Animal Feed Alternative Protein Market Size Expected to Cross USD 9 Bn by 2032
As per the report by Global Market Insights the “Worldwide Animal Feed Alternative Protein market was valued at USD 4 billion in 2022 and will surpass a revenue collection of USD 9 billion by 2032 with an annual growth rate of 7% over 2023 to 2032.”
The global animal feed alternative protein market value is slated to increase substantially over 2023–2032 due to increased livestock farming and economic growth, especially in emerging economies.
As per the Agricultural and Fisheries Information Service (SIAP)’s Agri-Food Expectations report, in 2021, the production of dairy and poultry meat in Mexico rose by 297 million litres and 90,000 tons, respectively, from a year earlier. Since farmers readily accept new and innovative food sources, this rise in livestock production is expected to stimulate the consumption of alternative plant-based proteins for animal nutrition.
The acceleration of exports across the meat industry influences animal feed alternative protein industry trends. Between July 2021 and January 2022, 5,362.9 tons of meat worth more than USD 22 million were exported from Tanzania. This escalating meat trade will likely encourage feed manufacturers to rely on alternative protein sources for animal health and safety.
The market value from the hamlet protein segment is anticipated to cross USD 440 million by 2032. The strong focus on boosting animals’ immune systems and gut health is a prominent factor fueling hamlet protein demand. The shift toward sustainable feed ingredients has also risen, augmenting the use of these alternative proteins in animal feed.
The fermented soy protein segment also registered revenue worth over USD 375 million in 2022, given the high awareness of the adverse effects of anti-nutritive factors, including reduced nutrient absorption. Soy fermentation can improve absorption and digestibility by eliminating anti-nutritive factors, enhancing livestock growth performance.
The industry value from the pet food segment is set to reach more than USD 270 million by 2032. Manufacturers have been utilising protein ingredients ideal for wet pet foods. Additionally, the preference for ingredients resistant to heat treatment during processing is expected to augment the addition of alternative protein sources in wet pet food formulations.
The Latin American animal feed alternative protein market was valued at over USD 500 million in 2022. The growth drivers are the growing meat intake and the subsequent growth of the livestock and poultry sector. The rate of meat exports has also surged, propelling the demand for alternative protein for use in animal feed.
The Middle East and Africa animal feed alternative protein industry size is slated to be worth more than USD 415 million by 2032 as a result of the industrialisation of animal agriculture. The rising per capita meat consumption and growing demand for meat and dairy products drive product sales in the region.
The animal feed alternative protein market consists of ADM, Deep Ranch Biotechnology, Agriprotein GmbH, InnovaFeed, Ynsect, Angel Yeast, AB Mauri, The Scoular Company, Cargill Inc., Evershining Ingredients Company, Nordic Soy Oy, Darling Ingredients, and Imcopa Food Ingredients B.V.
