Feb 20, 2021 (MENAFN via COMTEX) --
(MENAFN - Coherent Market Insights) Corn gluten feed is a protein-rich product. Significant growth in the poultry sector is expected to propel growth of the global corn gluten feed market. For instance, according to a report in 2019, by the U.S. Poultry and Egg Association, National Chicken Council, National Turkey Federation and United Egg Producers, the poultry sector generated US$ 495.1 billion in economic activity and US$ 38.5 billion in government revenue.
Market Dynamics
Increasing veterinary expenditure is expected to offer lucrative growth opportunities for players in the global corn gluten feed market. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), the veterinary expenditure per animal in the U.S. was US$ 227 in 2012, which increased to US$ 253 in 2017-2018.
Moreover, increasing adoption of companion animals is expected to propel growth of the global corn gluten feed market over the forecast period. For instance, according to 2017-2018 U.S. Pet Ownership & Demographics Sourcebook of American Veterinary Medical Foundation (AVMF), 38.4% of household in the U.S. owned dogs compared to 36.5% in 2012.
The emergence of COVID-19 has slowed down the demand for poultry products and increased the preference for plant-based meat products in several countries. Such scenario is expected to limit demand for corn gluten feed, thereby hindering growth of the market. However, no direct link of poultry products to the spread of virus suggests that the impact on the sales may not be significant.
High annual cost of owning a companion animal is expected to hinder growth of the global corn gluten feed market. For instance, according to The American Society for the Prevention of Cruelty to Animals, the annual cost of owning a dog averages as much as US$ 1,843.
Competitive Analysis
Major players operating in the global corn gluten feed market include, Agrana Group, Archer Daniels Midland Company, Bunge Ltd., Cargill Incorporated, Commodity Specialists Company, Grain Processing Corporation, Flint Hills Resources, Ingredion Incorporated, Tate & Lyle Plc.,
Tereos Syral, and The Roquette Group
October 2020: Flint Hills Resources, an ethanol ingredient supplier, begun shipping its NexPro protein ingredient to pet food and animal feed manufacturers globally.
April 2020: Archer Daniels Midland Company announced to halt ethanol production at the company's corn dry mill facilities in Cedar Rapids, Iowa, and Columbus, Nebraska and to divert its focus on other products that are in higher demand, such as alcohol for hand sanitizer.
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