The scope of our recent study on the “Microbial Protein for Feed Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Source and Application” includes factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players, along with their key developments.
The microbial protein for feed market size is expected to grow from US$ 141,095.88 thousand in 2022 to US$ 308,055.17 thousand by 2028; it is estimated to register a CAGR of 13.9% from 2022 to 2028.
Microbial protein is one of the most sustainable sources of protein for animal feed. The animal feed industry is one of the largest users of land and water resources globally. Moreover, the need for protein-rich feed is increasing due to the rising population and the increasing demand for meat. This factor is leading to the rising demand for protein such as fish meal and soybean meal. However, the cultivation of soybean meal to feed the livestock is leading to deforestation and loss of biodiversity. Moreover, fish meal production is causing overexploitation of fish stocks. Therefore, manufacturers are shifting to alternate sources of proteins that are sustainable. This factor is driving the microbial protein for feed market.
Based on application, the global microbial protein for feed market is segmented into poultry, aquaculture, ruminants, and others. The aquaculture segment held the largest share in 2021. The rising demand for alternate protein sources to fish meal in the aquaculture industry is driving the market for the segment. Moreover, the rising demand for seafood over beef and pork owing to its health benefits is driving the demand for protein-rich aquafeed in the global aquaculture industry.
The global microbial protein for feed market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. In 2021, Europe held the largest market share; however, Asia Pacific is expected to register the highest CAGR from 2022 to 2028. The presence of a well-established animal feed industry in countries of Asia Pacific such as China and India provides strong growth opportunities to the manufacturers of microbial protein for animal feed. Therefore, manufacturers are expanding their footprints across Asia Pacific. For instance, in 2022, Calysta Inc. started its commercial microbial protein manufacturing plant in China with 20,000 tonnes annual operating capacity. Such initiatives are expected to further propel the regional market growth in the coming years.
Impact of COVID-19 Pandemic on Microbial Protein for Feed Market
Many economies were affected due to the impacts of the COVID-19 pandemic. The significant disruption in manufacturing activities and raw material sourcing significantly impacted the growth of microbial protein for feed market. Due to lockdowns, travel restrictions, trade limitations, manufacturing unit shutdowns, and other government restrictions, the animal feed industry faced significant challenges in the production and distribution of feed and feed ingredients. International and local restrictions naturally led to increased costs of animal feed products, which impacted animal farms in different countries. According to the National Center of Biotechnology Information (NCBI) 2021 report, the prices of animal feed ingredients increased by 15% in India and many countries in Africa. Microbial protein for feed applications is still in the development phase. Thus, the shortage of laborers in animal feed processing industries and disruptions in research & development activities led to the limited production of microbial proteins. However, the increasing awareness about sustainable feed ingredients bolsters the demand for microbial protein in the animal feed industry.
In 2021, governments of various countries announced relaxations in previously imposed restrictions and permitted manufacturers to work at full capacities. Thus, increased production volumes and improved supply chain operations bolstered the microbial protein for feed market growth.
The report includes the segmentation of the global microbial protein for feed market as follows:
The global microbial protein for feed market is segmented based on source, application, and geography. Based on source, the market is segmented into bacteria, yeast, and others. Based on application, the market is segmented into poultry, ruminants, aquaculture, and others. By geography, the global microbial protein for feed market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, South & Central America, and Central Asia.
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