The global blood meal market size is expected to grow strongly during the upcoming years. Rising meat consumption and robust demand for a meal in the livestock sector are expected to enhance the market growth. Fortune Business Insights™ presents this information in its report titled “Blood Meal Market, 2022-2029.”
Rising Adoption of E-commerce to Propel Industry Progress
This market is expected to be negatively affected during the COVID-19 pandemic due to the rising adoption of e-commerce. The sudden spike in COVID infections led to strict lockdown regulations, thereby shutting down offline retail. This factor led to the adoption of online retail, thereby facilitating the adoption of the product. Further, rapid digitization and adoption of smartphones supported the growth of online retail. These factors facilitated the industry's progress during the pandemic.
By source, the market is segmented into porcine blood, poultry blood, and ruminant blood. Based on application, it is classified into animal feed, agriculture, and others. Geographically, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East Africa. Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Robust Demand for Animal Protein to Propel Market Growth
Blood meal comprises dried animal blood collected after it is killed. The blood is dried and used as a dietary supplement and fertilizer. The nutritional properties of blood meals are expected to boost their adoption. Robust demand for animal protein is expected to elevate its demand. Further, the rising awareness regarding the product's benefits in the agricultural sector is expected to enhance sales. It improves nitrogen presence and boosts soil’s nutrients, increasing its adoption. These factors may drive the blood meal market growth.
However, side effects associated with the overuse of the product may hinder the market’s progress.
Rising Preferences for Farm Products to Enhance Market Progress in North America
North America is expected to dominate the blood meal market share because of the rising preferences for farm products. Further, rising consumption of fish and meat-based products may enhance blood meal adoption. These factors may propel the market growth during the upcoming years.
In Asia Pacific, the rising consumption of fish and meat products is expected to enhance the adoption of the product. Furthermore, the rapidly developing aquaculture may enhance the industry's growth.
Companies Announce Novel Products to Enhance Brand Image
The prominent companies operating in the market announce novel products to enhance their brand image. For example, Sanimax announced its novel animal protein, including blood meal from ruminant and non-ruminant. This strategy may allow the company to enhance its brand image globally. Further, companies adopt partnerships, acquisitions, mergers, research and development, and expansions to enhance their market position.