Market Trends of Blood Meal Industry
This section covers the major market trends shaping the Blood Meal Market according to our research experts:
Growing Demand for Animal Meat is creating Market Opportunities
- 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.
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Asia Pacific is the Fastest Growing Market
- 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.
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