What is the global market size of Feed Plant-Based Protein Market?

Feed Plant-Based Protein Market size was valued at USD 13.26 billion in 2021 and is poised to grow from USD 14.1 billion in 2022 to USD 21.13 billion by 2030, growing at a CAGR of 6.4% in the forecast period (2023-2030).

Feed Plant-Based Protein Market Size, Share, Growth Analysis, By Type(Soybean Protein, Wheat Protein, Pea Protein, Sunflower Protein), By Application(Pets, Swine, Ruminants, Poultry), By Region - Industry Forecast 2024-2031

Report ID: SQMIG30C2041 | Region: Global | Published Date: July, 2036
Pages: 165 | Tables: 66 | Figures: 75

Feed Plant-Based Protein Market News

In May 2022, Kerry, announced the opening of its advanced taste manufacturing facility on the African continent. It will produce sustainable nutrition solutions that will be consumed across the African continent.
In April 2022, Kerry announced that it has completed the acquisition of Natreon, Inc., which is situated in the US and is a prominent provider of branded ayurvedic botanical components.
In March 2022, Goodmylk, the plant-based dairy company, acquired nutrition brand PRO2FIT in one of the first M&As in India’s growing plant-based sector. PRO2FIT produces plant-based nutrition products such as vegan protein powder and retails across India.
In January 2022 , PlantPlus Foods Closes $100 Million Acquisition Of Sol Cuisine To Expand Foothold In America’s Plant-Based Market

Feed Plant-Based Protein Market Report Snapshots

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Feed Plant-Based Protein Market size was valued at USD 13.26 billion in 2019 and is poised to grow from USD 14.1 billion in 2023 to USD 21.13 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).

The feed plant-based protein market is relatively fragmented, with a high level of competition. Few large players, like DuPont, Ingredion, and Kroner, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Beyond Meat', 'Impossible Foods', 'Quorn', 'Gardein', 'MorningStar Farms', 'Tofurky', 'Lightlife Foods', 'Boca Foods', 'Amy's Kitchen', 'Field Roast', 'Daiya Foods', 'Sweet Earth Foods', 'No Evil Foods', 'Alpha Foods', 'Dr. Praeger's', 'Yves Veggie Cuisine', 'Loma Linda', 'Sophie's Kitchen', 'Good Catch', 'The Vegetarian Butcher'

The demand for vegetarian protein in the human population has led to a shift in the use of animal products in animal feed. There is evidence that pets, including dogs and cats, share their owners' choice of a plant-based protein diet. Farm animal welfare and rights are the primary concern with meat-based pet food diets. Furthermore, most pet owners are animal enthusiasts, and as a result, they are more inclined to place a high value on the humane and ethical treatment of animals raised for food production. Strong growth drivers in recent years pushing plant-based pet food include an unhealthy impression of meat and environmental and sustainability concerns over animal protein manufacturing.

Key companies like DuPont (US), Roquette Frères (France), Kerry Group (Ireland), and Ingredion (US) have been putting a lot of effort into making feed with protein from plants. In the pet food industry, new technologies have been made possible by a lot of research and development. The Kerry Group (Ireland), Innovation Center, published a study in 2020 that showed that pets are eating more PurePal pet food because it smells better which is driving the demand for it.

In 2021, the European market accounted for the most significant plant-based protein market share globally. Soy, pea, and wheat are three of the most popular plant-based sources of protein for animal feed in Europe. Rising demand for organic materials in the pet food and feed sector is expected to boost sales of plant-based protein components in both North America and Europe. Nonetheless, the Asia-Pacific region is expected to continue seeing significant demand for feed plant-based protein due to factors such as the rising adoption of pets, the expansion of metropolitan areas, the rise of animal husbandry, and the expansion of the meat-eating population. As pet owners in China continue to favor prepackaged pet food over raw ingredients, the demand for plant-based protein in feed is expected to stay high.

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Feed Plant-Based Protein Market Size, Share, Growth Analysis, By Type(Soybean Protein, Wheat Protein, Pea Protein, Sunflower Protein), By Application(Pets, Swine, Ruminants, Poultry), By Region - Industry Forecast 2024-2031

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