June 22, 2020
According to the research report titled ‘Blood Meal Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Source; Application; Process, available with Market Study Report LLC, worldwide blood meal market generated revenues worth USD 1,825.9 million in the year 2018 and is expected to grow with a CAGR of 3.4% over the forecast period, subsequently accounting for USD 2,451.6 million by the year 2027.
For the uninitiated, blood meal is a dried form of animal blood which is collected during slaughtering process of various livestock animals such as chickens, pigs and cattle under specific conditions. The product is rich source of nitrogen, iron and protein and is extensively used to supplement feed diets based on forages, plant remains and cereal grains.
Growing demand for healthy feed ingredients along with shifting focus towards ensuring environmental sustainable and rising cognizance for crop protection are key factors driving the growth of blood meal market during the forecast period. Moreover, cost-effective nature and high nutritional profile of blood meal products along with its widespread usage as organic and natural fertilizer is also aiding the market expansion.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2689393/
Speaking of application spectrum, although poultry feed segment held substantial market share in the year 2018, but aquafeed segment is predicted to record momentous growth during the forecast period. Growing population and increasing consumption of seafood have propelled the aquaculture activities across the globe. This phenomenon has compelled various companies to offer balanced and scientifically formulated nutritional product variants for aquatic species at reasonable costs.
In fact, according to NIOMR (Nigerian Institute for Oceanography & Marine Research), there has been a significant improvement in average daily weight gain as well as average body length in aquaculture activities during blood meal treatments. In addition to this, blood meal is also provided to shrimp culture in order to promote growth, which in turn is contributing towards popularity of blood meal as aqua feed among industries and farmers across the globe.
Considering the geographical landscape, Asia-Pacific blood meal market accounted for a majority share in 2018, followed by North America. Asia-Pacific industry is also expected to register considerable growth during the forecast period, with China dominating the regional hierarchy. Shifting consumer preference towards healthy lifestyle and rising adoption of meat, egg and poultry products are stimulating the industry outlook. Incorporation of blood meal in fertilizers to enhance crop yield and to control pests is complementing the business scenario in APAC.
The major companies formulating the competitive landscape of global blood meal market are FASA Group, Valley Proteins Inc., The Boyer Valley Co. Inc., Terramar Chile S.p.A., Sanimax, Ridley Corp. Ltd., DAR PRO Ingredients, Apelsa Guadalajara SA de CV, APC Co. Inc. and Allanasons Pvt. Ltd. among others.