Feed Plant-Based Protein Market size was valued at USD 2.5 billion in 2020 and is poised to grow USD 3.4 billion by 2025, growing at a CAGR of 6.3% in the forecast period (2020-2025). 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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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 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 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.
Key Players in Feed Plant-based Protein Market
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).
The soy segment accounted for the largest share in the feed plant-based protein market
Based on sources, soy dominated the market. Soy protein products are used in feed and pet food to increase water and fat retention and improve nutritional values. It has been a substitute for traditional chemical-based feed ingredients, and soy proteins have rapid dispersibility and excellent suspension properties. Moreover, soy concentrates consist of approximately 70% protein and are highly digestible with low antigenicity. Due to these factors, soy protein is estimated to account for most of the share in the market.
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The isolates segment is projected to grow at a significant growth rate in the feed plant-based protein market during the forecast period
By type, the market is segmented into concentrates, isolates, and other types such as textured protein and hydrolyzed protein. Protein isolates are believed to have played a major role in the development of new varieties of formulated feed ingredients. It has a high concentration of protein, with the advantage of color, flavor, and functional properties, making it an ideal raw ingredient to be used in pet food and feed for ruminants, swine, poultry, and aqua feed. Key companies such as Roquette Frères (France) are among the major producers of protein isolates and have strong product lines that cater to their customer base.