The global processed animal protein market size was valued at USD 12.32 billion in 2020 in terms of annual valuation. Projections show that the market value is slated to grow USD 12.56 billion in 2021 to USD 15.21 billion in 2028, recording a CAGR of 2.78% during the forecast period. The market growth is largely driven by the increasing meat consumption worldwide. Fortune Business Insights presents this information in its report titled “Processed Animal Protein Market, 2022-2029.”
The demand and consumption of meat and poultry products have increased tenfold in the past few years. Consequently, the amount of waste generated from the meat processing sector has increased as well. The disposal of this waste is becoming increasingly difficult, leading to increased environmental concerns. A sustainable solution for these concerns is the recycling of waste products and by-products into animal feed products. This factor will play a major role in driving the consumption of processed animal protein products worldwide.
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Supply Chain Uncertainty Impeded Market Growth during Pandemic
Supply chain disruptions, unavailability of raw materials, and increasing instances of panic buying among consumers led to a significantly shortage during the COVID-19 pandemic. Market players also faced new challenges such as restrictions on movement of goods and temporary shutdowns. These factors affected the consumption of processed animal protein products during the pandemic period. Demand was also affected due to shifting inclination of several consumers towards vegan diets. To overcome these challenges, companies are implementing new strategies. For example, Tyson Foods improvised their supply chain capabilities to sustain operations amid the global pandemic.
Based on source, the market is segmented into poultry, beef, pork, and others.
On the basis of form, the market is bifurcated into dry and liquid.
Geographically, the market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
What does the Report Include?
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Surging Meat Consumption Worldwide to Propel Market Forward
Meat consumption has increased significantly over the past decade, leading to increased amount of animal waste from the meat processing sector, which requires proper management. The disposal of such waste is a cost-intensive process and involves raw materials, labor, disposable land, and logistics. Several environmental constraints are associated with the handling of such waste as it can cause air, water, or ground contamination. The ground adoption of advanced processes such as rendering to reduce such waste will work in favor of the processed animal protein market growth.
On the contrary, strict regulatory frameworks governing the production of processed animal protein products could affect the market growth slightly.
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Rising Poultry Consumption to Augment Market Growth in Asia Pacific
Asia Pacific is expected to be the leading region in the worldwide processed animal protein market share during the projected period. The regional demand is influenced by rising production of poultry, beef, and pork products across China, Japan, and India. Since these countries rely on the quality of animal feed to boost production yield, Asia Pacific will be a highly lucrative market in the forecast period.
The market in North America, led by the U.S., will experience robust growth over 2021-2028. Around 49% of animal by-products in the U.S. come from the meat processing sector and are not fit for human consumption. Growing use of such products for manufacturing protein supplements and other end-use products will drive the regional market.
Meanwhile, the European market will grow on account supportive norms in EU countries that allow the use of processed animal protein in animal feed production.
Notable Industry Development:
July 2021: De Heus, an animal feed company based in Russia, acquired Coppens Dierveoding to upgrade production capacity and expand its market share.
The Report Lists the Key Players Profiled in the Market Report:
- Tyson Foods, Inc. (Arkansas, U.S.)
- Sonac (Darling Ingredients Inc.) (Netherlands)
- Ridley Corporation Limited (Australia)
- BOYER VALLEY COMPANY, LLC. (Iowa, U.S)
- Nordfeed (Izmir, Turkey)
- West Coast Reduction Inc. (Canada)
- Valley Proteins Inc. (Virginia, U.S)
- Sanimax (Montreal, Canada)
- FASA Group. (Brazil)
- Leo Group Ltd. (U.K.)
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