Blood Meal Market: Poised for Growth, Projecting an Increase from USD 2.27 Billion in 2023 to USD 2.99 Billion by 2032
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. Blood meal is a dried and ground animal blood product that is used as a
high-nitrogen organic fertilizer. It is a popular choice for gardeners because
it is a rich source of nitrogen, which is essential for plant growth. Blood
meal is also a slow-release fertilizer, which means that it will release
nitrogen into the soil over time, providing plants with a steady supply of this
important nutrient.
Benefits of using blood meal
There are many benefits to using blood
meal as a fertilizer, including:
High nitrogen content: Blood meal is a rich source of nitrogen, which is essential for
plant growth. Nitrogen promotes leaf growth and helps plants to produce more
fruit and flowers.
Slow-release fertilizer: Blood meal is a slow-release fertilizer, which means that it will
release nitrogen into the soil over time. This helps to prevent plants from
being burned by too much nitrogen at once.
Organic fertilizer: Blood meal is an organic fertilizer, which means that it is made
from natural materials and does not contain any synthetic chemicals. Organic
fertilizers are beneficial for soil health and the environment.
Natural pest repellent: Blood meal can also be used as a natural pest repellent. The smell
of blood meal is unpleasant to many pests, such as deer, rabbits, and moles.
Drivers
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.
Opportunities
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.
Market
Segmentation
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.
COVID-19
Analysis
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.
Regional
Analysis
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.
Key
Players
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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