The global animal fats and oils market is projected to reach a value of US$ 279.30 billion by 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 7.9% during the forecast period of 2023 to 2030, according to a report published by Coherent Market Insights.
Market Overview: The market for animal fats and oils is driven by the rising demand for these products in various industries. Animal fats and oils are widely used in the food industry for cooking, baking, and as ingredients in various products. They also find applications in the pharmaceutical industry for the production of medicines and supplements. Additionally, these fats and oils are used in the production of biodiesel, which is a cleaner alternative to conventional diesel fuel. The need for sustainable and eco-friendly fuel options has further contributed to the growth of the animal fats and oils market. Market Key Trends: One key trend observed in the animal fats and oils market is the increasing demand for organic and sustainable products. With growing awareness about the environmental impact of traditional farming and production methods, consumers are seeking products that are sourced sustainably and are free from harmful chemicals. This has led to an increase in the demand for organic animal fats and oils, which are produced without the use of artificial additives or pesticides. The market is witnessing the entry of new players offering organic alternatives, and existing players are also focusing on expanding their organic product portfolios to cater to this growing demand. Segment Analysis: The animal fats and oils market can be segmented based on source, application, and region. By source, the market can be divided into tallow, lard, poultry fat, and others. Tallow is expected to dominate the market during the forecast period due to its wide range of applications. Tallow is extensively used in the food industry for frying, baking, and as an ingredient in various food products such as biscuits, chocolates, and snacks. It is also used in the production of biodiesel and animal feed, further driving its demand. Lard is another significant segment, primarily used in the production of bakery products and as a cooking oil. Based on application, the animal fats and oils market can be categorized into food, animal feed, biodiesel, and others. The food segment is expected to hold the largest market share as animal fats and oils are widely used as ingredients in processed foods, confectioneries, and snacks. The increasing demand for convenience foods and the growing bakery industry are major factors driving the growth of this segment. The animal feed segment is also anticipated to witness significant growth due to the rising demand for meat and dairy products. Key Takeaways: The global Animal Fats And Oils Market Share is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period. The increasing demand for convenience foods, growth in the bakery industry, and rising consumption of meat and dairy products are the key drivers for market growth. The market is projected to reach US$ 279.30 billion in 2023. In terms of regional analysis, North America is expected to be the fastest-growing region in the animal fats and oils market. The increasing consumption of fast food, changing dietary preferences, and the presence of key market players in the region are driving the market growth in North America. Europe is expected to dominate the market during the forecast period, owing to the high demand for animal fats and oils in the food industry. Key players operating in the animal fats and oils market include Bunge Limited, Archer Daniels Midland Company, Cargill, Incorporated, Wilmar International Limited, Tyson Foods, Inc., JBS S.A., Darling Ingredients Inc., IOI Corporation Berhad, Ventura Foods, LLC, BRF S.A., Ajinomoto Co., Inc., Premium Vegetable Oils Sdn Bhd, AAK AB, Conagra Brands, Inc., and Richardson International Limited. These companies are focusing on mergers and acquisitions, partnerships, and new product development to strengthen their market position and expand their product portfolio. Read More, https://www.marketwebjournal.com/the-future-of-the-animal-fats-and-oils-market-trends-size-and-share-analysis/
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