Edible Animal Fat Market to Hit $64.7 Bn, Globally, by 2031 at 4.5% CAGR: Allied Market Research
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Major determinants of the market growth
Edible animal fats offer essential fats and calories and help in absorption of fat-soluble vitamins including A, D, E, and K. These factors fuel the growth of the global edible animal fat market. However, rise in prevalence of health problems associated with excessive fat and oil consumption hinders the market growth. On the contrary, rapid growth in raw material cultivation and production would open new opportunities in the future.
Covid-19 scenario:
The food industry segment dominated the market
By application, the food industry segment held the largest share in 2021, accounting for nearly three-fourths of the global edible animal fat market, due to increase in demand for animal fats such as tallow, fish oil, and lard among baker and other food processors. However, the non-food industry segment is estimated to register the highest CAGR of 5.1% during the forecast period, due to emerging market such as Asia-Pacific and dense population.
The butter segment held the lion's share
By type, the butter segment held the largest share in 2021, contributing to more than two-fifths of the global edible animal fat market, due to rise in number of health-conscious people and increase in disposable income of middle-class population. Moreover, increase in use of butter in exotic cuisines, prepared meals, and snacks in developing regions supplement the market growth. However, the others segment is projected to manifest the highest CAGR of 6.5% from 2022 to 2031, due to overall expansion of food service industry and rise in demand for bakery and confectionery products.
The cattle segment held the largest share
By source, the cattle segment dominated the market in terms of revenue in 2021, accounting for nearly three-fifths of the global edible animal fat market. This is due to high demand for cattle in China and the U.S. and increased consumer desire for animal product influenced by diet. However, the pig segment is projected to showcase the highest CAGR of 5.0% during the forecast period, due to strong disposable income, barbecue season, and increase in millennial population.
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Europe held the lion's share
By region, the global edible animal fat market across Europe dominated in 2021, accounting for nearly one-third of the market, due to rise in consumption of processed foods containing lard and increase in supply of tallow. However, the market across Asia-Pacific is expected to register the highest CAGR of 5.2% during the forecast period, due to concentration of aquaculture industry in China, India, Indonesia, and Vietnam, health concerns among consumers, and use of fish oil as nutritional supplement.
Major market players
The report analyzes these key players of the global edible animal fat market. These companies have adopted several strategies such as partnerships, expansion, collaborations, new product launches, and mergers & acquisitions to maintain their foothold in the industry. In addition, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.
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