Market Trends of Plasma Feed Industry
This section covers the major market trends shaping the Plasma Feed Market according to our research experts:
Increasing Demand for Animal-based Protein Sources
Increasing pressure on the livestock industry has intensified in recent years to meet the growing demand for meat and high-value animal protein. Population growth, rising incomes in developing nations, and urbanization have led to a surge in global livestock consumption. The level of income and consumption of animal protein has been found to be directly correlated to the consumption of milk, meat, and eggs, which is increasing at the expense of staple foods.
The highest growth in meat consumption is expected from the Asia-Pacific and Latin American regions, because of changing diet patterns, urbanization, and economic growth. The demand for fish is increasing rapidly as more and more people become aware of the health benefits of fish consumption. Thus, the increasing life expectancy and limited availability of land and water resources for animal feed production coupled with the robust demand for animal-based protein sources is driving the plasma feed market.
North America Dominates the Market
The United States and Mexico are the major markets that account for nearly 88% of the North American plasma feed market. Beef, poultry, and veal are the most commonly consumed meats in North America. By value, North America accounts for 28% of the global market. The United States is a well-established market with strong demand for organic meat, which has compelled farmers to use natural ingredients.
In 2017, the US Food and Drug Administration banned the use of antibiotics as a feed supplement. Due to this ban, growth promoters are not likely to be available in the country but plasma feed protein sources can be used as an alternative to antibiotics. Stringent approval systems in place by the US government on certain feed additives are making it difficult to manufacture and market new products, thereby fueling the need for alternatives and boosting the demand for plasma feed ingredients.
