Edible Animal Fat Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
How Has the Edible Animal Fat Market Grown Recently?
The edible animal fat market size has grown strongly in recent years, raising from $28.09 billion in 2023 to $29.58 billion in 2024 at a compound annual growth rate CAGR of 5.3%. The growth during the historic period could be due to factors such as food industry demand, increased meat production, consumer preferences, availability of alternatives, and the growth of export markets.
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What Is the Forecasted Growth Rate and Market Size for the Edible Animal Fat Market?
The edible animal fat market size is expected to see strong growth in the next few years, reaching up to $36.45 billion in 2028 at a CAGR of 5.4%. This growth forecast can be attributed to health-conscious consumers, alternative fat sources, sustainable sourcing, clean labels, and natural ingredients, along with trends in customization and specialty fats. Likewise, the increasing adoption of edible animal fats in the food industry is expected to drive the market due to their delectable flavor and outstanding cooking and baking abilities.
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Who Are the Major Players in the Edible Animal Fat Market?
Major companies operating in the edible animal fat market include Ten Kate Holdings B.V., Cargill Incorporated, Darling Ingredients Inc., Archer Daniels Midland Company, Bunge Limited, Baker Commodities Inc., PIERMEN B.V, SARIA A/S GmbH & Co KG, Sanimax USA LLC, BRF S.A., Colyer Fehr Tallow Pty Ltd., Tyson Foods Inc., Smithfield Foods Inc., Hormel Foods Corporation, Conagra Brands Inc., Kerry Group plc, Wilmar International Limited, Unilever PLC, Nestle S.A., Sanderson Farms Inc., JBS USA Holdings Inc., Perdue Farms Inc., Maple Leaf Foods Inc., West Liberty Foods LLC, Pilgrim's Pride Corporation.
What Are the Emerging Trends in the Edible Animal Fat Market?
Plant expansion is a key trend gaining popularity in the edible animal fat market. Manufacturers are focusing on expanding their facilities to produce better products to meet market demand. For instance, in November 2021, Cargill Inc., a US-based food corporation, announced a $35 million expansion of its Port Klang production facility in Malaysia.
How Is the Edible Animal Fat Market Segmented?
The edible animal fat market segmentation is as follows:
1 By Type: Liquid, Solid, Semi-Solid
2 By Source: Pig, Cattle, Other Sources
3 By Application: Culinary, Bakery And Confectionery, Savory Snacks, R.T.E Foods/Convenience Foods, Bio-Diesel, Other Applications
Which Region Dominated the Edible Animal Fat Market?
Asia-Pacific was the largest region in the edible animal fat market in 2023. The regions covered in this market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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