Plasma Powder Market size to cross $4.8 Bn by 2032

Plasma Powder Market size is estimated to reach USD 4.8 billion by 2032, according to a new research report by Global Market Insights Inc.
 

As per the report, a remarkable surge in demand for innovative ingredients from pet food manufacturers due to the increasing pet population and rising awareness about pet health and well-being will augment plasma powder sales during 2023-2032. Pet adoptions have gained appreciable momentum over recent years, especially across developed economies such as the U.S., Europe, etc. Based on the National Pet Owners Survey 2021-2022, executed by APPA (American Pet Products Association), an estimated 90.5 million or 70% of the households in the U.S. own a pet.
 

A recognizable rise in pet ownership coupled with escalating pet health concerns has increased people's expenditure on pet supplies and feed products with high nutritional values, supporting the plasma powder market growth. For instance, as per a report published by Insurance Information Institute (III), total pet industry expenditures in the U.S. recorded a 19% uptick and reached $123.6 billion in 2021 from $103.6 billion in 2020. Besides, the accelerating efforts of pet feed manufacturers globally to incorporate stable & safe ingredients to improve the overall nutritional composition of their feed products will further bolster market demand.
 

Porcine plasma powder to gain traction due to its positive impacts on calves’ health

Based on the source, the bovine segment is predicted to exceed USD 2.4 billion by 2032, given the widespread usage of bovine plasma powder as a milk replacer in the calf diet due to its rich functional protein composition. Besides, the consumption of spray-dried bovine plasma can help boost calves' immunoglobulin levels, helping them protect against harmful pathogens.
 

Flourishing packaged food trade to drive plasma powder demand in food applications

Regarding the application, the plasma powder market from food applications is slated to showcase a 5.5% CAGR and amass USD 580 million by 2032. The heavy demand for manufactured and packaged food products across developed and developing markets will stimulate product demand. An increasing number of food and feed manufacturers globally focusing on developing products with high protein content to suffice the nutritional requirements of expanding consumer base will influence segment gains.
 

Browse key industry insights spread across 235 pages with 232 market data tables and 21 figures & charts from the report, “Plasma Powder Market Size By Source (Bovine, Porcine), By Application (Food, Animal Feed {Poultry Feed, Aquafeed, Pet Food, Ruminant Feed}), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023–2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/plasma-powder-market
 

North America to become a major revenue hub due to accelerating pharmaceutical manufacturing in the region

North America plasma powder market is poised to surpass USD 1.3 billion by 2032. The rapid expansion of the pharmaceutical sector in several North American economies, such as the U.S., and the increased cognizance of disease prevention and detection have created lucrative business opportunities in the region. In addition, the improving economic outlook, increased healthcare spending, and the presence of leading pharmaceutical manufacturers will fuel the industry growth.
 

Business expansion to define the competitive outlook

Major players involved in the plasma powder market includes Darling Ingredients (Sonac), VEOS, Lican Food Rocky Mountain Biologicals, Acontex GmBH, Merck KGaA, GRG Enviro Sound Solutions Pvt Ltd, Kraeber & CO. GmBH, Cargill, Incorporated, Animix LLC, Shenzhen Taier, FeedStimulants, Uruguayan Animal Proteins, Actipro, and APC.
 

These firms have been augmenting their production capabilities as part of their key growth strategy. For instance, in December 2020, Merck KGaA expanded its life science production capacity in the U.S. These manufacturing sites supply a range of products, including products and services for biopharmaceutical manufacturing to customers. The strategic initiative aims to enhance the company's capacity and output and increase the number of manufacturing positions.