Edible Animal Fat Market Global to reach a market value of more than USD 19,482 million at a CAGR of 2.93% by 2023

Market Research Future published a half-cooked research report on Edible Animal Fat Market Is Expected to Grow at a Higher Pace By 2023.

Market Synopsis of Edible Animal Fat Market:

Report Description
The global market for edible animal fat has witnessed continued demand during the last few years and is projected to reach USD 19,482 million at a CAGR of 2.93% by 2023. Increasing global demand for edible animal fat for culinary purpose as well as for production of bio-diesel is likely to drive the global edible animal fat market over the forecast period.

Asia Pacific region will dominate the edible animal fat market (in terms of value and volume both) with more than 40% of the market share and it is projected to reach a market value of more than USD 8,000 million at a CAGR of 3.40% by 2023. North America is projected to witness a high growth rate (~2.34%) during the forecast period 2017-2023. Lower price of edible animal fat and rising application in bakery and confectionery industries has increased the sale of edible animal fat on the global level. Diverse application of edible animal fat in food as well as chemical industries has been playing a key role in the growth of the global edible animal fat market from last few years.

On the basis of raw material, tallow will witness a growth at the rate of (~1.64%). By 2023, tallow market is expected to reach a market value of more than USD 6,000 million on the global level. High demand for clean fuel (biofuel) and application of tallow as an industrial lubricant is found to be having a positive impact in its market share growth. Low cost of production and easy availability are two major reasons influencing growth of tallow, positively.

Based on the form, solid edible animal fat is projected to dominate the market as compared to other forms based on high self-life and convenience storage at room temperature. Additionally, liquid and semi-solid forms are projected to have moderate growth rate during the given forecast period. During the forecast period, solid edible animal fat is estimated to grow with a CAGR of 3.25%.

On the basis of source, share of cattle sourced edible animal fat is likely to dominate the market based on easily available desired product, and consumer’s high preference from cattle based animal fat. Cattle based animal fat is estimated to hold a lion’s share of more than 50% and is projected to have a growth rate of 3.37%. Furthermore, based on the applications of edible animal fat, culinary based application will dominate the market followed by application as bio-diesel.

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Study Objectives of Edible Animal Fat Market Forecast till 2023

Detailed analysis for individual micro and macro markets for edible animal fat
To estimate market size by type, form, source, application and region
To understand the supply and demand dynamics of edible animal fat
To provide region level market analysis and future outlook for the U.S., France, Germany, China, and others
Company profiling of major players and competitive positioning for the edible animal fat market
Value chain analysis and supply chain analysis of edible animal fat
Analysis of historical market trends and technologies, and current government regulatory requirements related to edible animal fat market
Target Audience
Edible animal fat manufacturers
Bio-fuel manufacturers
Food processing industries
Retailers and wholesalers
Traders, importers and exporters 
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Key Findings

Global edible animal fat market is projected to reach USD 19,482 million by 2023 at a growth rate of 2.93%
Lard will experience a high growth at a rate of 2.70% during the given forecast period
Solid form of edible animal fat will witness the highest growth at a rate of 3.25% based on the convenience storage property
Pig sourced edible animal fat is projected to witness a moderate growth rate during the given period
Application of edible animal fat as Bio-diesel is projected to have the highest growth rate of 3.10%

Regional and Country Analysis of Edible Animal Fat market Development and the Demand Forecast till 2023 Market

As per the MRFR analysis, the global market for edible animal fat has been witnessing continued demand during the last few years and is projected to reach more than 25,000 kilotons globally by 2023. In terms of value and volume both, Asia Pacific region is estimated to dominate the edible animal fat market holding the lion’s share of more than 40%. Also, North America will hold the second largest share in the global edible animal fat market and is projected to grow at a rate of 2.34%

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