Market Highlights
Global Plasma Feed Market size is expected to reach a value of approximately USD 2.6 billion by 2024, expanding at a CAGR of 5.5%. The proteins derived from animal blood (plasma) and used as an additive to the animal feed are referred to as plasma feed or plasma protein animal feed. The market is expected to be lucrative for the vendors active in the global plasma feed industry due to the surge in consumption of plasma feed in aquafeed and the growth of the aquaculture industry. Moreover, increasing initiatives by various government and non-government organizations to promote the animal feed industry for the betterment of livestock are expected to create lucrative opportunities in the global market. Moreover, the increase in the sustainable supply of feed for pet food and aquafeed and growth of the livestock feed market are expected to drive the growth of the market.
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Key Players
Some of the key players in the Global Plasma Feed Market include EcooFeed LLC (US), Sera Scandia (Denmark), FeedWorks (Australia), Veos Group (Belgium), SARIA Group (Germany), Lihme Protein Solutions (Denmark), Puretein Agri LLC. (US), Lican Food (Chile), Kraeber & Co Gmbh (Germany), The Lauridsen Group Inc. (US), Rocky Mountain Biologicals (US), and Darling Ingredients Inc. (US).
Market Segment
The global plasma feed market has been segmented by source and application.
Based on source, the global plasma feed market has been segmented into bovine, porcine, and others. The porcine segment accounted for the largest revenue share of the market and is estimated to register the highest growth rate during the forecast period. The growth of the segment can be attributed to several health benefits offered by the porcine plasma feed. The large-scale slaughter of pigs for their meat helps in the collection of their blood in large volumes, which, in turn, drives the growth of the segment.
By application, the global plasma feed market report has been divided into pet food, aquafeed, swine feed, and others. The pet food segment is projected to dominate the market during the review period, as plasma feed efficiently fulfills the requirement of protein in pets. Plasma feed is a natural, sustainable, and efficient source of nutrition for pets. However, the aquafeed segment is projected to expand at the highest growth rate during the forecast period owing to the increasing demand for aquafeed and the expansion of the aquaculture industry.
Regional Analysis
In terms of region, the global plasma feed market has been segregated into North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is projected to dominate the global plasma feed market during the forecast period. The market in the region is expected to register the highest growth rate owing to the rising consumption of meat in various countries. According to the data revealed by the Food and Agriculture Organization, meat consumption is increasing at a growth rate of 5% each year. Growing consumption of meat has increased the slaughter rate, which, in turn, is projected to augment the supply of blood plasma to the market players and catalyzes the growth of plasma feed market during the forecast period.
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