(I-BusinessNews.Com, February 19, 2020 ) The blood meal market is estimated to be valued at USD 1. 8 billion in 2019 and is projected to reach USD 2.1 billion by 2025, recording a CAGR of 3.0% during the forecast period. The growth of this market is attributed to the increasing focus on the growth of livestock and their welfare, which is driven by the increasing demand for meat and poultry products, the rise in global feed production, adoption of advanced technologies, and feed additives.
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By source, the porcine blood segment is projected to be one of the fastest-growing segments in the blood meal market. Porcine blood meal offers various health benefits to animals and is significantly used in poultry and porcine feed. For instance, as per the National Center for Biotechnology Information (NCBI), “pigs fed diets containing porcine plasma had greater Average Daily Feed Intake (ADFI) and Average Daily Growth (ADG).” Thus, porcine blood meal is projected to witness significant demand in the coming years, due to the health benefits that it offers.
On the basis of application, the poultry feed segment is projected to be a leading segment in the market, followed by the porcine feed, ruminant feed, and aqua feed segments. Broilers, layers, and breeders are domesticated to produce eggs and meat for commercial consumption. The growing concerns about animal health and consumer preferences for a specific color of yolk and meat have led to the increasing demand for blood meal. At a global level, the total poultry production has increased, due to which meat producers are focusing on enhancing the quality of meat.
The Asia Pacific region is the fastest-growing market for blood meal and is projected to record the highest CAGR during the forecast period. The growing population and urbanization are encouraging consumers to opt for animal-sourced foods, which is significantly projected to drive the Asia Pacific blood meal market. Poultry meat and swine meat are popular among consumers in the Asia Pacific region. China is a major meat consuming country with a large population base of over 1 billion. This country is projected to be a major revenue pocket for blood meal manufacturers in the coming years. According to the Food and Agriculture Organization (FAO), the demand for livestock products has increased in this country in recent years.
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Blood meal manufacturers are focusing on product innovations to expand their consumer base in the market. Leading players operating in the blood meal market include Darling Ingredients (US), Boyer Valley (US), Valley Proteins Inc. (US), TerraMar Ingredients LLC (Chile), and FASA Group (Brazil). Developing countries such as China, Brazil, and Vietnam are projected to create lucrative opportunities for blood meal manufacturers as these countries are among the largest consumers and producers of meat products such as pork. These countries are among the largest feed producers at a global level. Urbanization has encouraged consumers in these countries to opt for protein-rich food products, thus increasing the demand for animal products. Blood meal manufacturers are projected to witness growth prospects by tapping these emerging markets. Leading players can form partnerships with local players to supply blood meal in the feed industry as consumers opt for high-quality ingredients.
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