Hemoglobin Feed Market: Increase in Demand from Aquaculture Sector to Bolster Market Growth
Hemoglobin Feed Market: Introduction
According to the report, the global hemoglobin feed market was valued at US$ 216.9 Mn in 2019 and is projected to expand at a CAGR of 4% from 2020 to 2030. Hemoglobin feed is isolated by acquiring the red part of platelets of pigs. This feed is inferred by a warmth cycle, fractionation, and shower drying of pig blood. Hemoglobin feed contains high protein content and high protein edibility, with a low degree of fat and cinders. The feed is utilized as a protein hotspot for water feed, compound feed, mink feed, and pet food. Asia Pacific dominated the global hemoglobin feed market in 2019. The trend is anticipated to continue during the forecast period. Government initiatives in developing countries toward modernization of healthcare infrastructure and rise in awareness about advanced hemoglobin feed are key factors expected to propel the hemoglobin feed market in Asia Pacific.
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North America accounted for a significant share of the global hemoglobin feed market in 2019. The market in the region is likely to expand at a moderate CAGR during the forecast period. Strategies adopted by key players such as product approval & launch and mergers & acquisitions, demand for better healthcare infrastructure, and early adoption of advanced technologies to manufacture hemoglobin feed drive the hemoglobin feed market in the region.
Increase in Usage of Hemoglobin Powder as Replacement of Fish Meal to Drive Hemoglobin Feed Market
The demand for fish meal has been increasing significantly in the animal production industry, which is projected to create a shortage in the near future. Hence, the shrimp feed industry has been exploring other protein sources. This has resulted in a surge in demand for hemoglobin powder. Hemoglobin powder is known to contain high protein and low lipids, which makes it the most preferred source for fish meal substitution. Furthermore, hemoglobin powder is considered to have high digestibility, along with high lysine and leucine content, which aids in meeting the protein requirements in shrimp feed.
Chicken hemoglobin powder is considered rich in nucleotides compared to porcine hemoglobin powder. The usage of this nucleotide rich hemoglobin powder in diets is known to enhance disease resistance, increase immunity levels, and enhance growth performance. These factors contribute to the growth of the global hemoglobin feed market.
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Swine to Dominate Hemoglobin Feed Market
In terms of source, the global hemoglobin feed market has been categorized into bovine, swine, poultry, shark, synthetic, and others. The swine segment dominated the global market accounting for a major share in 2019. The trend is projected to continue during the forecast period. It is anticipated to be a highly attractive segment from 2020 to 2030. The segment is driven by rise in usage of swine hemoglobin as a component of animal feed in post-weaning piglets, and in aquaculture, poultry farms, and pet food.
Commercial to be Key Application Area
Based on application, the global hemoglobin feed market has been bifurcated into commercial and industrial. The commercial segment dominated the market, accounting for major share in 2019. The trend is expected to continue during the forecast period. It is likely to be a highly attractive segment from 2020 to 2030. The growth of the commercial segment can be attributed to rise in usage of pig and ox-like hemoglobin in different modern areas (food industry, biotechnology [cell culture], biochemical examinations, and immunology tests).
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North America to Dominate Hemoglobin Feed Market
In terms of region, the global hemoglobin feed market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the global hemoglobin feed market in 2019. China was the major market in the region. Rapid growth of the hemoglobin feed market in the region can be attributed to high production of plasma and hemoglobin powder in China. China is considered a significant producer and consumer of pig blood by-products including plasma and hemoglobin feed. The hemoglobin feed market in Asia Pacific is projected to expand at a high CAGR during the forecast period, owing to significant rise in meat and seafood consumption, which can be ascribed to increase in disposable income, rise in urbanization, and surge in population. Furthermore, significant quantity of porcine blood produced in butcher shops in China adds to the expanding volume of hemoglobin powder. However, the spread of African swine fever and COVID-19 pandemic could restrain the hemoglobin feed market.
The global hemoglobin feed market is fragmented in terms of number of players. Key players 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, and Feedworks Pty Ltd.
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