The global edible animal fat market size is expected to experience significant growth by reaching USD 63.98 billion by 2028. Fortune Business Insights in its latest report, titled, “Edible Animal Fat Market, 2021 – 2028.”, mentions that the market stood at USD 41.50 billion in 2020 and is projected to exhibit a CAGR of 4.9% between 2021 and 2028. Factors such as the increasing preference for sustainable animal fat oil is expected to propel the demand for the product worldwide.
COVID-19 Impact: Market Exhibited a Sluggish Growth Rate of 15% in 2020
The shutdown of convenience stores and halted industrial operations have led to the slowdown of the market. The animal husbandry sector has also suffered owing to the lockdown announced by government agencies worldwide. These factors led to the market suffering from a falling growth rate of 15% in 2020.
Key Market Segmentation:
Based on type, the global market is segregated into butter, lard, tallow, and others. On the basis of source, the market is categorized into cattle, pig, and others. Moreover, on the basis of application, the market is bifurcated into food and non-industry.
Based on application, the food segment is expected to experience considerable growth backed by the increasing adoption of animal by-products in several food applications across the globe.
Lastly, on the basis of region, the market is segmented into Asia-Pacific, North America, Europe, Latin America, the Middle East and Africa.
What does the Report Include?
The global market for the edible animal fat report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Preference for Sustainable Animal Fat Oil to Aid Growth
The increasing awareness regarding the health benefits of sustainable animal fat oil such as fish oil is expected to boost its consumption across the globe. Fish oil contains Omega-3 fatty acids that are termed as vital nutrients, which aid in the prevention and management of heart ailments. Moreover, the carbon footprint of animal fat oil is far less compared to vegetable oils. Therefore, the increasing adoption of animal fat is expected to contribute to the global edible animal fat market growth in the forthcoming years.
Asia-Pacific to Remain Dominant; Increasing Consumption of Butter to Aid Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the largest global edible animal fat market share in the forthcoming years. This is attributable to the increasing consumption of butter and lard as they are perceived as healthy food products in countries such as India, China, and Australia. Asia Pacific stood at USD 12.64 billion in 2020.
The market in North America is expected to showcase considerable growth backed by the increasing adoption of edible animal fat in the food and non-food industry. For instance, butter is consumed in large quantities by consumers in countries such as the U.S. Moreover, tallow is adopted in industrial application to produce animal feed.
Facility Expansion by Major Companies to Intensify Industry Competition
The global market for edible animal fat comprises small, medium, and large companies striving to maintain their stronghold by focusing on expanding their facilities to cater to the growing demand from several industrial verticals. Moreover, other key players are striving to maintain their presence by adopting strategies such as collaborations and partnerships to gain a competitive edge over their rivals in the global marketplace.
Key Industry Development:
July 2019 - PTUE SARIA, a part of the SARIA Group, announced the development of a new production facility in Belarus. The company reports that EBRD will be providing them with an overall loan of EURO 17 million to develop the facility. This is expected to increase its production facility and manufacture high-quality animal by-products that will enable it to strengthen its position in the European market.
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