Global Soy Protein for Animal Feed Market 2023-2030

Global Soy Protein for Animal Feed Market 2023-2030

Global Soy Protein for Animal Feed Market Size, Share & Trends Analysis Report Market by Protein Type (Concentrated Soy Protein, Isolated Soy Protein, and Others), and by Application (Aqua Feed, Poultry Feed, Pig Feed, and Others), Forecast Period (2023-2030)

The global soy protein for animal feed market is anticipated to grow at a considerable CAGR of 4.3% during the forecast period. Soy protein is a renowned ingredient in animal feed, as it is a high-quality source of protein that can improve the growth and development of livestock. The use of soy protein in animal feed is used to increase the overall protein content of the feed, which can lead to improved weight gain, feed efficiency, and overall animal health. The major factors contributing to the growth of the soy protein for animal feed market include the increasing livestock population and rising demand for meat and dairy products.

A significant rise in livestock population has been reported across emerging countries. For instance, as per the National Dairy Development Board, in India, the total livestock population increased from 512.1 million in 2012 to 535.8 million in 2019. Increasing dairy farming is the major factor in the increasing focus on livestock farming in the country. This leads to the increasing demand for soy protein for animal feed which is which is highly nutritious for different livestock.

In April 2023, China's agriculture ministry issued a three-year action plan to reduce soymeal use in animal feed as it tries to reduce its heavy reliance on soybean imports. The new plan proposes soymeal ratios in animal feed should be reduced to less than 13.0% by 2025, from 14.5% in 2022. Such restrictions in major economies such as China may hamper the growth of the global soy protein for animal feed market.

Segmental Outlook

The global soy protein for animal feed market is segmented based on protein type and application. Based on protein type, the market is segmented into concentrated soy protein, isolated soy protein, other products. Based on application, the market is segmented into aqua feed, poultry feed, pig feed, and other application.

Poultry to Exhibit Considerable Growth Based on Application

The poultry segment is expected to be the fastest growing segment during the forecast period. The continuously rising demand for poultry meat and eggs has driven the demand for more poultry farms. Soy protein feed increases the nutritional value of the feed given to the poultry, making it highly sought after in this market segment. The growing demand for poultry is significantly impacting the growth of this segment. Poultry-based products are used for animal nutrition to enhance the quality of feed and the quality of food, while also improving the performance and health of the animals. Additionally, poultry animals are usually bred in captivity and are prone to developing deficiencies. These poultry-based products ensure that the livestock does not develop any deficiencies and grows to their maximum potential.

Regional outlook

The global soy protein for animal feed market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). North America held considerable share in the global soy protein for animal feed market.

Global Soy Protein for Animal Feed Market Growth, by Region 2023-2030

Source: OMR Analysis

Asia-Pacific Held Considerable Share in the Global Soy Protein for Animal Feed Market

The Asia-Pacific held considerable share in the global market. The presence of a large livestock population and its steady growth rate in the region are propelling the market’s expansion. For instance, according to the National Dairy Development Board, the number of livestock in India has increased from 485 million in 2003 to 535.8 million in 2019. Additionally, the Department of Animal Husbandry & Dairying reported that the total number of Commercial Poultry in India was 534.74 million in 2019, showing a significant increase of 4.5%.

However, the livestock sector in the region faces several concerns. There is a shortage of feed and fodder, a loss of traditional cattle breeds, inadequate infrastructure, and the sector's contribution to global warming are some of the challenges that need to be addressed. Despite these challenges, the Asia-Pacific region remains a key player in the global market due to its substantial livestock population and its ongoing growth. Finding sustainable solutions to the concerns facing the livestock sector will be crucial in ensuring its continued growth and development.

Market Players Outlook

The major companies serving the global soy protein for animal feed market include Archer Daniels Midland Co., Cargill Inc., Wilmar International Ltd., Kerry Global, and DHN International among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in March 2023, Unibio International PLC has signed an agreement with the Saudi Industrial Investment Group (“SIIG”) to invest approximately $70 million (GBP 59 million) in Unibio. The proceeds will be deployed to enable Unibio’s vision of feeding the world’s growing population in a sustainable way. Unibio will use the funds to roll-out new global production capacity, grow operating capabilities, and accelerate innovation and commercialization.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global soy protein for animal feed market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.