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The global animal feed protein market has shown remarkable growth in recent years and is primed for further escalation on the horizon. According to the Animal Feed Protein Global Market Report 2024, the market grew strongly from $286.91 billion in 2023 to an expected $301.67 billion in 2024, demonstrating a compound annual growth rate CAGR of 5.1%. The historical growth was driven by multiple factors including rising demand for animal products, population growth and urbanization, intensification of livestock farming, nutritional requirements for livestock, and the globalization of the livestock industry.
What is the Expected Growth and Market Size of the Global Animal Feed Protein Market?
The animal feed protein market is projected to continue its growth trajectory in upcoming years, soaring to an impressive $372.95 billion by 2028 at a CAGR of 5.4%. The growth forecast can be attributed to a growing awareness of sustainable diets, a shift towards plant-based proteins, regulatory emphasis on livestock health, technological innovations in feed formulation, and a strong focus on the circular economy. The market will also be shaped by numerous emerging trends, including the emphasis on ethical sourcing and sustainability, adoption of biotechnological innovations in protein production, a shift towards alternative protein ingredients, customized protein blends for different livestock species, and exploration of CRISPR technology for protein enhancement.
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What is Driving the Growth of the Animal Feed Protein Market?
The demand for meat products is expanding, stimulating the growth of the animal feed protein market. Meat, a processed product derived from livestock or similarly processed animals, has seen increased demand. Animal feed protein is used to enhance protein content in animals and supports building muscle mass and delivering highly nutritional diets. These diets maintain the health of the animals and increase the quality of end products such as meat, milk, and eggs. For instance, the Agricultural Outlook 2022-2031 report from July 2022 highlighted a 5% growth in global meat production in 2021, amounting to an estimated 339 million metric tons. This surge was driven by a significant 34% rise in pig meat production in China. Therefore, the heightened demand for meat products worldwide is fuelling the growth of the animal feed protein market.
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Who are the Key Players in the Global Animal Feed Protein Market?
Major companies operating in the animal feed protein market include Cargill Incorporated, Archer Daniels Midland Company, Tyson Foods Inc., CHS Inc., Nitta Gelatin Inc., Groupe LACTALIS, Smithfield Foods, Inc., Royal FrieslandCampina NV, Fonterra Co-operative Group Limited, DuPont de Nemours Inc., Wens Foodstuff Group, Kerry Group PLC, BRF S.A., Nutreco N.V., Arla Foods AmbA, Savencia Fromage & Dairy, Darling Ingredients Inc., Glanbia PLC, Industrias Bachoco, S.A. de C.V., ForFarmers NV, Gelita AG, Hilmar Cheese Company Inc., Purina Mills LLC, Purina Animal Nutrition LLC, Hamlet Protein A / S, Nordic Soya Oy, Agrium Inc., Jellice Pioneer Private Limited, Pecuarius Laboratorios SA de CV, ADM Alliance Nutrition Inc., Aller Aqua A/s, Alltech Inc., Biomin, Charoen Pokphand Group, CP Group, De Heus a.s., Guangdong Haid Gr Co, and New Hope Group.
What are the Emerging Trends in the Global Animal Feed Protein Market?
Companies in the animal feed protein market are focusing on product innovation as one of the key trends to strengthen their market position. An illustration of this can be seen in the case of BASF SE, a German-based multinational chemical company, which launched an enzyme product, Natupulse, for animal feed in December 2021. Natupulse increases the digestibility of feed, positively impacting animals and making feeding more cost-effective. This protein-based molecule also supports the more sustainable production of animal protein.
How is the Global Animal Feed Protein Market Segmented?
The animal feed protein market is categorized as follows:
1 By Product: Plant Protein, Animal Protein, Alternative Protein
2 By Livestock: Poultry, Swine, Cattle, Aquaculture, Petfood, Equine
3 By Form: Dry, Liquid
What are the Regional Insights into the Global Animal Feed Protein Market?
In 2023, Asia-Pacific was the largest region in the animal feed protein market. This report also covers regional analysis in areas such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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