The global animal feed protein ingredients market is anticipated to witness substantial growth in the coming years, on account of the increasing consumer disposable income level coupled with growing meat demand. Recent disease outbreaks such as bovine spongiform encephalopathy (BSE) have also contributed to the growth of the global market. Major countries in Europe have banned the use of meat and bonemeal which has prompted the use of oilseeds and protein crops in animal feed. Protein ingredients are used in feed for various livestock including cattle, poultry, pigs/swine. Growing consumer awareness regarding the quality of meat is also expected to have a positive impact on market growth over the next six years.
The world has been witnessing an increase in livestock production on account of growing meat consumption particularly in emerging markets of China, Brazil, and Argentina. This trend is expected to further fuel the demand for animal feed protein ingredients. In addition, increasing beef exports from the high growth region India has also helped in developing the global market. Animal feed protein ingredients have also been gaining importance on account of their ability to increase nutritive value to animal feed and enhance its function ability. They also help in developing the immunity of various livestock.
Asia Pacific emerged as the leading regional animal feed protein ingredients market and accounted for a significant share of the global demand. Asia Pacific is also expected to witness the highest growth rate over the forecast period. Growing per capita meat consumption in countries such as China, India, Indonesia, Thailand, Vietnam, and Malaysia coupled with growing consumer awareness regarding the meat quality is expected to remain major drivers for the regional market. North America is expected to witness steady growth on account of recovery of the economic situation in the U.S. Latin American market is also expected to witness significant growth on account of growing meat consumption in Brazil and Argentina.
The global animal feed protein ingredients market is concentrated with the top four companies accounting for a major share in the global market. The market is dominated by top multinational corporations that are present across the value chain. Major market participants include Tyson Foods Inc., Valley Proteins Inc., Arla Foods, Protein Feeds, ADM, Darpro Solutions, DuPont and DSM.
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Restrictions on manufacturing activities due to the advent of the COVID-19 pandemic shall cause a slump in the supply of feed, as well as its additives. The current stagnation in supply is, in turn, detrimental against the backdrop of ever-increasing demand for essential food products such as dairy and meat. The report will account for Covid19 as a key market contributor.