the global edible animal fat market is slated to record a market value of USD 19.48 billion by 2023 and 2.93% CAGR over the review period.
With all of the buzz surrounding protein-rich animal fat, the global market for edible animal fat has seen steady demand and, as a result, increased growth. Increasing global demand for edible animal fat market, not only for culinary purposes but also for the manufacturing of bio-diesel, is one of the important drivers driving the market's rise throughout the forecast period. The sale of edible animal fat has expanded globally due to decreasing prices and growing use in the baking and confectionery industries. Because lard and tallow are becoming more popular as primary ingredients in bread and confectionery items, the global edible animal fats industry has a lot of potential. The application of tallow as an industrial lubricant and the high demand for clean fuel (biofuel) have been discovered to have a beneficial impact on its market share increase. Tallow's growth is influenced positively by two primary factors: low manufacturing costs and easy availability. New types and product development, particularly in the culinary and personal care industries, have enticed more customers to ingest edible animal fats, resulting in a global increase in sales. The use of edible animal fat in food and the chemical industry is also propelling the market forward.
The global edible animal fat market has been segmented by application, form, raw material, source, and, region.
Animal feed, bakery confectionery, bio-diesel, culinary, R.T.E foods/convenience meals, savoury snacks, and others are among the market's application-based segmentations (home care products and personal care products).
The use of edible animal fat as bio-diesel is expected to expand at the fastest pace of 3.10 percent. In terms of edible animal fat applications, culinary-based applications are expected to lead the market throughout the projected period, with bio-diesel applications coming in second.
The market is divided into liquid, solid, and semi-solid categories using form-based segmentation. According to the report, the solid form of edible animal fat will develop at the fastest pace of 3.25 percent due to its convenience storing property.
The market has been divided into three categories based on the raw materials used: lard, tallow, and others. Lard is predicted to expand at a high rate of 2.70 percent during the projection period, according to the analysis.
The market has been divided into cattle, pigs, and other sources (fish, goat, poultry, and sheep). During the projected period, pig-sourced edible animal fat is expected to rise at a moderate rate, according to the analysis.
The global animal fat uses is segmented into four regions: North America, Europe, Asia Pacific, and the rest of the world (RoW).
According to the analysis, the Asia Pacific region would dominate the edible animal fat market with more than 40% market share in both value and volume over the forecast period. The market is estimated to grow at a CAGR of 3.40 percent to USD 8 billion by the end of the forecast period. The Asia-Pacific edible animal fats market is expected to increase in response to rising population and rising fats and oils consumption, particularly in Asian nations such as China and India. The Asia-Pacific region's population growth and expansion of food and non-food businesses demand more fats and oils than other end-use sectors around the world.
North America is expected to increase at a high rate of 2.34 percent throughout the projected period. The United States of America is home to several of the market's major participants (USA). Canada and Mexico are two more key country-specific marketplaces in this region. The market is well-represented in Europe, with France, Germany, Italy, Spain, and the United Kingdom (UK) accounting for the majority of revenue, followed by the rest of Europe. Argentina, Brazil, and South Africa are among the countries in the RoW region that contribute significantly to the market.
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 Ka te Holding B.V. (Netherlands), and York Foods Pty Ltd (Australia). The key players have been exploring the market in new regions by adopting acquisitions, new product developments, agreements, and certifications as their preferred strategies.
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