Burlingame, July 21, 2023 (GLOBE NEWSWIRE) -- Animal Fats and Oils Market, By Source (Bovine (beef) fats and oils, Poultry fats and oils, Pork fats and oils, Fish fats and oils, Other animal fats and oils (such as lamb, goat, and horse)), By Product Type (Tallow, Lard, Poultry Fat, Fish Oil, Butterfat:, Others:), By Application (Food Industry, Industrial Uses, Animal Feed, Pharmaceuticals:, Others), By Grade/Quality (Prime/High-Quality Grade, Premium Grade, Standard Grade), According to Coherent Market Insights, global Animal Fats And Oils market is estimated to be valued at US$ 279.30 billion in 2022 and is expected to exhibit a CAGR of 7.9% during the forecast period (2022-2030).
Analysts’ Views on Global Animal Fats And Oils Market
Growing number of health-conscious consumers is fuelling growth of the animal fats and oils market. Mainly lower saturated fat content as they have a positive impact on cholesterol levels and are more beneficial for heart health than their counterparts. Additionally, changing dietary patterns of consumers is again uplifting growth of the market.
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Key Trends and Analysis of the Global Animal Fats And Oils Market:
Growing health and wellness trends due to rising awareness regarding the healthier food options is driving growth of the global animal fats and oils market. Omega-3 fatty acids found in fish oils are gaining popualirty due to its various health benefits. Moreover, consumer shift towards healthy fats with better nutritional profiles is further anticipated to fuel animal fats and oils market growth.
Global Animal Fats And Oils Market - Drivers
Growing demand for animal-based products to foster market growth
The animal-based products are witnessing strong demand due to increasing population and growing awareness regarding the health benefits of animal-based products. According to the United Nation, The current world population in 2023 is 8,048,720,368 as of Tuesday, July 18, 2023. It is expected to reach 9 billion in the year 2037.
Expanding food processing sector to propel market growth
Rapid growth of food processing sector due to increasing expenditure, growing population, and growing dipsoable income of consumers. Also, growing prefrences for convenience food products in working population and growing retail chain market are again augmenting market growth. According to the Ministry of Food Processing Industries, the contribution of the food processing sector has increased continuously with Gross Value Added (GVA) in food processing sector from Rs.1.34 lakh crore in 2014-15 to Rs. 2.37 lakh crore in 2020-21 at a Compound Annual Growth Rate (CAGR) of 9.97%.
Animal Fats and Oils Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 279.30 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 - 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 7.9% | 2030 Value Projection: | US$ 475.58 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Bunge Limited, Archer Daniels Midland Company, Cargill, Incorporated, Wilmar International Limited, Tyson Foods, Inc.,JBS S.A.,Darling Ingredients Inc.,IOI Corporation Berhad, Ventura Foods, LLC,BRF S.A., Ajinomoto Co., Inc., Premium Vegetable Oils Sdn Bhd, AAK AB, Conagra Brands, Inc., Richardson International Limited | |||
| Growth Drivers: | Increasing Demand for Animal-Based Products Growth in the Food Processing Industry Industrial Applications Biofuel and Renewable Energy Initiatives | |||
| Restraints & Challenges: | Health Concerns Competition from Plant-Based Alternatives Price Volatility | |||
Global Animal Fats And Oils Market – Restrain
Volatile price of raw materials to hinder market growth
Price volatility is a major challenge faced by players in the animal fats and oils market. This is because the prices of these products depend on various factors, including feed costs, weather conditions, and market demand. The fluctuating prices of raw materials is expected to hamper the market growth.
Global Animal Fats And Oils Market – Opportunities
Growing investment in animal fats and oils market to offer profitable market opportunities
Key players in the market are investing heavily in animal fats and oils to stregethen their market position. For instance, in October 2022, London-based Hoxton Farms announced that it has raised $22 million from investors to build a pilot plant to produce animal fat from stem cells, aiming to tap into the growing market for less carbon-intensive foods.
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Global Animal Fats And Oils Market - Key Developments
In 2021, Bunge acquired Aurora Oils for $1.2 billion. This acquisition gave Bunge a leading position in the Canadian canola oil market, as well as access to Aurora Oils' expertise in canola processing.
In 2020, IMCD and AAK formed a joint venture to create a new global leader in specialty fats and oils. This joint venture brought together IMCD's global distribution network and AAK's expertise in specialty fats and oils.
Key Market Takeaways:
Global Animal Fats And Oils market is expected to exhibit a CAGR of 7.9% during the forecast period, owing to the growing population coupled with the expanding food processing sector. Moreover, growing health conscious consumers and increasing awareness regarding the health benefits of animal fats and oils is further projected to uplift the market growth.
On the basis of Source, Bovine (beef) fats and oils segment is expected to hold a dominant position. Bovine is a most common source of extracting fats and oil.
On the basis of Product Type, Tallow segment is expected to hold a dominant position, owing to the growing demand from personal care and cosmetic industries.
On the basis of Application, Food industry segment is expected to hold a dominant position, owing to the growing use of animal fat and oil in preparation of food such as bakery, spreads, and ready-to-eat foods.
On the basis of Grade/Quality, standard grade segment is expected to hold a dominant position.
On the basis of region, Asia Pacific is expected to lead the global market over the forecast period owing to the growing demand for animal-based food products, such as poultry, meat, and dairy products.
Competitive Landscape:
Key players operating in the global Animal Fats And Oils market include Bunge Limited, Archer Daniels Midland Company, Cargill, Incorporated, Wilmar International Limited, Tyson Foods, Inc.,JBS S.A.,Darling Ingredients Inc.,IOI Corporation Berhad, Ventura Foods, LLC,BRF S.A., Ajinomoto Co., Inc., Premium Vegetable Oils Sdn Bhd, AAK AB, Conagra Brands, Inc., Richardson International Limited
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Detailed Segmentation:
Global Animal Fats and Oils Market, By Source:
- Bovine (beef) fats and oils
- Poultry fats and oils
- Pork fats and oils
- Fish fats and oils
- Other animal fats and oils (such as lamb, goat, and horse)
Global Animal Fats and Oils Market, By Product Type:
- Tallow:
- Edible Tallow
- Industrial Tallow
- Lard:
- Edible Lard
- Industrial Lard
- Poultry Fat:
- Edible Poultry Fat
- Industrial Poultry Fat
- Fish Oil:
- Cod Liver Oil
- Salmon Oil
- Tuna Oil
- Others (sardine oil, anchovy oil, etc.)
- Butterfat:
- Anhydrous Butterfat
- Butter Oil
- Others:
- Goat Fat
- Horse Fat
- Lamb Fat
- Deer Fat
Global Animal Fats and Oils Market, By Application:
- Food Industry:
- Cooking Oils
- Margarine and Shortening
- Confectionery
- Flavorings and Seasonings
- Industrial Uses:
- Biodiesel Production
- Soap and Detergent Manufacturing
- Cosmetics and Personal Care Products
- Lubricants and Greases
- Animal Feed:
- Pet Food
- Livestock Feed
- Pharmaceuticals:
- Excipients
- Softgel Capsules
- Injectable Formulations
- Others:
- Leather Processing
- Candle Making
- Biochemicals
Global Animal Fats and Oils Market, By Grade/Quality:
- Prime/High-Quality Grade
- Premium Grade
- Standard Grade
Global Animal Fats and Oils Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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