The Edible Animal Fat Market Experiences Steady Growth: Projected to Reach $36.45 Billion by 2028 with a CAGR of 5.4%

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The edible animal fat market has demonstrated robust growth, advancing from $28.09 billion in 2023 to an estimated $29.58 billion in 2024, indicating a Compound Annual Growth Rate (CAGR) of 5.3%. This positive trend is anticipated to continue, with projections forecasting strong growth to $36.45 billion by 2028, maintaining a CAGR of 5.4%.

Key Drivers of Market Growth:
1. Growing Adoption in the Food Industry:
The escalating adoption of edible animal fats in the food industry is a major driver for market expansion. Edible animal fats, renowned for their flavorful profiles and exceptional cooking and baking attributes, are increasingly integrated into food production. Notably, the North American Renderers Association reported a significant year-on-year increase of 22.4% in the combined production of pork, beef, mutton, and poultry meat, reaching 64.28 million tons in November 2021. This surge in adoption within the food industry is expected to elevate the demand for edible animal fats, driving market growth.

2. Surge in Bakery Products Consumption:
The rising consumption of bakery products is poised to fuel the growth of the edible animal fat market. Bakery items, encompassing a variety of products like bread, cookies, and pastries, often leverage animal fats for functionalities such as binding ingredients, providing moisture, and acting as leavening agents. With bakery categories such as cakes and croissants experiencing positive sales trends, the increasing demand for bakery products is contributing significantly to the expansion of the edible animal fat market.

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Leading Market Players:
Key players contributing to the edible animal fat market include Ten Kate Holdings B.V., Cargill Incorporated, Darling Ingredients Inc., Archer Daniels Midland Company, and Bunge Limited, among others. These industry leaders play a crucial role in meeting the surging demand for edible animal fats and ensuring product quality.

Market Trends:
1. Emphasis on Facility Expansion:
Facility expansion has emerged as a prominent trend in the edible animal fat market, with manufacturers strategically expanding their production capabilities to meet growing market demands. For example, Cargill Inc. announced a $35 million expansion of its Port Klang production facility in Malaysia, aiming to produce a range of specialty fats for diverse applications, including chocolates, coatings, and bakery fats.

2. Major Companies Focusing on Expansion:
Major companies are actively embracing facility expansion strategies to address market demands and enhance product quality. Hoxton Farms, a UK-based developer of cultivated animal fat, announced a $22 million facility expansion in London. This expansion is designed to drive research efforts, facilitate production scaling, and foster collaborations with plant-based companies and supermarket chains for prototype development.

Regional Dynamics and Market Segmentation:
Asia-Pacific dominated the edible animal fat market in 2023, and the regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The edible animal fat market covered in this report is segmented -
1) By Type: Liquid, Solid, Semi-Solid
2) By Source: Pig, Cattle, Other Sources
3) By Application: Culinary, Bakery And Confectionery, Savory Snacks, R.T.E Foods/Convenience Foods, Bio-Diesel, Other Applications

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Edible Animal Fat Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Edible Animal Fat Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on edible animal fat market size, edible animal fat market drivers and trends, edible animal fat market major players, competitors' revenues, edible animal fat market positioning, and edible animal fat market growth across geographies. The edible animal fat market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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