New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Edible Animal Fat Global Market Report 2023" - https://www.reportlinker.com/p06319266/?utm_source=GNW
The global edible animal fat market grew from $26.79 billion in 2022 to $28.17 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The edible animal fat market is expected to grow to $34.37 billion in 2027 at a CAGR of 5.1%.
The edible animal fat market consists of sales of meat products, margarine, bakery products, sauces, and soup.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The edible animal fat refer to consumable animal fats obtained from animals that have been bred, reared, slaughtered, and processed specifically for humans.Animal fats are primarily used in the manufacture of margarine, shortening, and compound fat.
They can also be found in a variety of processed foods. Animal fats are used in the production of soaps, fatty acids, lubricants, and feedstuffs, among other things.
Asia-Pacific was the largest region in the ediable animal fat market in 2022. The regions covered in the ediable animal fat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main type of edible animal fat is liquid, solid, and semi-solid.The liquid edible animal fat are obtained from various sources.
Liquid fats (also known as oils) are high in unsaturated fatty acids, which are generally sourced from marine sources.The source included pig, cattle, and other sources.
The application included culinary, bakery & confectionery, savory snacks, R.T.E foods/convenience foods, bio-diesel, and other applications.
The increasing adoption of edible animal fats in the food industry is expected to drive the edible animal fats market.Because of their delectable flavor and outstanding cooking and baking abilities, edible animals are being adopted in food production and the food industry.
For instance, according to the articles published by North American Renderers Association (NARA), in 2020, beef and animal fat are the fourth and fifth largest categories of animal components by volume in the food industry, with over 100,000 tons of beef fat utilized annually. Furthermore, oils and fats are worth $218.1 million as food components account for 306,347 tons of raw material each year. Therefore, the increasing adoption of edible animal fats in the food industry will rise the demand for edible animal facts and hence driving the market.
Plant expansion is a key trend gaining popularity in the edible animal fat market.The manufacturers in this market are focusing on expanding their facilities to produce better products to meet the 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. At the facility, the company plans to produce a range of specialty fats for use in chocolates, coatings, fillings and compounds, spreads, bakery fats and other applications.
In December 2021, Darling Ingredients Inc., a US-based developer, and producer of sustainable natural ingredients from edible and inedible bio-nutrients acquired Valley Proteins Inc., for USD1.1 billion. With this acquisition, Darling Ingredients expect to be accretive post-integration. Darling’s global supply of waste fats and greases will be supplemented by Valley Proteins. Valley Proteins Inc. is a leading exporter of poultry-based fats and proteins to feed manufacturers, and renewable energy ingredients for the biofuel industry worldwide.
The countries covered in the ediable animal fat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The edible animal fat market research report is one of a series of new reports that provides edible animal fat market statistics, including edible animal fat industry global market size, regional shares, competitors with an edible animal fat market share, detailed edible animal fat market segments, market trends and opportunities, and any further data you may need to thrive in the edible animal fat industry. This edible animal fat market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06319266/?utm_source=GNW
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