Plasma Powder Market Size, Share and Industry Analysis Report by Source (Bovine, Porcine) and Application (Food, Animal Feed {Poultry Feed, Swine Feed, Aquafeed, Pet Food, Ruminant Feed}), Regional Outlook, Application Development Potential, COVID-19 Impa

Plasma Powder Market Size, Share and Industry Analysis Report by Source (Bovine, Porcine) and Application (Food, Animal Feed {Poultry Feed, Swine Feed, Aquafeed, Pet Food, Ruminant Feed}), Regional Outlook, Application Development Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2022-2028

The global plasma powder market is projected to exhibit significant growth by 2028 on account of rising product demand among pet food manufacturers. In addition, the expanding pharmaceutical industry is likely to further impel market growth over the forecast period.

Plasma powder is majorly used in the pet feed industry as it enhances the thickness and texture of the food while also increasing the protein content to enrich the quality. Bovine and porcine are highly palatable ingredients. The COVID-19 pandemic considerably impacted the industry due to surging instances of infection around the world, which led to strict lockdowns and pushed manufacturers to halt business activities.

However, relaxations in lockdowns, soaring clinical trials, and prominent development in pharmaceuticals have encouraged the use of plasma powder as a beneficial food ingredient, thereby impelling plasma powder market growth. For instance, in February 2021, the Hospital del Mar Medical Research Institute (IMIM), the Texas University, and the University of California-Davis launched a clinical trial to evaluate the use of bovine-based immunoglobulin to reduce the side effects of the COVID-19 infection.

Moreover, major industry participants have been focusing on expanding their business stature through acquisitions and partnerships to maintain a strong presence in the market. To cite an instance, in May 2022, Darling Ingredients, a developer of food additives, acquired Valley Proteins, a provider of animal processing and waste streams for $1.1 billion. The acquisition was slated to improve the company’s capacity to provide increased low carbon intensity feedstocks to cater to the escalating demand for renewable diesel.

The global plasma powder market has been bifurcated in terms of application, source, and region.

With regards to application, the industry has been divided into food, animal feed, and others. The animal feed segment has been further classified into swine feed, pet food, poultry feed, aquafeed, ruminant feed, and others.

The poultry feed segment is slated to grow at a CAGR of over 6% between 2022 and 2028. Likewise, the others animal feed segment is anticipated to exhibit significant growth at around 6% CAGR over the analysis period. Meanwhile, the ruminant feed segment was valued at around $225 million in 2021 and is expected to observe strong progress at a CAGR of above 4% through the study timeframe.

In the regional framework, the plasma powder market in the LATAM region holds a sizable revenue share and is estimated to showcase steady growth at a CAGR of more than 4.7% over the assessment period. The booming pharmaceutical sector in the region is foreseen to bolster industry expansion in Latin America. On the other hand, the Middle East & Africa plasma powder industry was valued at approximately $84.5 million in 2021 as a result of increasing consumption of poultry as a protein source across MEA.