02 March 2021
Visiongain has published a new report on Animal Feed Protein Ingredients Market Report to 2031: Forecasts By Product Type ((Oilseed Meals (Soybean Meals, Rapeseed Meals, Sunflower Meals, Cotton Seed Meals, Others), Fishmeals, Animal By-products (Meat & Bone Meals, Feather Meals, Blood Meals, Others), By Livestock (Poultry, Bovine, Swine, Ovies Aries, Aquaculture, Others) PLUS Profiles of Leading Animal Feed Protein Ingredients Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
Global Animal Feed Protein Ingredients market was valued at US$ XX million in 2020 and is projected to reach at a market value of US$ XX million by 2031. Growing livestock production is one of the major factors supporting market growth of animal feed protein ingredients at present.
COVID-19 Impact on Animal Feed Protein Ingredients Market
COVID-19 has made its mark in all the major countries in the world, dragging them into a deep recession, probably one of the worst recessions ever recorded in history. Several industries have been hit hard due to the pandemic. However, the food & beverages industry and the ingredients industry narrowly escaped the sheer brunt of the recession. As most food and beverage products including meat and poultry products have been designated as ‘essentials’, demand for these products remained in continuity even during the lockdown phase. Further, consumption of dairy products such as milk, cheese, yogurt and cottage cheese remained steady during this phase. Although, the meat and poultry industry witnessed a slump in demand during the initial phase of the lockdown, due to rumours that coronavirus could spread through meat products, sales picked up gradually. Due to this, the ingredients industry did not face much disruption in the supply chain, and therefore the animal feed protein ingredients market functioned smoothly during this phase. However, the post COVID-19 era will witness a surge in protein enriched food products since consumers have become more concerned about staying fit and healthy in order to avoid contracting the disease. However, demand for frozen meat products went down during the lockdown phase as tightening consumer budgets led them to focus on the bare necessities, which excluded frozen and processed meat products. However, as countries are gradually restarting their economies, demand and supply is stabilizing, and ‘non-essential’ products have returned to the shelves, and demand for frozen meat products is gradually stabilizing.
Growing Demand for Processed Meat
Growing demand for processed meat is one of the major factors driving market for animal feed protein ingredients market. Processed meat is highly consumed in countries such as U.S., China, India and Germany and U.K among others. India is currently the second fastest growing market for processed meat products, with a CAGR of more than 20%, and this trend is will likely continue till 2025. Innovation within the space of processed meat, poultry and fishes has improved dramatically over the past few years, and several markets with the highest potential are from Asia Pacific. Demand for processed meat and poultry products is increasing rapidly across Asia Pacific as time-pressed consumers are beginning to embrace the convenience of microwave foods. Due to the increase in working populace in major Asian countries such as China, India, Japan and Indonesia, where a large number of the female populace is joining the labour force. An additional source of income in the family has paved the way for greater expenditure, a majority of which directed towards food and beverage products. Further, U.S., Germany and U.K. are other major markets for processed meat and poultry products. Diet of an average American consists mainly of pork and beef products such as sausages, burgers, and bacon among others. These factors are greatly augmenting market growth of animal feed protein ingredients market in these countries.
Growing Livestock Production
High production of livestock is another major factor responsible for the growth of the animal feed protein ingredients market. U.S. is the largest producer of broiler meat in the world, with an approximate production of 20 million tons in 2019, followed by China and Brazil, where production stood at 15 million metric tons and 13 million metric tons respectively. Further, the U.S. is also one of the major producers of beef as well. The country accounted for nearly 20% of the global beef production in 2019, followed by Brazil, which accounted for approximately 16% of the global production. China ranked fourth with close to 12%, while the European Union ranked third with a little over 13% in the same year. Further, along with growing production of livestock, concerns about animal safety have cropped up in the minds of the consumers. Outbursts of diseases in animals such as swine flu and bird flu have led producers to focus more on animal feed additives. The animal feed additive industry is an economic driver in the U.S. This industry has a huge impact on the state, local and national economies
Growing Fish Consumption in Latin America
Latin America is considered as one of the growing markets for fish. According to the Food and Agricultural Organization (FAO), fish consumption in the region is expected to grow by 33% by the end of 2030. At present, Latin America is a very big producer and exporter of aquaculture, but it has the lowest per capita consumption, approximately 10 kilograms per year. Global per capita consumption of fish is expected to touch 21,5 kilograms by 2030. Latin America is expected to display a higher growth rate in terms of fish consumption. This is a key factor expected to drive the market for animal feed protein ingredients market in Latin America in the coming years.
Some of the companies profiled in the report include DuPont De Nemours Inc., Hamlet Protein, Archer Daniels Midlands Company, CHS Inc., and Evershining Ingredients among others. For instance, in February 2018, Catalysta developed and commercialized FeedKind protein which is highly used in organic systems for animal feed.
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