August, 2022 /press release/- Market Research Future Published a Research Report on Edible Animal Fat Market Research Report.
With all the hype surrounding the protein-rich animal fat, the global market for edible animal fat has witnessed continued demand and hence, increasing growth. Market Research Future (MRFR) has published a research report about the global edible animal fat market that estimates growth for Edible Animal Fat Market with 4.50% CAGR between 2022 and 2030. In terms of cash, the market has been estimated to rise to US 60.4 billion during the forecast period. Analyzing the individual micro and macro markets, this report estimates market size in order to understand the demand and supply related dynamics of edible animal fat. Listing the key players in the market, the report analyzes historical market trends and technologies, along with current government regulatory requirements related to the edible animal fat market.
The key factors driving the growth of this market during the forecast period include increasing global demand for edible animal fat not only for the culinary purpose but also for the production of bio-diesel. Globally, the lower price of edible animal fat and rising application in bakery and confectionery industries have increased the sale of edible animal fat. Application of edible animal fat in food, as well as chemical industries, is also leading to the growth of the market.
The segmentation of global edible animal fat market has been done on the basis of application, form, raw material, source, and lastly region. The application based segmentation of this market covers animal feed, bakery & confectionery, bio-diesel, culinary, R.T.E foods/convenience foods, savory snacks, and others (home care products and personal care products). As per the report, the application of edible animal fat as bio-diesel is likely to have the highest growth rate of 3.10%. Based on the applications of edible animal fat, culinary based application has been estimated to dominate the market during the forecast period, with the application as bio-diesel occupying the second slot.
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The form-based segmentation segments the market into liquid, solid, and semi-solid. The report says that the solid form of edible animal fat will be witnessing the highest growth at a rate of 3.25% on the basis of the convenience storage property. On the basis of raw material, the market has been segmented into lard, tallow, and others. According to the report, lard is expected to experience high growth at a rate of 5.2% during the forecast period. During the forecast period, tallow can witness growth at the rate of 1.64% which in terms of cash would be the US $ 6000 mn globally. Factors influencing the market growth positively include the application of tallow as an industrial lubricant, easy availability, high demand for clean fuel (biofuel), and low cost of production.
By source, the market has been segmented into cattle, pig, and others (fish, goat, poultry, and sheep). The report projects pig sourced edible animal fat to witness a moderate growth rate during the forecast period. Cattle-based animal fat has been estimated to hold the lion's share of more than 50% with a growth rate of 3.37%.
The regional segmentation of the global edible animal fat market segments the market into regional markets known as North America, Europe, Asia Pacific and rest of the world (RoW). As per the report, both in terms of value as well as volume, the Asia Pacific region can dominate the edible animal fat market with more than 40% of the market share during the forecast period. At a CAGR of 3.40%, the market is expected to rise to the value of US $ 8000 mn by the end of the forecast period. The cream among country-specific markets that contribute the highest revenue to the market comprises of Australia, China, India, and New Zealand, followed by the rest of the Asia Pacific region. Due to popular demand and in order to ensure speedy approval regarding quality standards, Food Safety and Standards Authority of India (FSSAI) has decided to remove the Boudouin and Halphen tests, which are required for blended edible vegetable oils.
During the forecast period, North America can witness a high growth rate of approximately 2.34% during the forecast period. Many key players in this market are based in the United States of America (USA). Other important country-specific markets in this region include Canada and Mexico. In Europe, the market has a decent presence with the major revenue coming from France, Germany, Italy, Spain, and the United Kingdom (UK), followed by rest of Europe. The RoW region countries making a significant contribution to the market include Argentina, Brazil, and South Africa.
The key players in the global edible animal fat market include Baker Commodities Inc. (USA), Cargill, Incorporated (USA), Colyer Fehr Tallow Pty Ltd. (Australia), Darling Ingredients Inc. (USA), Saria Se & Co. KG (Germany), Ten Kate Holding B.V. (Netherlands), and York Foods Pty Ltd (Australia).