by Increase in Demand from Aquaculture Sector to Bolster Market Growth
Over the past couple of decades, owing to considerable rise in the disposable income of the global population, the demand for meat and meat products has witnessed a noteworthy surge. The consistent growth in the demand for animal protein is expected to remain one of the key factors that is projected to have a strong influence on the overall growth of the global hemoglobin feed market in the forthcoming years. Moreover, due to the emergence of multifold digital and non-digital channels, consumer awareness pertaining to the quality of animal proteins has increased by a considerable margin due to which, livestock breeders are increasingly focusing on improving the quality of the livestock.
Get the sample copy of report@ https://qyresearchmedical.com/sample/111831
Efforts are being made to improve the quality of raw materials that are obtained from the livestock due to which, the demand for hemoglobin feed is expected to move in the upward trajectory. While quality remains one of the most critical parameter that has a strong influence on the purchase decisions of consumers, consumers are also increasingly seeking animal products that have health-promoting properties. One of the most efficient and cost-effective techniques used to attain these goals is supplementation in feed– a factor that is anticipated to have a positive impact on the growth of the market for hemoglobin feed during the forecast period.
At the back of these factors, the global hemoglobin feed market is on the course to reach US$ 335 Mn mark by the end of 2030. Furthermore, increasing financial and regulatory support from the government and government-supported business enterprises is expected to fuel the growth of the global hemoglobin feed market during the assessment period.
Popularity of Hemoglobin Powder as Aqua Feed to Drive Global Market
Over the past couple of decades, the limited availability of fish meal coupled with the increasing demand for the same has led to considerable spike in cost of animal feed due to which, hemoglobin powder has garnered immense popularity as a potential replacement. The growing interest in replacing fish meal with hemoglobin powder is likely to provide considerable opportunities to the stakeholders operating in the current hemoglobin feed market during the assessment period. Although vegetable protein sources are extensively available around the world, the replacement of fish meal with vegetal protein is limited to a limited number of aquatic species. In addition, nutritional challenges associated with the utilization of vegetable proteins is projected to augment the demand for hemoglobin feed products such as hemoglobin powder, particularly for aquatic species, including fish and shrimp as an ideal source of concentrated protein.
The low phosphorous content of hemoglobin powder is one of the primary factors that has led to considerable rise in the interest for the same in recent years. Furthermore, research and development activities indicate that hemoglobin powder consists the required levels of protein content and provide optimum digestibility for shrimp and fish. The increasing focus on replacing fish meal with hemoglobin feed products is anticipated to provide a notable boost to the growth of the global hemoglobin feed market during the assessment period.
Demand to Witness Slight Decline amid COVID-19 Pandemic
The outbreak of the COVID-19 pandemic is estimated to have a direct impact on the demand for hemoglobin feed in 2020. Due to stringent lockdown measures, restrictions on transportation, and major barriers related to cross-border trade, the global demand for hemoglobin feed has witnessed a slight decline in the first three quarters of 2020. In addition, growing apprehension among consumers regarding the link between meat consumption and COVID-19 infection, particularly in the second quarter of 2020, has led to a drastic decline in the consumption of meat across several pockets worldwide. Market players are projected to focus on diversifying their product range, address supply chain barriers, and invest in research and development activities to gain a competitive edge in the current hemoglobin feed market.
While the hemoglobin feed market growth is expected to remain sluggish in the first three quarters of 2020, the demand for hemoglobin feed is likely to witness growth in the last quarter of 2020, as lockdown restrictions in several nations have been relaxed by governments.
Analysts’ Viewpoint
The global hemoglobin feed market is projected to grow at a moderate CAGR of 4% during the assessment period. The market growth is primarily driven by increasing demand for hemoglobin powder from the aquaculture sector, surge in the demand for animal protein, and consistent rise in the consumption of meat products worldwide. As consumer awareness continues to grow, livestock breeders are increasingly focusing on improving the quality of the feed due to which, the demand for hemoglobin feed is anticipated to witness steady growth.
Hemoglobin Feed Market: Overview
The global hemoglobin feed market for the historical period 2018–2019 and forecast period 2020–20230, rise in usage of hemoglobin powder as a replacement for fish meal is projected to drive the global hemoglobin feed market
Hemoglobin feed can be defined as feed products, which involve hemoglobin as feed ingredient. Spray-dried hemoglobin powder shows higher digestibility in comparison to poultry blood meal and swine blood meal. It is characterized by high protein content, making it suitable source of protein and heme iron in animal feed.
Increase in Demand for Protein Rich Diet to Drive Hemoglobin Feed Market
Demand for animal meat and protein products in increasing. According to the Food and Agriculture Organization (FAO), 315 million tons of meat was consumed globally in 2014. Demand for beef has increased due to rise in population and surge in disposable income across the world. The FAO estimates that meat production in 2018 reached over 335 million tons.
Meat production, including swine, beef, and poultry is anticipated to double by 2050, and dairy and fish production is expected to triple during the same period. Additionally, rise in urbanization is known to have a significant impact on the pattern of food consumption in general and on demand for livestock products in particular.
This increase in demand for animal protein among humans creates a need of high protein feed for livestock, which, in turn, contributes to the growth of the global hemoglobin feed market
Surge in Feed Production Propels Hemoglobin Feed Market
Feed production per year is estimated to be over 1 million tons. Additionally, feed production has witnessed significant growth in developing countries compared to developed regions. Moreover, manufactured feed for poultry account for major proportion of tonnage.
Increase in feed production can be attributed to significant rise in demand for animal protein, owing to surge in human population and increase in affluence in emerging economies. Additionally, demand for feed is rising in the aquaculture sector, pet food industry, swine industry, and other animal production.
This increase in feed production to meet the rise in demand in the industrial and commercial sectors fuels the growth of the hemoglobin feed market
Rise in Spread of Diseases among Animals to Hamper Hemoglobin Feed Market
Globally, animal production has witnessed spread of infections consistently among animals, which has led to decrease in interest for animal meat and increased concerns related to the use of animal blood, which incorporates hemoglobin
For instance, the spread of frantic cow infection in cattle, also known as bovine-like spongiform encephalopathy, has resulted in decline in usage of animal feed
Recently, the spread of African swine fever has prompted extensive butchering of porcine and considered ill-suited for utilization. This has restricted the utilization of porcine hemoglobin in pig feed. However, it has applications in feed of different creatures.
Significant spread of illnesses among animals could negatively affect the utilization of animal blood and prompt the use of substitute protein sources, which, in turn, is likely to hamper the growth of the global market
Hemoglobin Feed Market: Competition Landscape
This report profiles major players operating in the global hemoglobin feed market based on various attributes and recent developments
The global hemoglobin feed market is highly fragmented, with the presence of a number of global as well as regional players
Leading players operating in the global hemoglobin feed market include
- Daka Denmark A/S (SARIA Group)
- Lauridsen Group, Inc.,
- Sera Scandia A/S.
- Nutreco (SHV Holdings N.V.)
- Puretein Agri LLC
- Kraeber & Co GmbH
- Rocky Mountain Biologicals
- Darling Ingredients, Inc.
- VEOS Group
- Lihme Protein Solutions
- EccoFeed LLC
- Feedworks Pty Ltd.
Key Questions Answered in Hemoglobin Feed Market Report
- What is the scope of growth for product companies in the global hemoglobin feed market?
- What will be the Y-o-Y growth of the global hemoglobin feed market between 2020 and 2030?
- What is the influence of changing trends in usage of animal feed on the global hemoglobin feed market?
- Will North America continue to be the most profitable market for hemoglobin feed?
- Which factors are anticipated to hamper the global hemoglobin feed market during the forecast period?
- Which are the leading companies in the global hemoglobin feed market?
Hemoglobin Feed Market – Segmentation
Source
- Bovine
- Swine
- Poultry
- Shark
- Synthetic
- Others
Application
- Industrial
- Commercial
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Purchase Complete Report Now@ https://qyresearchmedical.com/report/checkout/111831/2900
