Animal fats and oils are high-calorie by-products obtained from animals through rendering or extraction and have wide applications in food, personal care, and industrial products. They are used as shortenings, margarines, and cooking oils in bakery, confectionery and processed food applications due to their higher smoke point compared to most vegetable oils. Animal fats provide a richer taste and moist texture to food products. Their use has also grown in personal care applications such as soaps, lotions, and cosmetics owing to emollient properties. Additionally, they are used as lubricants, biofuels, and in pharmaceutical industry.
The global Animal Fats and Oils Market is estimated to be valued at US$ 279.3 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The wide range of applications has been a key growth driver for the animal fats and oils market. Meat processing plants generate large volumes of by-products in the form of fats during slaughtering which are then rendered to extract edible fats and oils. Growing consumption of processed food, personal care products and biofuel has ramped up demand for animal fats over the years. Additionally, awareness about the health impacts of partially hydrogenated oils has increased demand for animal fats in food formulations. The market is witnessing increasing application of animal fats in biodiesel production taking advantage of their chemical versatility. Ongoing research also aims to utilize animal fats in bioplastics manufacture. These emerging trends will continue spurring market growth over the forecast period.
Segment Analysis
The global Animal Fats and Oils market is dominated by the edible segment. This segment accounts for over 60% of the total market share owing to the wide applications of animal fats and oils in cooking and baking applications. Animal fats and oils are a rich source of saturated and unsaturated fats and hence find extensive use in food production and preparation.
Key Takeaways
The Global Animal Fats And Oils Market Size is expected to witness high growth. The Asia Pacific region is expected to emerge as the fastest growing as well as dominating regional market owing to rising meat consumption, increase in disposable incomes, and growth in food processing industry in countries like China and India.
Regional analysis
The Asia Pacific Animal Fats and Oils market is projected to witness the highest CAGR during the forecast period. This is attributed to rising meat consumption and increasing demand for processed and convenience food products in major economies like China and India. Also, improving economic conditions have increased the purchasing power of consumers in the region, propelling the growth of food processing industry.
Key players
Key players operating in the Animal Fats and Oils market are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., Broadcom Limited, Danaher Corp.
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https://healthcarelatesteditionnews.blogspot.com/2023/12/the-global-animal-fats-and-oils-market.html
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