Plasma Powder Market Size Projected to Generate a Revenue of $4,249.2 Million by 2031Download Sample Reports Overview
The Global Plasma Powder Market Size is predicted to be valued at $4,249.2 million by 2031, surging from $2,651.3 million in 2021, at a CAGR of 4.9%.
Impact Analysis of COVID-19 on the Plasma Powder Market
The COVID-19 pandemic has seriously disrupted market operations for plasma powder due to lockdown and market shutdown. The COVID-19 outbreak significantly hampered market expansion and became a significant barrier to the sector growth. Plasma synthesis was also impacted by the strict regulatory framework for animal-based protein in animal feed. While the initial outbreak caused disruptions, the increase in demand for plasma powder products has provided an opportunity for growth and development in the post-pandemic period. The strict cross-border travel restriction announced by government authorities to reduce the spread of the pandemic highly disrupted the supply chain and created significant complexities in trade channels. Also, volatility in currency exchange rates, closures of ports and warehouses, stockpiling at manufacturing facilities, and other factors significantly hampered the plasma powder manufacturing businesses to a greater extent.
Global Plasma Powder Market Analysis
Growing adoption of pets worldwide, as well as an increase in demand from pet manufacturers for new ingredients to promote pet health, are projected to boost the plasma powder market during the forecast period. The plasma powders provide a nutritious alternative, provide a highly digestible protein, and improve overall pet health. Moreover, rapid development in plasma powder product lines by adding nutritional ingredients is creating significant demand in the market.
However, the availability of lower-cost alternatives and a lack of awareness among agricultural communities in developing and undeveloped nations are important factors impeding worldwide plasma powder market growth over the forecast period. Furthermore, plasma powders are only produced in specialized facilities that have the necessary equipment, technology, and expertise. This limits the number of manufacturers in the market, reducing competition and increasing prices. The complexity of the manufacturing process, limited supply, and high costs are significant limitations of the plasma powder, which affects the plasma powder market share.
Major manufacturers operating in the market are introducing a new product range of plasma powder that provides passive mucosal immunity against viral and bacterial pathogens. The market players are now emphasizing on reducing the prophylactic use of antibiotics and zinc oxide within the animal feed. This improves feed palatability and gut health within young animals. Owing to this, the demand for plasma powder is likely to boost during the forecast period.
Global Plasma Powder Market, Segmentation
The plasma powder market is segmented on the basis of application, source, form, sales channel, and region.
The application segment is further classified into pet food, pig feed, poultry feed, aqua feed, ruminant feed, human food, and others. Among these, the pet food sub-segment accounted for a dominant market share in 2021. Plasma powder is one of several animal proteins found in dry and wet pet food. Pet food diets containing plasma powder are an ideal choice for feeding cats and dogs. Plasma proteins are a sustainable and natural source of protein for carnivorous household pets. It has a number of advantages, including good (water) binding and emulsifying qualities, high palatability, and health benefits. All these factors are projected to drive the sub-segment growth during the forecast period.
The source segment is further classified into porcine, bovine, ovine, and others. Among these, the porcine sub-segment accounted for a dominant market share in 2021. Plasma powder is used in porcine nutrition and feed production as a source of protein and nutrients. Porcine plasma powder is commonly used in piglets and young swine feed as it helps to improve gut health and enhance overall growth and performance. It also provides essential amino acids, vitamins, minerals, and immunoglobulins that are important for a healthy and balanced diet.
The form segment is further classified into dry and wet. Among these, the dry sub-segment accounted for a dominant market share in 2021. In the food industry, drying is an important and influential procedure for extending the shelf-life of food. Plasma powder, an innovative drying pretreatment technology, has been proven in recent research to improve drying performance, minimize drying consumption, and improve dried food quality. Furthermore, by shortening drying time and enzyme activity, plasma powder can improve the quality of dried products.
The sales channel segment is further classified into online and offline. Among these, the offline sub-segment accounted for a dominant market share in 2021. In the plasma powder market, offline use refers to sales of products through various trade channels mainly supermarkets and retail distribution networks. The manufacturers are focusing on reaching out to the unorganized and regional level market by promoting their products in stores to gain customer attention and create brand awareness.
The plasma powder market in North America is projected to show the fastest growth in 2031. The region has a well-established infrastructure and is home to some of the leading companies in the plasma powder industry. The increase in the prevalence of pets in American households is one of the key factors contributing to the regional market growth. According to a survey by the American Pet Product Association (APPA), nearly 85 million American households, or roughly 68% of all households in this region have a pet. These factors are responsible for the growing demand for plasma powder in North America
Key Players in the Global Plasma Powder Market
Some of the leading plasma powder market players are
- Celanese Corporation
- IQI Petfood
- Shenzhen Taier
- Feed Stimulants
- Otto Chemie Pvt. Ltd.
- British Aqua Feeds
- Lican Food
For instance, in September 2021, Cargill Animal Feed announced its desire to develop a strategic relationship with the Dutch family-owned animal nutrition firm Fuite, to build a modern premix, concentrate, and young animal nutrition manufacturing factory in Hasselt.