"Market Research Future published a Cooked Research Report on Global Edible Animal Fat Market, which is estimated to grow at a CAGR of 2.93% during the forecast period 2017-2023"Edible Animal Fat Market: Raw Material (Lard), Form (Liquid, Solid, Semi-Solid), Source (Cattle, Pig), Application and Region Forecast To 2023
Market Overview:
Global Market for edible animal fat has witnessed continued demand during the last few years and is projected to reach USD 19,482 million at a CAGR of 2.93% by 2023. Increasing global demand for edible animal fat for culinary purpose as well as for production of bio-diesel is likely to drive the global edible animal fat market over the forecast period.
Asia Pacific region will dominate the edible animal fat market (in terms of value and volume both) with more than 40% of the market share and it is projected to reach a market value of more than USD 8,000 million at a CAGR of 3.40% by 2023. North America is projected to witness a high growth rate (~2.34%) during the forecast period 2017-2023. Lower price of edible animal fat and rising application in bakery and confectionery industries has increased the sale of edible animal fat on the global level. Diverse application of edible animal fat in food as well as chemical industries has been playing a key role in the growth of the global edible animal fat market from last few years.
On the basis of raw material, tallow will witness a growth at the rate of (~1.64%). By 2023, tallow market is expected to reach a market value of more than USD 6,000 million on the global level. High demand for clean fuel (biofuel) and application of tallow as an industrial lubricant is found to be having a positive impact in its market share growth. Low cost of production and easy availability are two major reasons influencing growth of tallow, positively.
Based on the form, solid edible animal fat is projected to dominate the market as compared to other forms based on high self-life and convenience storage at room temperature. Additionally, liquid and semi-solid forms are projected to have moderate growth rate during the given forecast period. During the forecast period, solid edible animal fat is estimated to grow with a CAGR of 3.25%.
On the basis of source, share of cattle sourced edible animal fat is likely to dominate the market based on easily available desired product, and consumer’s high preference from cattle based animal fat. Cattle based animal fat is estimated to hold a lion’s share of more than 50% and is projected to have a growth rate of 3.37%. Furthermore, based on the applications of edible animal fat, culinary based application will dominate the market followed by application as bio-diesel.
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Major Key Players:
The major key players in edible animal fat are
- Darling Ingredients Inc. (U.S.)
- Ten Kate Holding B.V. (Netherlands)
- Baker Commodities Inc. (U.S.)
- Saria Se & Co. KG (Germany)
- Cargill, Incorporated (U.S.)
- Colyer Fehr Tallow Pty Ltd. (Australia)
- York Foods Pty Ltd (Australia)
Key players are focused majorly on acquisition of small players to expand their business and penetrate the global edible animal fat market. The strategy of acquisition is found to account for more than 60% of the overall strategy share followed by the key players from last few years. Mergers is also one of the key strategies followed by acquisition. Mergers will help in capturing the major market by initiating a joint venture thereby further contributing to increasing revenue. Mergers and expansions are evaluated to be contributing to more than 20% of strategy share and is facilitating the companies to penetrate the potential market across globe.
By Downstream Analysis
By 2023, edible animal fat will reach a market value of more than USD 19,482 Million on a global level. Potential applications of edible animal fat in food, fuel and feed industries have a positive impact on its market share growth. Based on the type, lard is projected to have a high growth rate in the global edible animal fat owing to its potential application in bakery and for culinary purpose.
Based on the high shelf life of edible animal fat, solid form is estimated to hold a major share of more than 50% and is anticipated to have a growth rate of 3.25% during the given forecast period. Liquid form of edible animal fat is anticipated to have a high growth rate owning to high self-life and convenience transport of the product. Cattle sourced edible animal fat holds a major share of more than 50% and is projected to reach a market value of more than USD 8,000 million during the given period.
Culinary based application of edible animal fat will hold a lion’s share in the edible animal fat market followed by bio-diesel based application. Owning to high demand for bio-fuel for sustainable development, the growth of bio-diesel based application of edible animal fat is evaluated to experience a surge during the corresponding period.
Regional Analysis
Among the regions, Asia Pacific will continue to dominate the edible animal fat market with more than 40% of the market share and it is projected to reach more than USD 8,000 million by 2023. North America will witness the highest growth rate (~2.34%) during the forecast period 2017-2023. Growing popularity of edible animal fat owing to their potential applications in food and bio-fuel industries is supporting their market growth on the global level. Developing economy and increasing disposable income have been playing a key role in the edible animal fat growth from the last few years.
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Table of Contents
1 Acronyms
2 Report Prologue
3 Introduction
4 Research Methodology
5 Premium Insights
6 Market Dynamics
Continued….
List of Tables
Table 1 Associations for Edible Animal Fats
Table 2 Pestle Analysis: China
Table 3 Pestle Analysis-Brazil
Continued….
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