Asia Pacific Alternative Protein Market size for Animal Feed exceeded USD 1.15 billion in 2020 and is estimated to expand at 8.5% CAGR from 2021 to 2027. Increasing meat and meat based products consumption mainly in China, India, Malaysia, and Thailand due to livestock production along with easy availability of meat products due to efficient distribution channel such as supermarkets and retail stores is likely to stimulate the industry growth.
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In addition, animal feed proteins market size should be driven by an increase in financial funding to farmers for carrying out supporting agribusinesses such as livestock and poultry, which has resulted in increased need for cost effective and efficient animal nutrition products. Consumer awareness of extrinsic meat quality will drive the global meat business, resulting in increased market demand.
Asia Pacific Market, By Product
The insect protein segment for animal feed application is anticipated to reach USD 95 million by 2027. Insect protein is derived from edible insects, where edible insects are, in general, rich in protein, fat, and energy and can be a significant source of vitamins and minerals and they are most sustainable alternative protein source in food and feed.
As per several research it is found that 2,000 insect species are approximately consumed by pet animals and humans across the globe in their daily diet. Also, extensive research on the nutritional composition of edible insects is still going on to find more edible insects with high nutritional value.
Asia Pacific alternative protein market revenue from duckweed source segment was around USD 6 million in 2020. Duckweed has a wide range of uses, including cattle feed, biofuel for ethanol manufacturing, and even human nutrition. Duckweed is a simple plant to produce that has a dual purpose of recycling nutrients from various biomass sources. It is a plant that most closely approaches the protein values of animal meat since it has a nutrition composition similar to soybeans.
Asia Pacific Market, By Livestock
The poultry application segment will record over 9% growth rate during the forecast period. Poultry is defined as rearing of birds domestically or commercially for eggs, meat, and for various other purposes. Protein is required to improve their immune systems and build tissues. Additionally, they offer all essential proteins and other nutritional value, which is required for bird growth. Additionally, growing meat & meat products consumption mainly in India, and China due to rise in protein intake for better diets along with positive outlook toward the meat processing industry. This has concurrently fueled the demand for alternative in poultry to give them adequate nutrient and protein.
Competitive Industry Landscape
Key market players include Hamlet Protein A/S, Du Pont, Archer Daniels Midland Company, Nordic Soy Oy, Deep Branch Biotechnology, and CHS Inc.
Companies are focusing on strategic initiatives such as acquisition, agreement, and merger to expand their presence into the market. In February 2020, Cargill announced the launching of selected plant-based protein products which included ground & patty shaped versions. This decision is intended to enhance Cargill’s existing product portfolio and create a competitive edge.