Selbyville, Delaware, Dec. 15, 2021 (GLOBE NEWSWIRE) —
Global protein market for animal feed application is set to surpass USD 375 billion by 2027, according to a new research report by Global Market Insights Inc. Increasing meat & meat products consumption globally along with increased livestock production is likely to stimulate industry growth.
Alternative protein product segment is expected to cross USD 6 Billion by 2027. Insect-based protein is anticipated to witness significant growth owing to better feed conversion efficiency, extensive R&D in the sector and less cultivation cost compared to other sources. Alternative protein sources are a preferred option especially with the increasing population across the globe and expected rise in the poultry sector.
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Aquaculture application segment is anticipated to grow at a CAGR of over 4% between 2021 and 2027. Increasing consumer inclination towards fish and fish-based products along with rising incomes seeking higher valued seafood will drive the segment expansion. Growth of aquaculture industry has led to rising demand for fish food while keeping overall prices down along with making seafood accessible to consumers around the world.
Some major findings of protein market for animal feed application report include:
- Increasing emphasis on animal protein to provide quality products will drive the protein product demand for feed application.
- Growing meat consumption mainly in India and China owing to consumer inclination towards high protein diets to positively drive the market demand.
- Growth in protein meal production from animal sources owing reduction in feed cost along with continuous supply of protein should promote animal by product proteins demand.
- Protein market size for animal feed application is anticipated to secure over 4.5% CAGR owing to steady growth in demand for effective animal nutrition to stop spread of livestock diseases.
- Plant protein is expected to be the largest product category of the marker with a share of 85% in 2020.
Browse key industry insights spread across 980 pages with 1335 market data tables & 80 figures & charts from the report, “Protein Market for Animal Feed Application By Product (Plant Protein, Animal Protein, Alternative Protein, Animal Feed Protein Ingredients), Application (Poultry, Swine, Cattle, Aquaculture, Petfood, Equine), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
North America protein market for animal feed application is set to surpass USD 85 billion by 2027. Increasing R&D investments for product innovations in feed additives sector accompanied positive outlook towards industrial livestock business should contribute towards regional industry outlook. Presence of various food chains and fast service restaurants along with changing consumer dietary habits has led to rise in meat and meat products consumption in this region.
Asia Pacific market is anticipated to record around 5.5% CAGR through 2027 owing to rise in adoption of pets, rising urbanization, increase in animal husbandry, and growth in the meat-consuming population. The demand for feed plant-based protein in China is projected to remain high, as the consumers in the country prefer opting for prepared pet food products.
The protein market for animal feed application market share is fragmented with presence of multinational corporations and growing regional manufacturers such Hamlet Protein A/S, E.I. Du Pont De Nemours and Company, Archer Daniels Midland Company, Nordic Soy Oy, Deep Branch Biotechnology, CHS Inc., Agriprotein Gmbh., Darling Ingredients, Innovafeed, and Ynsect.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.