The global feed plant-based protein market size is estimated to be valued at USD 2.5 billion in 2020. It is projected to reach USD 3.4 billion by 2025, recording a CAGR of 6.3% in terms of value. An increase in demand for plant-based pet food due to rise in awareness among pet owners, pet owners’ inclination toward organic pet food ingredients, and innovative animal husbandry techniques to improve meat quality augments the demand for nutritional plant-based protein is driving the global feed plant-based protein market.
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Drivers and Restraints:
Increase in demand for plant-based pet food due to rise in awareness among the pet owners
The shift in human preferences to plant-based protein has affected a change in preferences for feed as well. Plant-based protein preferences in pets such as dog and cat food diets have been shown to closely mimic those of their vegan or vegetarian owners. According to the study published by the Pet Food Manufacturers Association in 2019, 34% of the British dog food buyers believe that a plant-based diet is better for their dog than a meat-based diet. The prime concern with meat-based pet food diets is farm animal welfare and rights. Moreover, most pet owners are animal-lovers and are more likely to place a high value on the humane and ethical treatment of animals raised for food production. An unhealthy perception of meat and environmental and sustainability concerns over animal protein production are also strong growth drivers promoting plant-based pet food in recent years.
Stringent regulatory framework restrains international trade
According to the Federal Food, Drug, and Cosmetic Act of 1938 (FFDCA), animal food is required to be safe for consumption and manufactured in sanitary conditions. The animal feed must not contain harmful substances and should have approximate labeling. The Food Safety Modernization Act of 2010 (FSMA) introduced guidelines related to certification, sterilization, hygiene, and labeling ingredients for pet food manufacturers in the US. Government monitoring agencies in Europe and North America have strict regulations for the animal feed industry compared to those in the Asia Pacific and South American regions. The regulations related to pet food ingredients such as preservatives, ethoxyquin, and food dye are different in various countries. Due to the lack of a universal regulatory structure, global trading of feed ingredients has been restraint. Huge investments have been made in manufacturing feed ingredients; however, several regulations lead to severe losses for feed manufacturers. It becomes expensive to frequently update the technologies and facilities in accordance with the changing guidelines. Pet food manufacturers are required to submit patent and approval applications to launch new products in various countries.
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Key Players in Feed Plant-based Protein Market:
DuPont (US), Kerry Group (Ireland), Ingredion (US), Emsland Group (Germany), AGRANA (Austria), Avebe (Netherlands), Kroner (Germany), Batory Foods (US), Roquette Frères (France), AGT Foods (Canada), Aminola (Netherlands), BENEO (Germany), Scoular Company (US), Vestkorn (Norway), E T Chem (China), Bio Technologies (Russia), FoodChem International (China), Crown Soya Group (China), BioScience Food Solutions (Germany), and Sotexpro (France).
The Asia Pacific region is expected to grow at the highest CAGR during the forecasted period
Asia Pacific is the fastest-growing region in the global market. The market is majorly driven by an 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 market. Furthermore, the region is also attributed to the rising demand for pet food products in countries such as China, Australia, and India, and an increasing focus on the health of pets are expected to drive growth.