Portland, OR, Aug. 16, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global animal and marine fats and oils market was pegged at $222.33 billion in 2020, and is expected to reach $516.75 billion by 2030, growing at a CAGR of 7.6% from 2021 to 2030.
Rise in demand for animal fats in the food & beverage industry and surge in demand from downstream sectors have boosted the growth of the global animal and marine fats and oils market. However, high capital investments in extraction, health concerns related to excessive consumption of fats and oils, and regulations related to labelling of fat & oil production and its safety issues hinder the market growth. On the contrary, rise in demand from developing economies, rapid growth in raw material cultivation and production, and growing applications of fats and oils as substitutes of trans-fats are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The rise in number of Covid-19 patients resulted in global lockdown and disruption of supply chain. Due to pandemic, the consumer spending patterns changed drastically and shifted toward safe and durable products that are rich in animal fats and oils.
- The rise in popularity of e-commerce and increase in consumer engagement in online platforms favored the demand for animal and marine fats and oils.
- However, the raw material supply from domestic channels hampered during the pandemic, and as a result, international players for food & beverage manufactures were forced to close their production.
The report segments the global animal and marine fats and oils market on the basis of source, product type, form, application, and region.
Based on source, the animal segment held the largest share in 2020, accounting for around 98% of the market. However, the marine segment is projected to register the highest CAGR of 11.6% during the forecast period.
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On the basis of product type, the tallow segment held the largest share in 2020, contributing to more than one-third of the market. However, the lard segment is estimated to manifest the highest CAGR of 10.5% from 2021 to 2030.
The global animal and marine fats and oils market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific region is anticipated to portray the highest CAGR of 9.5% during the forecast period.
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The global animal and marine fats and oils market includes an in-depth analysis of the prime market players such as Australian Tallow Producers, Ajinomoto Co., Inc., Cargill, Baker Commodities Inc., Darling industries, Colyer Fehr Tallow Pty Ltd., IFFCO, Darling Ingredients, Inc., SARIA SE & Co. KG, Jacob Stern & Sons Tallow, Ten Kate Vetten BV, Tallow Products Pty Ltd., and York Foods Pty Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
