Increase in demand for animal fats from Asia-Pacific countries, particularly India, China, Malaysia, and Indonesia, drives the market.
PORTLAND, OR, US, March 21, 2023 /
EINPresswire.com/ -- Allied Market Research recently published a report, titled, "
Edible Animal Fat Market by Type (Butter, Lard, Tallow, Others), by Source (Cattle, Pig, Others), by Application (Non Food industry, Food industry): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global edible animal fat industry was accounted for $41.8 billion in 2021, and is expected to reach $64.7 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031. The report provides an in-depth analysis of changing market trends, key investment pockets, top segments, regional landscape, value chain, and competitive scenario.
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Major determinants of the market growth
Edible animal fats offer essential fats and calories and help in absorption of fat-soluble vitamins including A, D, E, and K. These factors fuel the growth of the global edible animal fat market. However, rise in prevalence of health problems associated with excessive fat and oil consumption hinders the market growth. On the contrary, rapid growth in raw material cultivation and production would open new opportunities in the future.
Top Key Players:
The key players in the global edible animal fats industry include Baker Commodities, Inc., Bunge Limited, COLYER FEHR GROUP, Darling Ingredients, PIERMEN B.V, SARIA A/S GmbH & Co. KG, Ten Kate Holding B.V., York Foods, Sanimax, and BRF. The players in the market has enourmous Edible animal fat Market Opportunity in the emerging nations.
Regional Outlook:
Regionally, Asia-Pacific witness a major growth rate during the Edible animal fat Market Forecast period. Increase in demand for edible animal fats from Asia-Pacific countries, particularly India, China, Malaysia, and Indonesia, drives the market. The demand from these countries' respective food sectors, which is supported by improvement in living standards and population growth, is driving the edible animal fats market. Moreover, increase in emphasis on biofuels, such as biodiesel produced from animal fats, is augmenting the demand for edible animal fats.
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China has achieved self-sufficiency in pork and lard production. The increase in consumption of lard-based processed foods has boosted the market for animal and marine fats and oils. Furthermore, tallow is preferred over palm oils in the soap-making industry, as it is a higher quality raw material. Tallow supply has further increased as global slaughter rates have increased considerably.
KEY FINDINGS OF STUDY
-> On the basis of type, the butter segment held the major share in the market. The butter Edible animal fat Market Size was the highest revenue contributor to the market, with $18,682.1 million in 2021
-> On the basis of source, the cattle segment was the dominating Edible animal fat Industry.
-> On the basis of application, the non-food industry segment is expected to be the fastest growing segment during the forecast period, with the CAGR of 5.1%.
-> On the basis of region, Asia-Pacific is expected to be the fastest growing segment during the forecast period with the CAGR of 5.2%.
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By type, the butter segment held the largest share in 2021, contributing to more than two-fifths of the global edible animal fat market, due to rise in number of health-conscious people and increase in disposable income of middle-class population. Moreover, increase in use of butter in exotic cuisines, prepared meals, and snacks in developing regions supplement the market growth. However, the others segment is projected to manifest the highest CAGR of 6.5% from 2022 to 2031, due to overall expansion of food service industry and rise in demand for bakery and confectionery products.
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