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.

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.

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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.

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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.

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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

  • According to Transparency Market Research’s latest report on 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.

Hemoglobin Feed Market: Key Developments

  • Key players in the global hemoglobin feed market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are aimed at addressing unmet needs in the hemoglobin feed market, strengthening product portfolio, and investment in research & development. Listed below are a few expansion strategies adopted by players operating in the global hemoglobin feed market.
  • In January 2020, Darling Ingredients bought out Intrexon by acquiring the remaining 50% stake in EnviroFlight, a producer of non-pathogenic black soldier fly larvae at scale. EnviroFlight focuses on enhancing the global food supply chain to meet the demands of the growing population.
  • The report on the global hemoglobin feed market discusses individual strategies, followed by company profiles of manufacturers of laboratory equipment. The competition landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global hemoglobin feed market.

Hemoglobin Feed Market – Scope of the Report

TMR’s report on the global hemoglobin feed market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2030. The report provides revenue of the global hemoglobin feed market for the period 2018–2030, considering 2018 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global hemoglobin feed market during the forecast period.

The report has been prepared after primary and secondary researches. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global hemoglobin feed market.

Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various phenomenon in the global hemoglobin feed market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global hemoglobin feed market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global hemoglobin feed market.

The report delves into the competition landscape of the global hemoglobin feed market. Key players operating in the global hemoglobin feed market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global hemoglobin feed market that have been profiled in this report.

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?

Research Methodology

A unique methodology has been utilized by TMR to conduct comprehensive research on the growth of the global hemoglobin feed market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary research sources referred to by analysts during the production of the global hemoglobin feed market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the hemoglobin feed market as primary methods.

These primary research respondents have provided exclusive information during interviews, which serves as a validation from the hemoglobin feed market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global hemoglobin feed market with accuracy. The study also uses the top-down approach to assess the revenue of each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global hemoglobin feed more reliably and accurately.

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

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