by Market Overview:
The Animal Fats and Oils Market is estimated to be valued at US$ 279.30 billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Animal fats and oils find applications across various industries such as food and beverages, pharmaceuticals, and personal care. These products are used for cooking, baking, flavoring, and as ingredients in various processed foods. Additionally, they are also utilized in the production of animal feed additives, soaps, and cosmetics. Growing consumer demand for natural and organic products, along with increasing awareness regarding the health benefits of animal fats and oils, is expected to drive market growth.
Market Dynamics:
The Animal Fats and Oils market is propelled by two main drivers. Firstly, the rising popularity of animal-based protein sources in the food industry is expected to drive the demand for animal fats and oils. With the increasing global population and changing dietary preferences, there is a growing need for alternative protein sources. Animal fats and oils provide essential nutrients and enhance the taste and texture of various food products. Secondly, the use of animal fats and oils in the production of biodiesel is anticipated to boost market growth. These fats and oils are a more sustainable and renewable alternative to traditional petroleum-based fuels. The increasing focus on reducing carbon emissions and promoting environmental sustainability is expected to drive the demand for biodiesel, thereby fueling the growth of the animal fats and oils market.
Market Key Trends:
The key trend in the animal fats and oils market is the growing demand for animal-based products in various industries such as food processing, pharmaceuticals, and cosmetics. Animal fats and oils are widely used as ingredients in the production of baked goods, confectionery items, and convenience foods due to their ability to enhance taste, texture, and shelf life. Additionally, animal fats and oils are used in the manufacturing of soaps, creams, and lotions in the cosmetics industry, as well as in the production of medicines and supplements in the pharmaceutical industry. The increasing consumer preference for natural and organic products is further driving the demand for animal fats and oils derived from grass-fed animals, as they are considered to be healthier and sustainable alternatives. This trend is expected to continue driving the growth of the animal fats and oils market in the forecast period.
SWOT Analysis:
Strength: Animal fats and oils offer unique functionalities and advantages in various applications, such as providing mouthfeel and flavor enhancement in food products and moisturizing properties in cosmetics, making them highly sought after by manufacturers.
Weakness: The animal fats and oils market is highly dependent on the availability and costs of raw materials, such as animal by-products, which can be affected by factors like changing regulations and consumer preferences.
Opportunity: Growing consumer awareness about the benefits of animal-based products, coupled with the development of advanced extraction and refining techniques, presents opportunities for market players to innovate and expand their product offerings.
Threats: Increasing concerns related to health and environmental impact may lead to consumer preferences shifting towards plant-based alternatives, which could pose a threat to the growth of the animal fats and oils market.
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, 2023 to 2030. This growth is primarily driven by the increasing demand for animal-based products in various industries.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the animal fats and oils market. This can be attributed to the high consumption of animal-based products and the presence of key market players in the region.
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 key players play a significant role in driving market growth through product innovation, expansion strategies, and strategic collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
