Feed Plant-based Protein Market Size, Trends & Analysis - Forecasts to 2026 By Source (Soy, Wheat, Pea, Sunflower, Others [Potato, Rice, Canola, and Fava Beans]), By Livestock (Pets, Swine, Ruminants, Poultry, Aquatic Animals), By Types (Concentrates, Isolates, Others [Textured Protein and Hydrolyzed Protein]), By Region (North America, Europe, Asia Pacific, MEA, and CSA)
Feed plant-based protein is the protein that is obtained by various grains and pulses. The requirement of protein in food for animals is necessary as they are incapable of producing the proteins which are polymer of amino acid themselves. The global feed plant-based protein market will have a prominent growth in the food & beverage industry. Factors such as rising demand for plant-based protein food for pets due to increasing awareness among the pet owners will help the market to propel.
As per the sources, the market is segmented into soy, pea, sunflower, wheat, and others (potato, rice, canola, and fava beans). The soy segment is dominating the market as the soybeans contain all the eight essential amino acids which are beneficial for animals. The rising demand for soy instead of traditional chemical-based feed ingredients by pet owners is the driving force here.
Based on livestock, the market is segmented into swine, pets, ruminants, aquatic animals, and poultry. The segment which will grow faster than others is the ruminants segment as per the GME analysis for the 2021 to 2026 forecast period. The increasing preference for dairy and dairy-based products will be the major reason for the rising demand for ruminants.
According to the type analysis, the market can be divided into concentrates, isolates, others (textured protein and hydrolyzed protein). The concentrated segment is expected to grow fastest and is sourced from soy, fava beans, lentils, and peas which are expected to contain up to 75-80 % of protein. The protein isolates, on the other hand, is the dominating market segment as it is considered to be the ideal raw ingredient for livestock feeding products. The rising demand for plant-based protein products by pet owners due to increasing awareness is the driving force of this segment.
The fastest-growing segment will be seen in the Asia-Pacific region. The rising demand for pet food products in various countries like Australia, India, and China is another factor affecting the regional market. On the other hand, Europe is the dominating region for the feed plant-based protein market due to the focus on new product development and environmental concerns. People are shifting to a vegan diet because of increasing awareness and their concern for sustainability which has shown shifts in plant-based protein alternatives.
The key players operating in the market include Kerry Group (Ireland), Ingredion (US), Emsland Group (Germany), DuPont (US), Batory Foods (US), Kroner (Germany), AGRANA (Austria), AGT Foods (Canada), Avebe (Netherlands), Roquette Frères (France), BENEO (Germany), Vestkorn (Norway), Aminola (Netherlands), Scoular Company (US), FoodChem International (China), E T Chem (China), Sotexpro (France), Bio Technologies (Russia), BioScience Food Solutions (Germany), and Crown Soya Group (China) among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In March 2018, Bio Technologies (Russia) started developing 80% protein from a by-product of the sunflower oil industry. The sunflower press cake which is the waste product of the sunflower oil industry is used by the company to extract a high level of concentrated protein.
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The Global Feed Plant-based Protein Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Feed Plant-based Protein Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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