The Asia Pacific Blood Meal market is accounted to US$ 712.86 Mn in 2018 and is expected to grow at a CAGR of 3.4 % during 2019-2027, to account to US$ 963.49 Mn by 2027.
Blood meal is defined as ground dried blood of animals that is rich in protein and is used for feeding livestock in the form of nitrogenous fertilizer. Blood meal is considered as rich source of protein, iron and nitrogen and is used to supplement feed diets based on cereal grains, remains of plants and forages. Blood meal serves an advantage over plant-based protein and other feed ingredients owing to their rich nutritional profile and cost effectiveness. Apart from their use in feed industry, blood meal also finds application as natural and organic fertilizer to promote plant growth. Therefore, with the surge in demand for healthy feed products coupled with increase focused towards environment sustainability and crop protection, the market for blood meal is expected to rise over the forecast period.
Based on Source, the Asia Pacific blood meal market has been segmented into porcine blood, poultry blood and ruminant blood. The poultry blood segment dominated the blood meal market in 2018 and is projected to grow at a faster pace over the forecast period. However, the porcine blood segment is expected to grow at a rapid pace during forecast period. Some of the industries are offering glutaraldehyde-stabilized freshly prepared pig red blood cells for research or other purposes. Porcine blood, which is also known as pig blood or swine blood, encapsulates many of the similar characteristics of human blood and is quite a useful animal model in many areas of research. Poultry blood is collected from chicken mainly for two purposes, such as to obtain serum, which can be tested for various disease virus antibodies, no anticoagulant is required in this process, and the blood is allowed to clot. Ruminant blood is collected mainly from a cow. Fresh and whole blood is collected from slaughterhouses, then coagulated, and finally steam dried, which is often referred to as animal protein transformed from the blood. The demand for a ruminant blood meal is increasing among the animal farmers since they are quite concerned about the healthy yield of the ruminants and others. Also, the rising demand for nutritious meat products among the consumers globally is further influencing the ruminant blood meal market
Geographically, the Asia Pacific blood meal market is segmented into Australia, China, India, Japan, South Korea and rest of Asia Pacific. China is considered as a major market for blood meal. As per the Food and Agriculture Organization (FAO), the demand for livestock products has substantially gone up in the country which is expected to bolster the growth of the market. Additionally, the demand for animal protein is rising in the country so as to boost the health and growth of the animals. This is expected to have a positive impact upon the growth of the blood meal market growth in China. Blood meal is extensively utilized as an organic fertilizer to promote the growth of crops and to control pests. The growing consciousness among consumers for a healthy lifestyle has posed a demand for healthy animal-derived products, which is expected to boost the demand for blood meal in Asia Pacific market. Moreover, expanding disposable income and rising purchasing capabilities are predicted to impact market growth positively.
Allanasons Pvt. Ltd., APC Company, Inc., Apelsa Guadalajara, SA de CV., Ridley Corporation Limited, Sanimax, Terramar Chile SpA, Valley Proteins, Inc. and FASA Group are among the major players operating in the Asia Pacific blood meal market.
Wuhan (China) is the city in which the outbreak of covid-19 initially started in in December 2019. Since then, it has spread at a fast pace across the world. China, Italy, Iran, Spain, republic of Korea, France, Germany, and the US are some of the worst affected countries in terms confirmed cases and reported deaths. Due to the outbreak of covid-19, there has been a severe downfall in the revenue of different industries. Lockdowns, travel bans, and business shutdowns have drained the amount of money available with the people and companies, which in turn has restrained the economic flow in the market. The food and beverage industry shutdown and supply chain disruptions due to the lockdown of countries have curbed the supplies of food and beverage products worldwide. Decrease in the out-of-home consumption has impacted the food and beverage industry figures adversely. The consequence and impact of covid-19 in Asia Pacific is worse and can cause further negative impacts depending on the spread of the virus. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The prolonged duration of the COVID-19 would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively impact market growth in the coming period. As per data, China has the highest number of COVID -19 confirmed cases.
The overall Asia Pacific blood meal market size has been derived in accordance to both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Asia Pacific blood meal market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific blood meal market.