The global animal feed protein ingredients market value is set to cross USD 220 billion by 2026, according to a new research report by Global Market Insights. Rising animal feed protein ingredients demand due to fostering agricultural business supported by a global rise in living standards will promote overall market growth, according to the research.
Swine livestock accounts for more than 20 percent share in the animal feed protein ingredients industry due to the rising prevalence of African Swine Fever (ASF) which is highly contagious and mainly affects pigs and wild boar. Animal feed protein ingredients help in boosting immunity and nutritive value of livestock, resulting in battling contagious viruses and high productivity which should propel product demand, state Global Market Insights.
Some major findings of the animal feed protein ingredients market report include:
• Rising farmer focus towards healthy livestock to inhibit their deteriorating health conditions for enhanced productivity will support the market expansion
• Major industry players are implementing various R&D programs for improved product utilization among livestock including poultry, swine, cattle, aquaculture, pet food and equine
• Major market participants in animal feed protein ingredients market are Dupont, Burcon Nutrascience Corporation, ADM, Hamlet Proteins, Alltech, Catalysta, Koninklijke DSM N.V., Nutraferma LLC, CHS, Titan biotech and Proliver
• Market for animal feed protein ingredients across poultry livestock accounted for the majority share and expected to grow further at the highest pace than the swine, cattle, and aquaculture
• Asia Pacific attained majority share in the animal feed protein ingredients business
As per animal feed protein ingredients market analysis, companies are participating in manufacturing capabilities expansion to boost productivity and contribute to market growth. In March 2019, Kemin Industries, a global nutritional ingredients producer, announced the expansion of its existing manufacturing plant located in Chennai, India. The company will be investing USD 8 million for the Chennai Plant 2 expansion. This additional capacity is to address the rising demand for specialized nutritional ingredients in the South Asian animal protein market. Through this capacity expansion, the company will be able to increase its annual production output and cater to a wider customer base.
Rising fish meal production in Peru has strengthened the South American animal feed protein ingredients market. Peru is the largest producer of fish meal and accounted for 16 percent of the total world’s fish meal production. Fish meal production in Peru was over 730 kilo tons in 2017 with an increase of 11 percent from 2016. Peruvian fish meal production regained its position due to favorable climatic conditions which have positively impacted anchovy fish quality along with a rise in fish meal imports to cater to increasing demand, thus, accelerating regional market growth.
Market participants are investing more in research and development activities to boost product innovations toward alternative protein sources including potato and lentil to ensure safer, easier and continuous supply of the ingredients. Companies are expanding their market reach by establishing multiple manufacturing units worldwide to withstand growing competition.