Edible animal fat market projected to reach USD 63.98 billion

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Pune, India, May 7, 2021 (GLOBE NEWSWIRE) – The global edible animal fat market size is expected to grow significantly to $ 63.98 billion by 2028. Fortune Business Insights, in its most recent report, Edible Animal Fat Market, 2021-2028, mentions that the market was $ 41.50 billion in 2020 and is projected to grow by 4 a year between 2021 and 2028, Will show 9%. Factors such as the increasing preference for sustainable animal fatty oil are likely to boost demand for the product worldwide.

Effects of COVID-19: The market experienced a weak growth rate of 15% in 2020

The closure of convenience stores and the cessation of industrial operations have caused the market to slow down. The animal husbandry sector has also suffered from the lockdown announced by government agencies around the world. These factors caused the market to suffer from a declining growth rate of 15% in 2020.

Important market segmentation:

Depending on the type, the global market is divided into butter, lard, tallow and others. Based on the origin, the market is divided into cattle, pigs and others. In addition, the market is divided into food and non-industry on the basis of application.

Due to application, the food segment is expected to see significant growth, supported by the increasing adoption of animal by-products in several food applications around the world.

Finally, the market is segmented into Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa by regions.

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What does the report contain?

Worldwide Edible Animal Fat Report Has In-depth analysis of various factors such as: B. the main drivers and constraints that will affect growth. Additionally, the report provides insights into the regional analysis covering various regions that are contributing to the growth of the market. It encompasses the competitive landscape that the leading companies are involved in and the adoption of new product launch, partnership announcement and collaboration strategies that will further contribute to market growth between 2021 and 2028. In addition, the research analyst has applied various research methods such as PESTEL and SWOT analysis to obtain information on current trends and industry developments that will drive market growth in the years to come.

FACTORS

Increasing preference for sustainable animal fatty oil to support growth

Growing awareness of the health benefits of sustainable animal fat oils such as fish oil is likely to increase global consumption. Fish oil contains omega-3 fatty acids, which are known as vital nutrients and help prevent and treat heart disease. In addition, the carbon footprint of animal fatty oil is much smaller compared to vegetable oils. Therefore, the increasing introduction of animal fat is expected to contribute to the global growth of the edible animal fat market in the coming years.

REGIONAL INSIGHTS

Asia-Pacific remains dominant; Increasing butter consumption to support growth

All regions are expected to keep Asia Pacific at the forefront in the years to come, holding the world’s largest market share for edible animal fat. This is due to the increasing consumption of butter and lard as these are perceived as healthy foods in countries like India, China and Australia. The Asia-Pacific region was $ 12.64 billion in 2020.

The North American market is expected to experience significant growth, supported by the increasing adoption of edible animal fat in the food and non-food industries. For example, butter is consumed in large quantities by consumers in countries like the United States. In addition, tallow is used in industrial applications to make animal feed.

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COMPETITIVE LANDSCAPE

Plant expansion by large companies to intensify industry competition

The global edible animal fat market is made up of small, medium, and large companies striving to maintain their stronghold by focusing on expanding their facilities to meet growing demand from multiple industries. In addition, other key players strive to maintain their presence through strategies such as collaborations and partnerships in order to gain a competitive advantage over their competitors in the global marketplace.

Key development in the industry:

July 2019 – PTUE SARIA, part of the SARIA Group, announced the development of a new production facility in Belarus. The company reports that the EBRD will provide them with a total loan of EUR 17 million to develop the facility. This is expected to enlarge the manufacturing facility and produce high quality animal by-products that will enable it to strengthen its position in the European market.

List of Companies Featured in Global Edible Animal Fats Market:

  • Ten Kate Holdings (Musselkanaal, The Netherlands)
  • Cargill, Inc. (Wayzata, USA)
  • Darling Ingredients, Inc. (Irving, USA)
  • 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)

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Detailed table of contents:

  • introduction
    • Scope of research
    • Market segmentation
    • Research methodology
    • Definitions and Assumptions
  • Summary
  • Market dynamics
    • Market leader
    • Market restrictions
    • Market opportunities
    • New trends
  • Important insights
    • Overview of the parent / related markets
    • Regulatory analysis
    • Supply chain analysis
    • Recent industry developments – policies, partnerships, product launches, and mergers and acquisitions
    • Influence of COVID-19 on animal processing
  • Global Edible Animal Fat Market Analysis, Insights, and Forecast, 2017-2028
    • Main results / summary
    • Market size estimates and forecasts
      • By type (value)
      • By source (value)
      • After application (value)
        • Food industry
        • Non-food industry
      • By region (value)
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East and Africa

Table of contents continued…!

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