', 'Sweet Earth Foods', 'No Evil Foods', 'Alpha Foods', 'Dr. Praeger's', 'Yves Veggie Cuisine', 'Loma Linda', 'Sophie's Kitchen', 'Good Catch', 'The Vegetarian Butcher'

The demand for vegetarian protein in the human population has led to a shift in the use of animal products in animal feed. There is evidence that pets, including dogs and cats, share their owners' choice of a plant-based protein diet. Farm animal welfare and rights are the primary concern with meat-based pet food diets. Furthermore, most pet owners are animal enthusiasts, and as a result, they are more inclined to place a high value on the humane and ethical treatment of animals raised for food production. Strong growth drivers in recent years pushing plant-based pet food include an unhealthy impression of meat and environmental and sustainability concerns over animal protein manufacturing.

Key companies like DuPont (US), Roquette Frères (France), Kerry Group (Ireland), and Ingredion (US) have been putting a lot of effort into making feed with protein from plants. In the pet food industry, new technologies have been made possible by a lot of research and development. The Kerry Group (Ireland), Global Innovation Center, published a study in 2020 that showed that pets are eating more PurePal pet food because it smells better which is driving the demand for it.

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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Global Feed Plant-Based Protein Market Size, Share, Growth Analysis, By Type(Soybean Protein, Wheat Protein), By Application(Pets, Swine) - Industry Forecast 2024-2031

Global Feed Plant-Based Protein Market Insights

Global Feed Plant-Based Protein Market Report Snapshots

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