The blood meal market is estimated to account for a value of USD 1.8 billion in 2019 and is projected to grow at a CAGR of 3.0% from 2019, to reach a value of USD 2.1 billion by 2025. The rise in disposable incomes, urbanization, and increased demand for animal proteins in the Asia Pacific countries is projected to drive the blood meal market in the coming years. In addition, increasing consumption of livestock products such as meat, eggs, and milk in the US, is projected to drive the blood meal market in North America.
By application, the poultry blood segment is projected to dominate the blood meal market during the forecast period.
The blood meal market, on the basis of application, is subsegmented into porcine feed, poultry feed, ruminant feed, and aqua feed. The demand for poultry products remains high in emerging countries of the Asia Pacific, resulting in the slaughter of animals. Thus, a large amount of blood is released from animals, creating opportunities for blood meal manufacturers. In addition, the rise in the consumption of poultry products in this region due to the increased demand for protein-rich foods is projected to drive the blood meal market in the coming years.
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The porcine feed segment is projected to record the fastest growth during the forecast period.
Blood meal is high in crude protein and is commonly used as a protein source in diets for porcine. In growing pigs, blood meal partially replaces soybean meal in maize- and soybean-based diets. Feeding growing pigs with fermented blood meal, in combination with molasses, allows the same feed intake, growth, and feed conversion efficiency as soybean meal. Dried blood meal is commonly used as a high-quality protein source in nursery pig diets. Thus, the porcine feed segment in the blood meal market is projected to record the fastest growth during the forecast period.
The expansion of the feed industry due to the rise in population is projected to drive the blood meal market in Asia Pacific
The Asia Pacific blood meal market is driven by the increase in disposable incomes, rise in urbanization, and expansion of the feed industry. The Asia Pacific region witnesses the presence of major revenue-generating countries such as China and Vietnam. These countries witness high consumption of meat products such as pork and are ranked among the largest producers of feed at a global level. These factors are projected to drive the blood mal market in the coming years in the region.
Key Market Players:
Key players identified in this market include Darling Ingredients Inc (US), Terramar (Chile), Valley proteins Inc. (US), West Coast Reduction Ltd. (US), and Allana Group (India). These companies have a strong presence in North America and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
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