How is Rising Consumption of Protein Fuelling Progress of Protein Extracts from Single Cell Protein Sources Market?
Soaring number of initiatives by governments and private organizations for creating awareness amongst the people about the health and environmental benefits of alternative protein sources is one of the major factors responsible for the rise in the demand for protein extracts from single cell protein sources across the world. For instance, Valensa International, which is a major producer of microalgae-based nutraceuticals launched an alliance with a U.S. based trade organization called Algae Biomass Organization (ABO) in 2017 in order to create awareness amongst the masses about the consumption of microalgae as an alternative protein source.
The surging population of livestock and cattle including sheep, goat, and buffalo, has boosted the production of animal feed, which has in turn, propelled the need for animal protein. As per the International Feed Industry Federation (IFIF), the total worldwide production of compound feed was recorded to be 1.0 billion tonnes in 2016. Therefore, it can be said that owing to the increasing production of compound feed, the production of protein from various alternative sources such as animals, microbes, and plants will also increase in future.
Protein extracts from single cell protein sources are widely used in various applications such as biotechnology, agriculture and fertilizers, and animal feed. Out of these, the usage of these protein extracts in animal feed applications was observed to be the highest in 2017 and this trend is expected to continue during the forecast period as well. This is mainly attributed to the mushrooming production of animal feed in order to meet the needs of the surging buffalo, livestock, and cattle population.
The Asia-Pacific (APAC) region is expected to register the fastest growth in the demand for protein extracts from single cell protein sources in the near future. The main factors responsible for this rapid growth are the escalating production of livestock and the subsequent rise in the need for animal feed. The consumption rate of protein is high in the region, owing to the high livestock production rate and this consequently pushes the demand for alternative protein sources, thereby driving the growth of the protein extracts from single cell protein sources market in the region.
Source: P&S Intelligence
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