Plasma feed market has registered considerable growth over the years due to augmenting interest of consumers in health of pet animals. Addition of plasma proteins in animal feed has been found to be beneficial for the healthy development of animals. With expanding consumption of animal protein and increasing awareness about constituents of animal feed, addition of enhanced nutrients in animal feed has become imperative, thus adding impetus to plasma feed market.
Meat consumption across the globe has recorded considerable increase in the past few decades as rise of middle class population in emerging economies has shifted food preferences. This shifting trend of greater meat consumption has been apparent in the expanding pork industry which has in turn created greater opportunities for the plasma feed market.
Recent studies in the U.S. have underlined the fact that the food preference by the American population is also registering considerable shift towards plant based protein consumption and while beef consumption is registering a downward trend, chicken consumption is rising. Spray dried plasma in pre-starter diets has been found to be beneficial for the gut health of young poultry.
For instance, with increased pork consumption over the last few decades, concerns had been raised about the growth promoting and therapeutic antibiotics in piglet feed due to their tendency of generating antimicrobial resistance can be a risk to human lives when transferred through consumption. The use of spray dried plasma instead of antibiotics considerably reduces such risk and therefore has witnessed greater demand from plasma feed market.
Spray dried plasma feed has also proved to be beneficial for early lactation dairy cows. A recent study by a team of international researchers demonstrated that addition of spray dried plasma feed in diets of dairy cows improved milk yield and milk fat content.
Another prominent trend that has aided the growth of the plasma feed market is the millennial preference of adopting companion animals like cats and dogs. With substantial disposable incomes and fewer responsibilities due to postponement of other more expensive and traditional life goals, millennials are found to be spending more to ensure the well-being of their pets. Spray dried plasma, which is rich in protein has found favorable application in pet foods especially cat food due to preference showed by cats and the physiochemical benefits spray dried plasma imparts to cat food. Due to increasing demand, global plasma feed market is anticipated to register a CAGR of 5.5% over 2019-2024 with market valuation surpassing USD 2.6 billion by 2024.
Region wise, plasma feed market has been subdivided into North America, Asia Pacific, Europe, South America and MEA. Increasing animal protein consumption in Asia Pacific countries with emerging economies such as Vietnam, China and South Korea has led to greater focus on animal nutrition which in turn will add considerable growth impetus to plasma feed market. Awareness and greater expenditure and research and development of animal feed in countries with developed economies like those in Europe and North America will also help to boost plasma feed market revenue share.
The plasma feed market is highly competitive due to the presence of various industry players from all over the world such as EcoFeed LLC, Kraeber and Co, Darling Ingredients, FeedWorks, Lican Food, Lihme Protein Solutions, Puretein Agri, Rocky Mountain Biologicals, Sera Scandia, SARIA Group, Veos Group etc.
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Plasma feed market is segmented on the basis of source and application.
Based on source, plasma feed market is further subdivided in to porcine, bovine and other sources. In 2018, porcine derived plasma feed dominated the market shares and is expected to register a considerable CAGR over the forecast period.
Based on application plasma feed market is subdivided in to aquafeed, swine feed, pet food and others. Due to rising pet adoption and greater expenditure on nutritionally rich pet food, plasma feed market earned the biggest portion of its revenue share from pet food application in 2018. However, over the forecast period, aquafeed is expected to replace pet food as the dominating application segment in terms of growth rate.
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