The animal feed protein ingredients market is expected to surpass US$ 200 billion by 2024. This according to Global Market Insights Inc.
Demand for dietary proteins among expanding population, supported by rise in economic standards is driving animal feed protein ingredients market share. Growing awareness pertaining to benefits of animal proteins has led to increasing production of meat and meat products. Animal feed protein is gaining popularity owing to its ability to increase nutritional value of the animal derived product, hence propelling animal feed protein ingredients market share. Meeting consumer demand for poultry and other livestock products is majorly dependent upon regular supplies of appropriate, cost-effective and safe animal feeds. Animal protein meals provide a good source of essential amino acids which boost immunity and nutritive value of livestock. Moreover, these feeds aid amino acid synthesis which helps in improving performance and productivity of animals. These factors are estimated to influence animal feed protein ingredients market trends over coming years. In terms of revenue, global animal feed protein ingredients market size is projected to surpass US$ 200 billion by 2024.
Over the past years, constructive growth in fish meal manufacturing has been witnessed and fish meal is expected to account for 3.6% of the revenue in animal feed protein ingredients market over 2017-2024. Fish feed enhances feed conversion, palatability and nutrition uptake, primarily in young animals. Growing application potential in feed for swine during weaning period to reduce nutritional, environmental and physiological stress is anticipated to shape animal feed protein ingredient market outlook in the coming years.
Sunflower meal market size from aquaculture is projected to account for 5% of the global animal feed protein market share by 2024. Sunflower meal is a potential alternative for fish meal, being cost-effective and serves as a low fibre, high protein meal. Rising demand for sunflower based product has resulted in increased sunflower production, which in turn will stimulate sunflower meal production as a by-product, hence strengthening animal feed protein ingredients market forecast for the coming years.
In the regional landscape, US soy meal market size is estimated to boost overall animal feed protein ingredients market outlook, by a revenue generation of over US$16 billion by 2024. Increased production of soybean backed by increasing investments to develop technologies for easy soy meal extraction across the region is anticipated to act as a major contributing factor towards expansion of soy meal market size and in turn, animal feed protein ingredients market share.
Blood meal product is estimated to garner considerable gains in China animal feed protein ingredients industry, with a notable CAGR of over 4.5% over the forecast timeline. Blood meals offer high nutritive value owing to presence of amply digestible protein along with essential amino acid such as histidine, leucine, tryptophan, phenylalanine, iron and lysine. It is primarily used as fish meal, as it enhances fish growth and feed efficiency and is likely to propel blood meal market growth across the region.