The 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.
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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)
• 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
• Stringent regulatory framework restrains international trade
• Possibilities of nutritional and vitamins deficiency among pets
• Technological advancements to develop plant-based protein for feed
• Focus on cannabis and aquatic plants as new and emerging plant-based protein sources
• 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).