Global Edible Animal Fat Market is expected to earn USD 19,482 million while progressing at a CAGR of 2.93 % by 2023.The use of edible animal fat in cooking applications is expected to boost the market share. Reports that review the food, beverage, and nutrition industry have been offered by Market Research Future, which creates reports on industry verticals that assess the market development and prospects.
The use of edible animal fat is spurred by its use in bakery and confectionary applications. The use of edible animal fat in the extraction of biodiesel is expected to motivate the market in the coming years. Moreover, the easy availability and low production costs of edible animal fat are projected to motivate market in the forthcoming period.
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The chief players in the Edible Animal Fat Market globally are
- Ten Kate Holding B.V. (Netherlands),
- Incorporated (U.S.)
- York Foods Pty Ltd (Australia)
- Baker Commodities Inc. (U.S.),
- Darling Ingredients Inc. (U.S.),
- Saria Se & Co. KG (Germany),
- Colyer Fehr Tallow Pty Ltd. (Australia),
The innovative trends emerging in the market are expected to set grounds for robust development in the approaching period. The market size is also expected to grow significantly in the coming years. Also, the progress of technology has gained momentum leading to enhanced market growth. The market scenario is very dependent on the factors that are shaping the opportunities and the challenges that are existing in the market.
The competitors in the market are ensuring that the product and services being offered in the market are aligning with the preferences of their user base favourably. The presence of successful products and brands is shaping the development of the market to a great extent. The key success factors are also favorably contributing to the growth of the market. The fortification of the distribution channels in the market is expected to increase the penetration of the products. In the coming years, market profitability will progressively improve as innovation and product developments induce positive developments. The industry cost structure is also expected to alter progressively in the coming future.
The segmentation of the Edible Animal Oil and Fat has been segmented on the basis of application, raw material, form, region, and source. Based on application, the edible animal fat market has been segmented into bakery & confectionery, animal feed, culinary, R.T.E foods/convenience foods, biodiesel, savory snacks, and others. On the basis of form, the edible animal fat market has been segmented into solid, liquid, and semi-solid. Based on the raw material, the animal edible animal fat market has been segmented into tallow, lard, and others. The lard segment is anticipated to increase at a CAGR of 2.70% over the forecast period. On the basis of source, the edible animal fat market has been segmented into pig, cattle, and others like goat, fish, poultry, and sheep. The regions in the animal fat market are North America, Europe, Asia Pacific, and the Rest of the world (RoW).
Detailed Regional Analysis
The regional analysis of the edible animal fat market comprises of regions such as North America, Europe, Asia Pacific and the Rest of the world. The APAC region commands more than 40 % share of the global market, which gives the region a leading position in the edible animal fat market globally. The APAC market is boosted by the presence of nations such as Australia, China, India, and New Zealand, who are the key contributors. The APAC edible animal fat market is projected to achieve a valuation of USD 8000 Mn while growing at a CAGR of 3.40 % over the forecast period.
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