Global protein extracts from single cell protein sources market size is predicted to reach $8.7 billion by 2023. Rising initiatives to create awareness about health and environmental benefits of alternative protein sources, rise in the production of animal feed, and increasing initiatives by public and private entities to cater the increasing demand for protein are the major factors driving the growth of the market.
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The protein extracts from single cell protein sources market is categorized into animal feed, biotechnology, agriculture and fertilizers, and others, on the basis of application. During the forecast period, the demand for these products is expected to witness the highest growth for animal feed application area, at a CAGR of 8.8%.
During the historical period, North America held the largest share in the global protein extracts from single cell protein sources market, with 37.3% contribution in 2017. The major reasons for the largest share of the regional market include introduction of matured biotechnology industry, coupled with presence of major market players in the region.
Moreover, conferences conducted in the U.S. and Canada for pertinent technologies, that address challenges in the development of protein products also support the growth of the market in the region. For instance, in May 2017, a conference titled “Global Food Forums Protein Trends & Technologies Seminar” was conducted in Illinois, U.S. This conference was aimed at enhancing knowledge and skills of personnel of organizations producing protein extracts for the development of new and innovative protein-centric products.
Some of the other key players operating in the protein extracts from single cell protein sources industry are Lallemand Inc., Unibio International plc., Qingdao CBH Co. Ltd., euglena Co. Ltd., Unilever Group, Valensa International , Bega Cheese Limited, Cangzhou Tianyu Feed Additive Co. Ltd., Tangshan Top Bio-Technology Co. Ltd, Cargill Incorporated.
Source: P&S Intelligence