Blood Meal Market: Steady Growth Fueled by Animal Feed and Fertilizers
The blood meal market reached a value of USD 2.2 billion in 2022 and is expected to grow at a moderate CAGR of 3.50% to reach USD 2.99 billion by 2032. This growth is driven by two primary factors
- Demand in the Animal Feed Industry:Blood meal is a valuable source of protein and nutrients for livestock, poultry, and aquaculture. As the demand for animal-derived products like meat and fish continues to rise, the need for high-quality feed ingredients like blood meal will also increase.
- Applications as an Organic Fertilizer:Blood meal serves as a rich source of nitrogen and other nutrients for plants, making it a popular choice for organic fertilizers. With the growing interest in sustainable agricultural practices, the use of blood meal as a fertilizer is anticipated to rise.
While the growth rate may be moderate, the blood meal market holds steady due to its dual functionality in animal feed and organic fertilizers.
This, in turn, creates opportunities for manufacturers in the blood meal market. Moreover, blood meal serves as a rich protein source, making it a crucial dietary supplement for livestock, fish, and poultry. The global increase in the consumption of protein-rich foods is anticipated to fuel the growth of the blood meal market in the forecast period.
The global shift toward organic farming practices is gaining momentum due to heightened consumer awareness of the adverse effects of chemical fertilizers used in conventional farming. Farmers, in their pursuit of enhancing yield during organic cultivation, seek innovative products and methods. Blood meal, with a nitrogen, phosphorus, and potassium (NPK) index of N=13.25%, P=1.0%, and K=0.6%, emerges as one of the highest non-synthetic sources of nitrogen. Its application as a soil amendment is permitted in certified organic production, further boosting its demand. Additionally, blood meal is utilized as a composting activator, contributing to its diverse applications in sustainable agricultural practices.
E-commerce platforms are playing a pivotal role in shaping the distribution channels for blood meal. While conventional store-based channels dominated the market in 2018, the growth of e-commerce platforms is expected to result in the non-store-based distribution channel segment registering a higher Compound Annual Growth Rate (CAGR). The convenience and efficient delivery services offered by e-commerce platforms have driven this shift. Manufacturers of blood meal have capitalized on this trend by making their products available through their websites and established e-commerce portals, providing consumers with convenient access.
Key Players: Several key players contribute to the thriving Blood Meal Market:
- Darling Ingredients Inc. (US)
- Terramar Chile SpA. (Chile)
- West Coast Reduction Ltd. (Canada)
- Valley Proteins Inc. (US)
- Ridley Corporation Limited (Australia)
- Allanasons Pvt Ltd (India)
- The Boyer Valley Company (US)
- FASA Group (Brazil)
- Sanimax (US)
- APC, Inc. (US)
- Apelsa Guadalajara SA de CV (Mexico)
- Agro-industrial Complex Bačka Topola LTD (Serbia)
- The Jobe's Company (US)
- Danone India (Nutricia) (India)
- Integrative Therapeutics (US)
The presence of these key players underscores the competitive landscape of the Blood Meal Market, each contributing to the market's dynamic growth through innovation and strategic initiatives.
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