Blood Meal Market Analysis
The global blood meal market will touch USD 2.99 billion at a 3.50% CAGR by 2032, as per the recent Market Research Future report. The increasing use of blood meals in animals and rising demand for meat products are the key market drivers enhancing the market growth.
Growing Need for Animal Protein to Boost Market Growth
Animal protein items including meat, milk, & eggs are in more demand as the world’s population continues to rise. In order to promote the growth and production of animals, high-quality animal feed components like blood meal are required.
Nutrition Awareness to offer Robust Opportunities
Producers of livestock are becoming more and more conscious of the need of giving animals well-balanced, nutritionally dense meals. Blood meal is a popular option in animal diets due to the high protein content & amino acid composition.
Restraints and Challenges
High Operational Cost to act as Market Restraint
The high operational cost, high raw material cost, strict regulatory framework, and lack of awareness may act as market restraints over the forecast period.
The global blood meal market outlook is bifurcated based on application, process, and source.
By source, poultry blood will lead the market over the forecast period.
By process, ring & flash drying will dominate the market over the forecast period.
By application, fertilizers will spearhead the market over the forecast period.
The Covid-19 epidemic possessed a significant influence on the international market for blood meal because it caused the closure of production facilities everywhere and caused customers to switch from meat to plant-based goods. The increase in animal illnesses has made consumers more likely to eat fresh produce, which has a detrimental effect on blood meal industry. The trend is anticipated to last for a while in the upcoming years.
North America to Head Blood Meal Market
Due to the existence of a traditional animal feed sector and the expanding demand for livestock goods like meat, milk, and eggs, the North American market for Blood Meal will dominate this market. In the upcoming years, it is anticipated that rising individual consumption of milk, meat, and eggs would support market expansion.
APAC to Have Admirable Growth in Blood Meal Market
Over the course of the forecast period, the Asia Pacific market is anticipated to lead the worldwide market with regards to revenue. Growing consumer preference for meals made from animal sources is one of the factors boosting this region’s target market’s expansion. Another element promoting the expansion of the target market within this region is the presence of large meat-consuming nations like China and Vietnam, which both consume pork. In the APAC area, the market for blood meal is expanding because of reasons such as rising urbanization and population increase.
Eminent industry players profiled in the global blood meal market report include Darling Ingredients Inc. (US), Terramar Chile SpA (Chile), West Coast Reduction Ltd (Canada), FASA Group (Brazil), and Sanimax (US).
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