Global Animal Feed Protein Market Analysis 2024 – Estimated Market Size And Key Drivers

Uday Kiran

Global Animal Feed Protein Market Analysis 2024 – Estimated Market Size And Key Drivers

The Animal Feed Protein Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Animal Feed Protein Global Market Report 2024, The animal feed protein market size has grown strongly in recent years. It will grow from $286.91 billion in 2023 to $301.67 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to rising demand for animal products, population growth and urbanization, livestock farming intensification, nutritional requirements for livestock, globalization of the livestock industry.

The animal feed protein market size is expected to see strong growth in the next few years. It will grow to $372.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to growing awareness of sustainable diets, shift towards plant-based proteins, regulatory emphasis on livestock health, technological innovations in feed formulation, focus on circular economy. Major trends in the forecast period include emphasis on sustainable and ethical sourcing, adoption of biotechnological innovations in protein production, shift towards alternative protein ingredients, customized protein blends for different livestock species, exploration of CRISPR technology for protein enhancement.

Increased demand for meat products is expected to propel the growth of the animal feed protein market going forward. Meat is a processed product that comes from the processing of livestock or the further processing of similar animals. Animal feed protein is used to feed animals to increase their protein content with its higher protein quality, which is usually growing to build muscle mass and highly nutritional diets that maintain the health of the animals and increase the quality of such end products as meat, milk, or eggs. For instance, in July 2022, according to the Agricultural Outlook 2022-2031 report, a US-based intergovernmental organization, global meat production experienced a 5% growth in 2021, reaching an estimated 339 million metric tons. This increase was primarily driven by a significant 34% rise in pig meat production in China. Furthermore, according to an article published in February 2021 by The Culinary Institute of America, a private institution for food and wine education based in the United States, the average adult male American consumes 75% more protein than is required, while the average adult female American consumes 50% based foods, such as meat, fish, poultry, eggs, and dairy. Therefore, increased demand for meat products is driving the growth of the animal feed protein treatment market.

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The animal feed protein market covered in this report is segmented –

1) By Product: Plant Protein, Animal Protein, Alternative Protein

2) By Livestock: Poultry, Swine, Cattle, Aquaculture, Petfood, Equine

3) By Form: Dry, Liquid

Major companies operating in the animal feed protein market are focused on developing innovative solutions such as lysine-based animal feeds. Lysine-based animal feed refers to animal feed formulations that incorporate lysine as a key ingredient or additive. Lysine is an essential amino acid that plays a crucial role in the protein synthesis of animals. For instance, in June 2023, Evonik Industries AG, a Germany-based world leader in specialty chemicals launched ‘Biolys’ higher concentration of L-lysine. The Biolys enables customers to fulfill their animals' essential amino acid L-lysine requirements with even greater efficiency. The product comprises granulated L-lysine combined with a nutritionally dense biomass.

The animal feed protein market report table of contents includes: