Beef Fat Market Analysis and Opportunities 2024

"The Business Research Company recently released a comprehensive report on the Global Beef Fat Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The beef fat market size has grown strongly in recent years. It will grow from $42.17 billion in 2023 to $45.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increased livestock production trends, regulatory environment, health and nutritional trends, economic factors.

The beef fat market size is expected to see strong growth in the next few years. It will grow to $61.59 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to emerging consumer trends, sustainability initiatives, regulatory changes, health and wellness focus, global economic trends. Major trends in the forecast period include technological innovations, processing technologies, global economic factors, global supply chain dynamics, sustainability and ethical practices.

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Market Drivers and Trends:

The rapid growth of the food and beverage industries is expected to boost the growth of the beef fat market going forward. Beef fat is used food and beverage industry as a cooking fat and a substitute for butter and oil, increasing meat's water-holding capacity by lubricating the muscle fibers during cooking, enhancing the flavor of meat, and other advantages such as high nutrition absorption. For instance, according to the report published by Food and Drink Federation, a UK-based organization that represents and advises UK food and drink manufacturers, the food and beverage business is the largest manufacturing sector in the United Kingdom, larger than automotive and aerospace combined, over 97% of the 11,675 food and beverage manufacturing companies are small and medium-sized enterprises (SMEs). Whereas, in 2021, industry output was estimated at £30 billion ($37.3 billion), a 4.2% increase over the previous year, with a total turnover of £112 billion ($139.3 billion) and domestic sales of £100 billion ($124.4 billion). Therefore, the rapid growth of the food and beverage industries is driving the growth of the beef fat market.

Product innovations are a key trend gaining popularity in the beef fat market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in May 2022, Metl&Marble, a Sweden-based biotechnology company, launched Non-animal Fat with the properties and taste of beef fat, specifically designed for the plant-based food sector. Melt&Marble's non-animal fat aims to bridge this gap by offering a plant-based alternative with the same sensory qualities as beef fat. This could significantly improve the taste and texture of plant-based burgers, sausages, and other meat alternatives.

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Major Key Players of the Market:

Windsor Quality Meats Pty Ltd; Tassie Tallow; US Wellness Meats LLC; Pridham Pty Ltd; Cargill Incorporated; BRF SA; Piermen BV; Fat Cow Gourmet Meats; Tridge; Ianq Overseas Private Limited; Jacob Stern & Sons Inc.; Hormel Foods Corporation; JBS SA; Clemens Food Group; Conagra Brands Inc.; Minerva Foods SA; Wellness Beefs; Indian Feeds Company Private Limited; SBH Foods Limited; Mercomeat SA; Devra Trading Limited; Darling Ingredients Inc.; The Procter & Gamble Company; Bunge Limited; Archer Daniels Midland Company; Olenex BV; Zeelandia Group BV; Puratos Group NV/SA; Princes Limited; HAS Group AS; Namchow Chemical Industrial Co Ltd.; NMGK Group; FUJI OIL Co LTD.; Yildiz Holding AS; Wilmar International Limited

Beef Fat Market 2024 Key Insights:

• The beef fat market will grow to $61.59 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Surging Demand For Beef Fat In The Thriving Food And Beverage Industries
• Transformative Non-Animal Fat With Beef-Like Properties For The Plant-Based Food Sector
• North America was the largest region in the beef fat market in 2023

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