According to our latest market study on "COVID-19 Impact and Global Blood Meal Market to 2027 – Analysis and Forecast by Source (Porcine Blood, Poultry Blood, and Ruminant Blood); Application (Porcine Feed, Poultry, Ruminant Feed, Aqua Feed, and Others); Process (Solar Drying, Drum Drying, Ring and Flash Drying, and Spray Drying); and Geography", the blood meal market was valued at US$ 1,825.9 million in 2018 and is projected to reach US$ 2,451.6 million by 2027; it is expected to grow at a CAGR of 3.4% from 2019 to 2027. The report highlights key factors driving the market growth, and prominent players and their developments in the market.
Report Coverage Details
Market Size Value in- US$ 1,825.9 Million in 2018
Market Size- US$ 2,451.6 Million by 2027
Growth rate- CAGR of 3.4% from 2019-2027
Forecast Period- 2019-2027
Base Year- 2019
No. of Pages- 169
No. Tables- 83
No. of Charts & Figures- 83
Historical data available- Yes
Segments covered- Source ; Application ; Process ; and Geography
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Blood meal is dried form of animal blood collected by slaughtering of several livestock species, such as cattle, pigs, and chickens. It is considered as rich source of proteins, and iron and nitrogen; moreover, it is used to supplement feed diets based on cereal grains, plants remains, and forages. In 2018, Asia Pacific accounted for the largest share of the global blood meal market. The growth of the blood meal market in this region is primarily attributed to the rising demand for animal proteins, along with the surge in feed production. The increase in focus on environment sustainability and use of natural ingredients in agricultural practices has further driven the demand for blood meal in the region. Further, the major meat-consuming countries such as China and Vietnam are driving the demand for cost-effective and healthy feed ingredients, such as blood meal.
The price of blood meal is quite economical which also favors its usage by many gardeners and farmers across the world. Also, blood meal is not required to be added in large quantities to treat the soil. Companies all across the globe have also realized the immense potential blood meal can offer to increase the fertility of the soil. Players such as The Jobe's Company, Boyer Valley Company, LLC, Garden Tea Co are offering high grade blood meal which can be used in the fertilizer. For instance, The Jobe's Company, based in North America offers organics blood meal granular, which provides nitrogen to the green, leafy vegetable plants, ornamentals, trees and shrubs so that they can produce healthy and lush, green foliage.
Impact of COVID-19 Pandemic on Blood Meal Market
The recent COVID-19outbreak began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across all regions in the world. As of May 2020, the US, India, Brazil, Russia, Spain, the UK, and some other countries are among the worst-hit countries in terms of confirmed cases and reported deaths. The outbreak has been affecting economies in various countries due to lockdowns, travel bans, and business shutdowns called protective measures to stop the spread of COVID-19. The food processing industry is considered as one of the major industries in the world that are suffering serious factory shutdown, supply chain disruptions, technology events cancellations, and office shutdowns because of this outbreak. Even though some of the manufacturers are trying to recover their loss by implementing new strategies, it will take ample time to overcome the pandemic loss.
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The blood meal market, by product type, has been segmented into porcine blood, poultry blood, and ruminant blood. The poultry blood application dominates the blood meal market, and its dominance is primarily attributed to the rising demand for poultry products in emerging economies of Asia Pacific and South America. Also, increase in the slaughtering of poultry animals provides ample opportunities for the blood meal manufacturers to expand their production activities. Poultry blood is considered to be the most preferred raw material in blood meal due to high amino acid content, particularly lysine. Manufacturers such as Boyer Valley, Valley Proteins Inc., and FASA Group offer blood meal products made up of poultry blood.
Blood Meal Market: Competitive Landscape and Key Developments
Allanasons Pvt Ltd, APC Company, Inc., Apelsa Guadalajara, SA de CV, DAR PRO Ingredients, Ridley Corporation Limited, Sanimax, Terramar Chile, The Boyer Valley Company, Inc., Valley Proteins, Inc., and FASA Group are among the key players in the global Blood Meal market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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