The global feed plant-based protein market size is estimated to be valued at USD 2.5 billion in 2020. It is projected to reach USD 3.4 billion by 2025, recording a CAGR of 6.3% in terms of value. An increase in demand for plant-based pet food due to rise in awareness among pet owners, pet owners’ inclination toward organic pet food ingredients, and innovative animal husbandry techniques to improve meat quality augments the demand for nutritional plant-based protein is driving the global feed plant-based protein market.
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Key Market Players:
DuPont (US), Kerry Group (Ireland), Ingredion (US), Emsland Group (Germany), AGRANA (Austria), Avebe (Netherlands), Kroner (Germany), Batory Foods (US), Roquette Frères (France), AGT Foods (Canada), Aminola (Netherlands), BENEO (Germany), Scoular Company (US), Vestkorn (Norway), E T Chem (China), Bio Technologies (Russia), FoodChem International (China), Crown Soya Group (China), BioScience Food Solutions (Germany), and Sotexpro (France).
• Dairy, poultry farms, and livestock farms
• Feed manufacturers
• Pet food manufacturers
• Feed plant-based ingredient manufacturers
• Commercial research and development (R&D) institutions and financial institutions
• Government organizations, research organizations, and consulting firms
• CEOs and vice presidents
• Marketing directors
• Product innovation directors and related key executives from manufacturing companies and organizations operating in the market
The Asia Pacific region is expected to grow at the highest CAGR during the forecasted period
Asia Pacific is the fastest-growing region in the global feed plant-based protein market. The market is majorly driven by an increase in the demand and consumption of livestock-based products, a rise in feed production, and the implementation of innovative animal husbandry practices to improve the meat quality and output of other livestock-based products. The increasing awareness about livestock nutrition and healthy diet, modernization of the livestock industry, and the rise in consumption of meat & other livestock-based products have led to an increase in the size of the feed plant-based protein market. Furthermore, the region is also attributed to the rising demand for pet food products in countries such as China, Australia, and India, and an increasing focus on the health of pets are expected to drive growth.
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By livestock, pet is projected to account for the largest share in the feed plant-based protein market during the forecast period
Based on livestock, pet dominated the market. Plant-based ingredients and plant-based protein are trending among pet food manufacturing professionals and becoming more mainstream in the pet food market. The plant-based pet food trend is growing because pet owners have been more inclined to consume a meatless diet. Moreover, protein preferences in dog and cat food diets have been shown to closely mimic those of their vegan or vegetarian owners, with more of these owners opting to feed their pets a diet consisting of plant-based protein. These factors are expected to drive growth in the pet segment.