Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Edible Animal Fat Market
The global edible animal fat market is expanding considerably and is expected to reach USD 19,482 Mn at a CAGR of 2.93% by the end of the forecast period which ends in 2023, reveals Market Research Future (MRFR) in a comprehensive report. Edible animal fats are experiencing steady demand due to its popularity as a multifunctional food ingredient. Taste-enhancing, excellent baking, and cooking properties make them ideally suited for culinary purposes which is a major driver for the growth of the global edible animal fat market. Moreover, edible animal fat is associated with great stability at high temperatures, longer shelf life and has preservative properties and can be used for baking, cooking, and frying. Furthermore, edible animal fats have a small carbon footprint. They act as part of a beneficial balanced diet. The growth of the market is also impacted by the use of edible animal fat in the production of bio-diesel as well as their application in chemical industries. On the contrary, the growth of the global edible animal fat market might be hindered by their negative reputation concerning health, mainly due to their content of saturated fatty acids.
The global animal fat market has been segmented based on application, form, raw material, and source.
By application, the global edible animal fat market has been segmented into animal feed, bakery & confectionery, bio-diesel, culinary, R.T.E foods/convenience foods, savory snacks, and others (home care products and personal care products). The culinary segment accounts for the majority share of the global market while the biodiesel segment is the second largest segment by the application. The biodiesel segment is expected to expand at the highest CAGR of 3.10% over the forecast period.
By form, the global edible animal fat market has been segmented into liquid, solid, and semi-solid. The solid form is expected to capture the highest growth rate of 3.25% over the forecast period as it can be easily stored.
By raw material, the global animal edible animal fat market has been segmented into lard, tallow, and others. The lard segment is expected to expand at a CAGR of 2.70% over the forecast period. The tallow segment is expected to register a CAGR of 1.64% and attain a valuation of USD 6000 Mn by the end of the forecast period.
By source, the global edible animal fat market has been segmented into cattle, pig, and others (fish, goat, poultry, and sheep). Cattle-based edible animal fat accounts for more than 50% share of the global market and is likely to expand at a CAGR of 3.37%. The pig sourced edible animal fat is expected to showcase moderate growth over the forecast period.
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North America, Europe, Asia Pacific and the Rest of the world (RoW) are the key markets for edible animal fat.
With more than 40% share of the global market, APAC commands the highest position in the global edible animal fat market. Australia, China, India, and New Zealand are the key contributors to the APAC market. The PC edible animal fat market is expected to attain a valuation of USD 8000 Mn at a CAGR of 3.40% over the forecast period.
North America is a significant market for edible animal fat and is expected to register a CAGR of 2.34% over the forecast period. The presence of various key players in the US can be credited for the growth of the market. Canada and Mexico are other important markets in the region.
In Europe, France, Germany, Italy, Spain, and the United Kingdom (UK) are the key contributors, and the Europe market is expected to showcase considerable growth over the forecast period.
Argentia, South Africa, and Brazil are other countries which spur the market in the Rest of the World.
The key players in the global edible animal fat market include Baker Commodities Inc. (USA), Colyer Fehr Tallow Pty Ltd. (Australia), York Foods Pty Ltd (Australia), Cargill, Incorporated (USA), Ten Kate Holding B.V. (Netherlands), Darling Ingredients Inc. (USA), and Saria Se & Co. KG (Germany).