CCI's addressable markets provide significant growth opportunities for CoverCress® grain while creating new value for all participants involved in the supply chain. CCI will first focus on leveraging the oil content of our whole grain as the energy component in feed for the production of broiler chickens, starting in 2024. Ultimately, the highest value market will result from crushing CoverCress grain, extracting low carbon intensity CoverCress oil as a feedstock to produce renewable fuels, and utilizing the high-protein meal as animal feed. We anticipate transitioning from the initial whole-grain broiler feed market to the crush market in the 2025-to-2026-time frame.
The animal feed market is projected to grow at a CAGR of 4.90% to reach $460 billion by 2026, from $345 billion in 2020. Chicken, turkey, and other poultry feeds account for the largest share of industry products, at 43.9% of revenue in 20211.
CoverCress is an energy-dense ingredient for broiler chicken feed as an alternative lipid ingredient when used in its whole grain form. Simultaneously, producers may realize the benefit of a sustainably sourced feed ingredient.
When crushed, the resulting CoverCress meal is an ideal feed for animals such as chickens and pigs with a protein, fiber, and nutritional profile like Canola meal.
The global renewable diesel market, valued at $3.8 billion as of 2020, has witnessed unprecedented growth in the last few years due to the growing demand for clean energy and government policies to promote renewable diesel2. The sustainable aviation fuel market size is projected to grow to a CAGR of 72.4% to $15 billion by 20303.
When crushed, the resulting CoverCress oil is an ideal feedstock for producing renewable diesel and sustainable aviation fuel because of its low carbon intensity score, equal to or less than used cooking oil.
CCI was pleased to announce a long-term commercial partnership with Bunge and Chevron this Spring. The agreement establishes a long-term commercial relationship between Bunge and CCI that supports the expansion of the CoverCress technology and advances Chevron's efforts to secure a diversified source of lower carbon intensity and reliable feedstocks for its joint venture with Bunge. The agreement provides CCI with a dedicated, long-term customer for CoverCress grain. It also establishes Bunge's role in purchasing and processing CoverCress grain, which Bunge will then market as oil and meal products. Click here to learn more.
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[1] Farm Animal Feed Production Industry Report, IBIS World.
[2] http://ethanolproducer.com/
[3] www.marketsandmarkets.com: Sustainable Aviation Fuel Market