The growth of the plasma powder market is driven by the rising demand for protein-rich feed ingredients, increasing pet ownership, and rising disposable income, says this report.
SELBYVILLE, Del., July 11, 2022 /PRNewswire/ -- According to the report published by Global Market Insights Inc., the global Plasma Powder Market was valued USD 2.80 billion in 2021 and is expected to reach a valuation of around $4.05 billion by 2028, progressing at a CAGR of 5% from 2022 to 2028. The report provides a detailed analysis of major investment pockets, drivers & opportunities, wavering market trends, market size & estimations, top winning strategies, and competitive scenario.
Plasma powder is a highly palatable protein source designed to add value to wet pet food, snacks, or treats. Key benefits of plasma powder, such as improvement in food texture, better food binding capability, heat stability emulsification, high digestibility, and natural formulation, have augmented product adoption. For instance, in poultry livestock, plasma powder is included in the pre-starter diet to fulfill the requirement of a healthy gut and growth performance, wherein it also provides health advantages like increased survival rate, better growth performance, and improved intestinal health.
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As plasma powder enhances stability, helps with production, and boosts dosage form performance, it finds extensive usage in various applications. Shifting preferences of pet owners toward buying nutritious meals are boosting the demand for plasma powder in animal dietary supplements. Burgeoning sales of medicines are also aiding product penetration in the pharmaceutical industry. Owing to these factors, the plasma powder market share from the others application segment is expected to reach over $140 million in revenue by the end of 2028.
Key reasons for plasma powder market growth:
- Growing demand for lamb plasma powder in pet food.
- Rising usage of bovine plasma powder in livestock feed.
- Increasing product uptake in animal dietary supplements.
2028 forecasts show the 'others' segment retaining its dominance:
Based on source, the others plasma powder segment is anticipated to progress at a CAGR of over 4.5% between 2022 and 2028. This growth is attributed to the mounting inclusion of lamb and sheep plasma powder in wet pet food, snacks, and treats. Lamb plasma powder is widely utilized in pet food as a nutrient-rich substitute for texture-modifying components, which is likely to further support segmental development.
On the other hand, the bovine plasma powder industry is speculated to grow at nearly 5.5% CAGR over the review period. Soaring focus of livestock producers on animal health to prevent disease outbreaks is stimulating animal feed demand, which is estimated to bolster segmental growth over the forecast period.
Europe to continue its top status in terms of revenue:
In the geographical framework, the plasma powder market in Europe is contemplated to reach around $1,240 million in revenue by the end of 2028. High consumer inclination to consume less sugar and calories is projected to impel the demand for baked goods with added protein and fiber. Subsequently, skyrocketing need to improve the protein content as well as the quality of processed foods like pasta and cakes would escalate product penetration in Europe, which is primed to foster industry outlook.
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Impact of COVID-19 pandemic on plasma powder market:
The COVID-19 outbreak caused a notable surge in pet adoption as people sought companionship while they were forced to stay indoors due to government-imposed lockdowns worldwide. Moreover, the rise in pet ownership and increase in disposable income concomitantly fueled consumer spending on pet food. Subsequently, escalating demand for high-quality pet food has positively impacted business growth during the pandemic.
Leading market players:
Prominent companies operating in the global plasma powder market include Veos Group, APC, Inc., ACTIPRO, Lican Food, Merck KGaA, Darling Ingredients, Rock Mountain Biologicals, SARIA Group, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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