The global edible animal fat market size is expected to gain momentum by reaching USD 63.98 billion by 2028 while exhibiting a CAGR of 4.9% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Edible Animal Fat Market, 2021 – 2028.” The report further observes that the market stood at USD 41.50 billion in 2020 and is likely to showcase exponential growth in the forthcoming years. This is attributed to the increasing adoption of the product across several food applications worldwide.
The COVID-19 pandemic has negatively impacted several economies across the globe. To curb the pandemic spread, the governments of several countries have ordered complete lockdown of industrial and human activities. This has led to the postponement of several power projects owing to reduced workforce and limited availability of resources. This is expected to hamper the market growth.
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Based on type, the global market is divided into butter, lard, tallow, and others. On the basis of source, the market is segregated into cattle, pig, and others. Moreover, on the basis of application, the market is bifurcated into food and non-industry. Lastly, on the basis of region, the market is categorized into Asia-Pacific, North America, Europe, Latin America, the Middle East and Africa.
What does the Report Include?
The global market for edible animal fat report includes informative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth in recent years.
Increasing Demand for Animal Fat Product across Food Industry to Propel Market Growth
The increasing disposable income and the evolving taste of the population worldwide is leading to significant innovations in the food industry. Food manufacturers are innovating their products to cater to the needs of the consumers. Similarly, the demand for animal fats such as lards and tallows has witnessed a manifold rise. The increasing preference for ready-to-eat products and the growing consumption of pastries and other bakery delicacies is expected to boost the product’s demand. Moreover, several countries are leading in the consumption of varied culinary dishes as the consumers are experimenting with their taste and food choices. The World Health Organization (WHO) reports that regions such as Asia, North America, and Europe are the biggest consumers of animal products. Therefore, the increasing adoption in the food industry is expected to boost the global edible animal fat market growth in the forthcoming years.
Further Report Findings:
· Asia-Pacific stood at USD 12.64 billion in 2020. The region is expected to hold the largest global edible animal fat market share in terms of revenue during the forecast period. This is attributable to the increasing adoption of optimum quality animal fat in the bakery and confectionery industry in the region.
· The market in Europe is expected to showcase considerable growth during the forecast period. This is ascribable to factors such as the increasing consumption of edible animal fat and its by-products in the form of fish, chips, and spreads in countries such as the U.K., Germany, Russia, and Belgium between 2021 and 2028.
· Based on source, the cattle segment is expected to experience exponential growth backed by the high preference for cattle-based animal fat such as tallows and butter across the globe. According to the data by a private organization Webexhibits, around 8 million metric tons of butter is consumed annually across the globe.
Key Players Focus on Facility Expansion to Strengthen Their Market Positions
The global market for edible animal fat is consolidated by the presence of prominent companies. They are focusing on expanding their facilities to improve their sales revenues and cater to the growing demand for animal fat and by-products from the food and non-food industry. Furthermore, other key players are striving to gain a major chunk of the market share by adopting organic and inorganic strategies that will bode well for the market growth during the forecast period.
November 2018 - Darling Ingredients, Inc. announced the acquisition of PPH Conto Ltd, a Poland-based food-grade animal processor. The acquisition is likely to strengthen the company’s position in the global marketplace.
List of the Companies Profiled in the Global Market:
· Ten Kate Holdings (Musselkanaal, Netherlands)
· Cargill, Inc. (Wayzata, United States)
· Darling Ingredients, Inc. (Irving, United States)
· Archer Daniels Midland Company (Chicago, United States)
· Bunge Limited (Chesterfield, United States)
· Sanimax (Montréal, Canada)
· Baker Commodities Inc. (Vernon, United States)
· York Foods Pty Ltd (Goulburn, Australia)
· Saria Group (Selm, Germany)
· Colyer Fehr Tallow Pty Ltd. (Mount Druitt, Australia)
About Authorharshaljaiswal pune India
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