PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1577290
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1577290
The Global Animal Feed Protein Ingredients Market will witness a 9% CAGR over the study period 2024-2032, driven by the increasing industrial livestock production. The growth of the animal feed protein market is propelled by several factors, like increasing global demand for animal-based products, such as meat and dairy, which ushers in the need for high-quality feed ingredients to boost livestock productivity. Advances in feed formulation technology enhance the efficiency and nutritional value of protein sources, fostering innovation within the industry. Rising awareness of animal health and welfare prompts the adoption of premium, nutritionally balanced feed proteins to ensure optimal growth and performance.
The animal feed protein ingredients market is categorized based on product, livestock, and region.
The oilseed meals segment will capture USD 437.8 billion and demonstrate a 9% CAGR during 2024-2032, impelled by rising customer preference for plant-based protein ingredients. Moreover, businesses are taking efforts to commercialize in the thriving market and attract new customers, which is set to accelerate the industry growth. For instance, in April 2022, food company Bunge collaborated with startup CoverCress Inc. ("CCI") to launch a novel renewable oilseed & animal feed crop that is ideal as a lower carbon intensity feedstock to address the mounting biofuel demand.
In terms of livestock, the animal feed protein ingredients market from the poultry segment will reach approximately USD 243.2 billion with a 9.5% CAGR during the forecast timeline. Over the last two decades, poultry has emerged as the world's most consumed livestock product, particularly in developing and emerging nations where production possibilities are limited. Many countries have increased domestic poultry production to fulfill expanding demand while the U.S., Brazil, EU, and Thailand have become prominent poultry exporters contributing to the rising requirement for protein-rich animal feed and fueling the market revenue of animal feed protein ingredients.
Asia Pacific animal feed protein ingredients market is forecast to exceed a valuation of USD 209 billion by 2032, owing to the high regional population, rising incomes, and changing diets, which are propelling livestock production. To cite an instance, the Indian government is promoting the livestock and poultry sectors' expansion through several favorable policies to raise farmers' earnings and increase off-farm employment. Similarly, in December 2022, the Asian Development Bank approved a USD 62.9 million package to assist Cambodia in strengthening its food security and promoting inclusive economic growth by boosting animal healthcare and value chains.