August 29, 2017 Pune, India, / Market Research Future published a cooked research report on global edible animal fat market, which is estimated to grow at a CAGR of 2.93% during the forecast period 2017-2023.
Animal fats and oils are referred to the lipid by-product generated from animals during the meat processing. They are generally considered as co-products or by-products of the meat. The process of production of edible animal fat involves thermal rendering in order to melt the animal fat and process it further to obtain it in purified form. Rendering is widely used to obtain edible and inedible animal fats and proteins which can be marketed for agricultural, food, feed and industrial purposes. The major animal fat produced by the rendering process include edible/inedible tallow from cattle, white grease and lard from pork processing, poultry fat from chicken processing and others.
The global market for edible animal fat have witnessed continued demand during the last few years and is projected to reach USD 19,482 million by 2023. Developing economy and consumers’ adoption of sustainable development trends are likely to drive the edible animal fat market share in the countries of the developed regions. Increasing disposable income and technological strides also likely to have a positive impact on its market growth.
Based on the product-type, lengthening is expected to witness the highest growth rate (~6.93%) on a global level. Volumizing Edible Animal Fat will hold a significant share and will also witness a steady growth during the given forecast period. Curling Edible Animal Fat is likely to experience a moderate growth and is estimated to hold a market share of more than 15% during the given period.
By Downstream Analysis
By 2023, edible animal fat will reach a market value of more than USD 19,482 Million on a global level. Potential applications of edible animal fat in food, fuel and feed industries have a positive impact on its market share growth. Based on the type, lard is projected to have a high growth rate in the global edible animal fat owing to its potential application in bakery and for culinary purpose.
ased on the high shelf life of edible animal fat, solid form is estimated to hold a major share of more than 50% and is anticipated to have a growth rate of 3.25% during the given forecast period. Liquid form of edible animal fat is anticipated to have a high growth rate owning to high self-life and convenience transport of the product. Cattle sourced edible animal fat holds a major share of more than 50% and is projected to reach a market value of more than USD 8,000 million during the given period.
Culinary based application of edible animal fat will hold a lion’s share in the edible animal fat market followed by bio-diesel based application. Owning to high demand for bio-fuel for sustainable development, the growth of bio-diesel based application of edible animal fat is evaluated to experience a surge during the corresponding period.
The major key players in edible animal fat are
Key players are focused majorly on acquisition of small players to expand their business and penetrate the global edible animal fat market. The strategy of acquisition is found to account for more than 60% of the overall strategy share followed by the key players from last few years. Mergers is also one of the key strategies followed by acquisition. Mergers will help in capturing the major market by initiating a joint venture thereby further contributing to increasing revenue. Mergers and expansions are evaluated to be contributing to more than 20% of strategy share and is facilitating the companies to penetrate the potential market across globe.
Among the regions, Asia Pacific will continue to dominate the edible animal fat market with more than 40% of the market share and it is projected to reach more than USD 8,000 million by 2023. North America will witness the highest growth rate (~2.34%) during the forecast period 2017-2023. Growing popularity of edible animal fat owing to their potential applications in food and bio-fuel industries is supporting their market growth on the global level. Developing economy and increasing disposable income have been playing a key role in the edible animal fat growth from the last few years.
Global edible animal fat is segmented by type, form, source, application and regions.
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