Blood Meal Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Blood Meal Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The blood meal market is estimated to register a CAGR of 3.1% during the forecast period.

• Blood meal is a crucial ingredient in formulating complete feed for animals, owing to its high nitrogen content. It is also used as an organic fertilizer, providing minerals and nutrients for plants. The global market for blood meal, a protein source for animal feed and organic fertilizer, is projected to experience moderate growth in the coming years. The growing demand for animal-based products in emerging countries, driven by increasing urbanization, is expected to further fuel the market.
• The multifaceted applications of blood meal in agriculture as both feed and fertilizer are expected to drive demand slightly during the forecast period. However, the stringent regulatory framework is a factor that may affect the growth of the global blood meal market. The regulatory landscape is expected to become more stringent, with an increasing focus on animal welfare and environmental sustainability.
• The Asia-Pacific region is expected to witness the fastest growth in the market, owing to its high population of livestock and a larger area under agriculture. Additionally, the region's high production capabilities make it an attractive market for blood meal manufacturers. With the growing demand for animal-based products, emerging economies in the region are investing heavily in agriculture to meet the growing demand.

• Blood is considered a liquid protein and is rich in amino acids like Lysine, and has an advantage over plant-based protein with low lysine content. The major factors behind the growth of the blood meal market are the rise in disposable incomes, urbanization, and increased demand for animal proteins. According to the Global Feed survey, feed production increased by 15.4% in 2018-2022. The growth in aquaculture and aquaculture products also increases the demand for nutritional feed.
• According to Food and Agriculture Organization (FAO), the global capture fisheries production in 2021 reached a record of 179.3 million metric tons, an increase of 1.9% between 2019 and 2021. With the increasing demand for animal meat as well as animal-based products, there is an increase in the slaughter of animals leading to the opening of various opportunities for manufacturers of blood meal.
• According to FAO, the number of animals slaughtered increased by 2.8% in 2018-2020 and reached 73.2 billion in 2020. These meals are a natural source of high-quality protein as well as other nutrients and are expected to gain traction owing to the increasing demand for natural feed ingredients.

• Asia-Pacific is anticipated to record the fastest growth in the blood meals market. The region seems to be an attractive market owing to increasing production as well as consumption of various animal-based products such as beef meat and pork meat. According to FAO, cattle meat production in the region increased from 17.8 million metric ton in 2018 to 19.5 million metric ton in 2021. The presence of major meat-consuming countries such as pork in China and Vietnam is another factor supporting the growth of the target market in this region.
• According to Organisation for Economic Co-operation and Development (OECD), the average pork consumption in China is 24 kg per person. Also, in Vietnam, pork accounts for 70% of the meat consumption and is anticipated as 25 kg per person. In countries like India and China, growing urbanization and increasing population are also factors propelling the growth of the blood meal market in the Asia Pacific region.
• India is the largest ruminant feed producer, with 530.9 million metric tons in 2022. This is due to implementing schemes such as the Animal Husbandry Infrastructure Development Fund (AHIDF), which encourages establishing animal feed manufacturing plants and strengthening existing ones. Increasing demand for compound feed and a focus on farm productivity and profitability through improved nutrition are expected to drive the blood meal market in the region during the forecast period.

The global bone meal market is moderately consolidated with domestic players and international players in the market. The major players in the market include Boyer Valley Company LLC, The Fertrell Company, and Darling Ingredients. Many companies are taking an interest in investing in the blood meal market owing to increasing opportunities. Manufacturers are investing in R&D, acquiring their competitors, and promoting blood meal products.

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