There is an increase in the consumption of animal-based products in emerging countries due to the rapid urbanisation
Poultry plays a crucial role in Asia-Pacific’s fastest growing agriculture sector to achieve food security, higher incomes and farmers’ welfare.
The Asian dairy and animal protein industry is often seen to add significant value to the trend, showing a robust market outlook for poultry products worldwide. The global blood meal market is estimated to be valued at US$1.8bn in 2019 and is projected to reach US$2.1bn by 2025, recording a CAGR of three per cent, according to ResearchAndMarkets’ analysis.
The market is driven by factors such as an increase in the consumption of animal-based products, particularly in the emerging countries of the Asia-Pacific and South America due to the increasing urbanisation.
Robust growth in Asia-Pacific
The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The region is witnessing significant growth due to the rapid growth in population, urbanisation and expansion of the middle-class population, with the increasing demand for animal food products.
Countries such as China and Vietnam are among the largest consumers of meat products such as pork. China is projected to be a major revenue pocket in the blood meal market in the coming years. These factors are projected to increase the number of slaughters, thus creating opportunities for blood meal manufacturers.
Based on the source, the poultry blood segment is estimated to account for the largest share in the blood meal market in 2019. Poultry blood is the most preferred raw material that is used to produce blood meal due to its high amino acid content, particularly Lysine.
Based on application, the poultry feed segment is estimated to account for the largest share in the blood meal market in 2019. The demand for poultry products is on the rise in developing countries of the Middle East and Africa as well as Brazil and China. This has led to an increase in the number of slaughtering in the poultry industry generating blood, thus increasing the production for a blood meal in the past few years.
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