Livestock animals have been a part of the global food supply for the longest time now, making animal feed an increasingly crucial element of the integrated food chain. In recent decades, population growth across developed and developing economies has pushed the demand for alternative food sources and resulted in a considerable rise in eggs, meat, and dairy consumption. This, in addition to the increasing concerns regarding livestock health and nutrition, has strengthened the requirement for steady supplies of suitable, cost-effective, and safe animal feed.
The protein content in animal feed promotes the synthesis of amino acids and caters to the ammonia requirement of the ruminant's diet. Besides, it plays a critical role in supporting healthy hormone production and immune system in livestock animals while ensuring body tissue development and cell regeneration. Growing consumer inquisitiveness towards the quality of feed being given to the animals whose products they are consuming, accompanied by the changing food trends across the globe, will boost the expansion of the animal feed protein ingredients market in the foreseeable future.
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POPULARITY OF OILSEED MEALS ON THE RISE
Oilseed meals are a plant-based alternative, obtained as a derivative of oil extractions, and are an optimal source of protein. They have an adequately high protein composition and are a natural and cost-effective alternative to other feed products.
Soybean remains the most preferred source of high-quality vegetable protein for animal feed manufacture, driven by its balanced amino acid composition and high crude protein content varying from 44% to 50%, making it ideal for high-performance monogastric diets.
Further, the ongoing research and development in soybean genetics and the government-imposed ban on meat and bone meal in regions like Europe are poised to support the segment expansion. In consequence, this will have an impact on animal feed protein ingredients industry share in the times to come.
GROWING CONSUMPTION OF MEAT ACROSS THE ASIA PACIFIC
As per the Meat Atlas 2021, Asia will account for nearly 56% of the global meat imports by 2029. The primary factors contributing to the development of the Asia Pacific animal feed protein ingredients market are the massive population growth, increasing life expectancy, and the prevalence of malnutrition among children. In addition, several government-backed initiatives in countries like India, Vietnam, Taiwan to increase the production of poultry and commercial livestock are likely to support the regional market outlook.
According to the USDA FAS Livestock and Products annual report 2021, India's carabeef and beef production is expected to reach around 4.25 million metric tons in 2022 compared to 250,000 metric tons in 2021, while the exports may achieve the 1.5 million metric tons mark.
This appreciable growth has been observed despite the supply chain disruptions faced by the industry due to pandemic restrictions and supply chain bottlenecks.
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Increasing cultural exchanges, flourishing travel, and tourism, and constantly improving disposable incomes have significantly transformed the food habits of people across the region. The proliferation of the aquafeed additives industry, expanding aquaculture trade, and the growing requirement for alternative food sources have increased seafood and fish consumption over the years.
With changing lifestyles and transforming food trends, and the availability of materials at affordable prices, animal feed protein industry forecast will continue to remain strong in the future.
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