Plasma Powder Market Size By Source (Bovine, Porcine), By Application (Food, Animal Feed {Poultry Feed, Aquafeed, Pet Food, Ruminant Feed}), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2

Plasma Powder Market Size By Source (Bovine, Porcine), By Application (Food, Animal Feed {Poultry Feed, Aquafeed, Pet Food, Ruminant Feed}), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023-2032

Global Plasma Powder Market is set to witness rapid expansion between 2023 and 2032, owing to the growing pharmaceutical industry and increasing drug sales across the globe. As per the IBEF statistics, the pharmaceutical and drug exports in the country stood at USD 24.60 billion in FY22 and USD 24.44 billion in FY21. Additionally, consumers from around the world are becoming more attentive towards health and diseases, which will drive the demand for pharmaceutical products. Furthermore, the increasing geriatric population and the rising number of chronic diseases have increased the need for medicines, which will also add impetus to the plasma powder market. According to a WHO report, between 2015 to 2050, the percentage of the world population aged more than 60 years will increase from 12% to 22%. Overall, the plasma powder market has been segmented in terms of source, application, and region. On the basis of source, the market is likely to be characterized by the others segment, which primarily includes lamb plasma powder. Lamb plasma powder has an excellent scope in pet food items such as dog food since it is a nutrient-rich substitute for texture-modifying ingredients. The increasing number of pets across the globe will drive the demand for lamb plasma powder during the next decade. A survey suggested that approximately 27% of adults own a dog in the UK, which has increased from 26% in 2021. Besides, it also revealed that since the beginning of the COVID-19 pandemic, 24% of people have taken up pet ownership in the country. In terms of application, the animal feed segment is anticipated to grow at 5% CAGR between 2023-2032. Since plasma powder is used in a wide range of animal feed, increasing livestock across the globe is bound to increase its market size in the next ten years. Besides, the increasing concerns for pet health and nutrition, coupled with the growing demand for seafood will also propel the plasma powder market growth. According to reports, the total fish consumption is expected to increase by 16.3% and reach 180 metric tonnes by 2029. In the regional context, the Europe plasma powder market will grow at 4.5% CAGR by 2032 end. Consumers are inclined to bakery product consumption that have added fiber and protein, simultaneously reducing their consumption of sugar and calories. As per credible sources, the bread consumption patterns differ with the EU, with an average consumption accounting for 50 kg of bread per person annually. This is anticipated to push the demand for plasma powder for food and beverage applications in the region.