The protein market for animal feed application is set to grow enormously by 2030 owing to mounting demand for pet feed products. In addition, increasing disposable income, along with the expanding poultry industry and livestock production, is likely to augment market growth through the forecast timespan.
During the COVID-19 pandemic, delays in production activities and supply chain disruptions on account of strict lockdowns in key regions impeded business operations, thereby hampering overall market growth. However, surging consumer spending on animal feed and animal products attributed to exponential disposable income has bolstered market progress in recent years.
Moreover, major players in the protein market for animal feed application have been focusing on product development and strategic growth initiatives to hold a stronger footing in the industry, which has been lucrative for business expansion. For instance, in June 2021, Innovafeed, a French biotechnology company, launched NovaGain, its new protein offering to fulfill nutrition requirements in shrimps. NovaGain was marketed as an effective solution that provides extraordinary growth performance and health benefits.
The protein market for animal feed application has been bifurcated on the basis of livestock, product, and region.
In terms of livestock, the protein industry for animal feed application has been categorized into equine, swine, aquaculture, poultry, cattle, and pet food. The aquaculture segment is expected to witness sizable expansion over the analysis period on account of increasing disposable income, along with high consumer inclination towards fish and seafood products.
Furthermore, pet food is usually prepared as the sole food source for pets and thus, requires all essential nutrients like protein, energy, vitamins, and minerals. These diets need to be nutritionally balanced, digestible, palatable, and safe for pet consumption. Driven by substantial demand for protein in pet food, the pet food segment is set to record notable revenue growth through the review timespan.
Moreover, the equine segment is growing steadily and is anticipated to showcase positive growth, especially among young adult horse owners and event participants. Horse owners are investing immensely in strengthening the muscle structure of horses to enhance their overall performance and planning their fitness to prevent injury or lameness. This trend is driving feed consumption in the equine industry, which is slated to propel segmental growth.
In the regional frame of reference, the LATAM protein market for animal feed application is projected to register sturdy growth over the forecast period as a result of booming domestic agricultural and animal husbandry industries. Additionally, soaring meat consumption due to rising economic standards as well as mounting consumer health consciousness is likely to boost industry growth in Latin America.
Meanwhile, the MEA protein market for animal feed application is foreseen to amass considerable gains through 2030. Surging consumption of fish and fish products, coupled with mass production and limited resource availability of marine feed resources in the MEA region, is poised to accelerate the growth of the Middle East and Africa aquaculture protein ingredients market.