The global Animal Fats and Oils Market is estimated to be valued at US$ 279.30 billion in 2023, and it is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Animal Fats and Oils market includes fats and oils derived from animals. These products are widely used in the food industry for cooking and baking purposes, as well as in the production of various animal-based food products. Animal fats and oils provide a unique flavor and texture to food items, making them highly desirable among consumers. Additionally, these products are rich in essential nutrients such as Omega-3 fatty acids, vitamins, and minerals, which make them a crucial component of a balanced diet. The increasing demand for nutritious animal-based food products is driving the growth of the animal fats and oils market.
B) Market Key Trends:
One key trend in the animal fats and oils market is the growing popularity of sustainable sourcing and production practices. Consumers are becoming more conscious about the environmental impact of their food choices and are demanding ethically sourced and produced animal fats and oils. For instance, some companies are adopting sustainable sourcing practices by obtaining fats and oils from animals raised using organic and free-range farming methods. These practices not only reduce negative environmental impacts but also provide healthier and more flavorful products.
C) PEST Analysis:
Political: Governments across the globe are implementing policies and regulations to ensure the safety and quality standards of animal fats and oils. This includes regulations related to labeling, hygiene, and food safety.
Economic: The increasing disposable income of consumers in emerging economies is driving the demand for high-quality food products, including animal fats and oils. Additionally, the growing population and urbanization are also contributing to the market growth.
Social: The changing dietary preferences and increasing awareness about the health benefits of animal-based food products are influencing consumer choices. The demand for organic and natural animal fats and oils is also on the rise.
Technological: Advancements in technology have led to improved extraction and refining processes, resulting in higher quality animal fats and oils. This has also facilitated the development of innovative products, such as low-fat and trans-fat-free alternatives.
D) Key Takeaways:
- The Global Animal Fats and Oils Market Demand is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period. This growth can be attributed to the increasing demand for nutritious animal-based food products.
- The Asia Pacific region is anticipated to be the fastest-growing and dominating region in the market. The rising population, changing dietary patterns, and increasing disposable income are driving the demand for animal fats and oils in this region.
- Key players operating in the global 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 players are focusing on strategic initiatives such as mergers and acquisitions, product innovations, and partnerships to gain a competitive edge in the market.
In conclusion, the global animal fats and oils market is witnessing significant growth due to the increasing demand for nutritious animal-based food products. Consumers' preferences for sustainable sourcing and production practices are also influencing the market. With advancements in technology and growing disposable income in emerging economies, the market is expected to continue its upward trajectory. Key players in the market are adopting various strategies to stay competitive and capture a larger market share.
