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Edible Animal Fat Market Key Trends And Forecast Report 2024-2033
Edible Animal Fat Market Key Trends
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According to The Business Research Company's, The edible animal fat market size has grown strongly in recent years. It will grow from $28.09 billion in 2023 to $29.58 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to food industry demand, meat production growth, consumer preferences, price and availability of alternatives, export markets.
The edible animal fat market size is expected to see strong growth in the next few years. It will grow to $36.45 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to health-conscious consumers, alternative fat sources, sustainable sourcing, clean label and natural ingredients, customization and specialty fats. Major trends in the forecast period include premium and gourmet offerings, alternative fat sources, artisanal and traditional practices, culinary and flavor innovation, animal welfare and ethical considerations.
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Market Drivers and Trends:
The increasing adoption of edible animal fats in the food industry is expected to drive the edible animal fats market. Because of their delectable flavor and outstanding cooking and baking abilities, edible animals are being adopted in food production and the food industry. For instance, in November 2021, according to the articles published by the North American Renderers Association (NARA), a US-based association, the combined production of pork, beef, mutton, and poultry meat has reached 64.28 million tons, marking a substantial year-on-year increase of 22.4%. Furthermore, the production of mutton, beef, and poultry meat saw respective increases of 5.3%, 3.9%, and 3.8%. Therefore, the increasing adoption of edible animal fats in the food industry will raise the demand for edible animal facts and hence drive the market.
Plant expansion is a key trend gaining popularity in the edible animal fat market. The manufacturers in this market are focusing on expanding their facilities to produce better products to meet the market demand. For instance, in November 2021, Cargill Inc., a US-based food corporation announced a $35 million expansion of its Port Klang production facility in Malaysia. At the facility, the company plans to produce a range of specialty fats for use in chocolates, coatings, fillings and compounds, spreads, bakery fats and other applications.
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Major Key Players of the Market:
Ten Kate Holdings B.V., Cargill Incorporated, Darling Ingredients Inc., Archer Daniels Midland Company, Bunge Limited, Baker Commodities Inc., PIERMEN B.V, SARIA A/S GmbH & Co KG, Sanimax USA LLC, BRF S.A., Colyer Fehr Tallow Pty Ltd., Tyson Foods Inc., Smithfield Foods Inc., Hormel Foods Corporation, Conagra Brands Inc., Kerry Group plc, Wilmar International Limited, Unilever PLC, Nestle S.A., Sanderson Farms Inc., JBS USA Holdings Inc., Perdue Farms Inc., Maple Leaf Foods Inc., West Liberty Foods LLC, Pilgrim's Pride Corporation
Edible Animal Fat Market 2024 Key Insights:
• The edible animal fat market size is expected to see strong growth in the next few years. It will grow to $36.45 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Growing Adoption Of Edible Animal Fats In The Food Industry Fuels Market Expansion
• Growing Emphasis On Facility Expansion In The Edible Animal Fat Market
• Asia-Pacific was the largest region in the edible animal fat market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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