As a road to meeting the global food demand of a projected mid-century population of 9.7 billion, stakeholders are likely to up their investments in alternative protein market for animal feed. Amidst mounting pressure to keep up with the global food demands, protein-rich plants and beef consumption will receive considerable attention.
A notable surge in the demand for livestock products has propelled the penetration of protein-based animal feeds. Vegetable based protein for livestock feed will be majorly sourced from soybean—following its market penetration in both aquaculture and agriculture.
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According to FAO, world meat production is projected to surge two-fold by 2050, emerging economies such as India, China and Brazil will be the major contributors. With soaring demand for high protein vegetable animal feed, key industry players are likely to underscore their market positions. Global Market Insights, Inc., has projected alternative protein market for animal feed to surpass US$4 billion by 2026.
Mega-trends which are likely to spur business strategies and help stakeholders, including CXOs in the industry are delineated below:
Cattle livestock to exhibit sustained demand
Bullish demand for beef and beef-based products is likely to bolster alternative protein market trend for animal feed. For instance, the U.S. exported around US$6.9 billion of beef in 2019, accounting for 13.4% of total beef exports globally. Meanwhile, Brazil, Netherlands and India exported 12.6%, 6.1% and 6% of global beef respectively. Accordingly, alternative protein for animal feed market size from cattle livestock was pegged at US$627.61 million in 2019, expanding at a healthy CAGR of around 7.3%.
According to UN’s FAO, beef consumption is projected to surge to 76 Mt over the next ten years, while several countries which have witnessed high beef per capita consumption may experience a dip in beef consumption, favoring poultry meat and cheaper pig meat. Robust projections are likely to instill confidence among stakeholders as they eye to gain an edge in the competitive ecosystem.
Pigmeat and poultry meat to remain primary drivers
While the African swine fever (ASF) outbreak is likely to reduce global pigmeat output through 2021, a steady rise is expected thereafter—global pigmeat consumption is likely to soar to 127 Mt over the next ten years. The swine segment market size was projected to stand at US$578.62 million in 2019 and will be pegged at US$941.33 million by 2026; expanding at a robust CAGR of around 7.3%.
Burgeoning world population and growing appetite for protein are likely to trigger growth in pigmeat consumption. Meanwhile, smallholder and commercial poultry enterprises are likely to infuse funds in poultry sector. Even though fishmeal and soya bean have been the go-to protein sources in poultry feeds, they are grappling to keep up with the unprecedented demand. Poultry meat will remain a primary driver in the growth of meat consumption following the shift from pigmeat consumption.
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Soy protein set to boost the trend among millennials
Growing realization that livestock animals may be a considerable source of greenhouse-gas emissions has accentuated the expanding footfall of soy protein. A seismic rise in the number of vegans, vegetarians and egalitarians among millennials has stimulated the production of soy protein.
It is pertinent to mention that animal welfare organizations have vouched for artificial meat as a viable means to do away with livestock. Changing consumer behavior will have a notable impact on the commercialization of alternative protein and bolster the business outlook.
LATAM to remain a happy hunting ground
Considering the prospect of beef industry in Brazil, Latin America alternative protein market for animal feed will witness sizeable investments during the assessment period 2020-2026. It is pertinent to mention that Brazil is among the largest exporters of beef, according to the United States Department of Agriculture—witnessing nearly 20% of the total global beef exports in 2018. The USDA claims Brazil to reign supreme with export projected to reach 2.9 million metric tons by 2028.
Sustained beef demand has propelled productivity and production gains as LATAM alternative protein market size for animal feed was projected to be around US$276.71 million in 2019. In the wake of ASF outbreak, leading companies are likely to up their efforts on R&D activities.
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Along with the vegan tradition coming to the fore, the emergence of sizeable middle class, upsurge in incomes and changing food habits will have a positive influence on the industry outlook.
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Related Report from Other Source: Alternative Protein Market for Animal Feed Worth $4 Billion by 2026, Says Global Market Insights, Inc.
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