Categories: Food & Beverages

Feed Fats And Proteins Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Feed Fats And Proteins Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Feed Fats And Proteins Global Market Report 2024, The feed fats and proteins market size has grown strongly in recent years. It will grow from $8.73 billion in 2023 to $9.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to industrialization of livestock farming, animal health and productivity, fluctuations in feed ingredient prices, globalization of livestock production, nutritional awareness, regulatory support.

The feed fats and proteins market size is expected to see strong growth in the next few years. It will grow to $11.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to rising demand for aquaculture feed, alternative protein sources, biosecurity concerns, impact of climate change, growing demand for animal protein. Major trends in the forecast period include technological advancements in feed formulation, traceability and transparency, integration of digital technologies, innovations in feed additives, sustainable sourcing.

The rise in pet adoption is expected to propel the growth of the feed fats and proteins market going forward. Animal adoption is acquiring animals through rescue groups instead of purchasing them from pet shops or breeders. Protein- and fat-rich meals help build and repair the bodies of companion animals such as dogs. For instance, in 2021, according to Chewy Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US, which resulted in the highest adoption rate of 61% in the past six years. Furthermore, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, about half of Australian households had at least one dog, making them the most common pet. In 2022, 48% of households had dogs, up from 40% in 2019. Therefore, the rise in the pet adoption rate is driving the growth of the feed fats and proteins market.

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The feed fats and proteins market covered in this report is segmented –

1) By Source: Animal, Plants

2) By Product: Oilseed Meal, Fishmeal, Animal By-Product Meal, Other Products

3) By Livestock: Ruminants, Poultry, Aqua, Swine, Equine, Other Livestock

Product innovations are a key trend gaining popularity in the feed fats and proteins market. Major companies operating in the feed fats and proteins market are focused on innovating new products and solutions to strengthen their position in the market. For instance, in December 2021, BASF SE, a Germany-based chemical company, launched Natupulse TS, an innovative feed enzyme for animal feed, to improve nutrient digestion and make animal feed more cost-effective and sustainable. Natupulse TS enhances nutrient absorption and increases the affordability and sustainability of meal. Beta-mannanase is introduced to the feed, reducing the viscosity of the digest, reducing the digestibility of the feed, and ensuring a more sustainable output. It increases feed efficiency, improves nutrient digestibility, and supports more sustainably produced animal protein.

The feed fats and proteins market report table of contents includes: