Global Animal Fats and Oils Market is Estimated To Witness High Growth Owing To Increasing Demand for Functional Foods and Rising Adoption of Animal Fats in Various Industries
Animal Fats and Oils Market |
The global Animal Fats and Oils Market is expected to reach a value of US$ 279.30 billion
in 2023 and exhibit a CAGR of 7.9% from 2023 to 2030, according to a report
published by Coherent Market Insights. This growth can be attributed to various
factors, including the increasing demand for functional foods and the rising
adoption of animal fats in various industries.
Market Overview:
Animal fats and oils are widely used in the food industry for their unique
flavors and textures. They are used in the production of a variety of products
such as bakery goods, confectionery, and processed meats. Additionally, animal
fats and oils find applications in various other industries including
pharmaceuticals, cosmetics, and biodiesel production. The increasing demand for
functional foods, which offer added health benefits, is driving the growth of
the animal fats and oils market.
Market Dynamics:
Driver 1: Increasing Demand for Functional Foods
Functional foods are gaining popularity due to their ability to provide health
benefits beyond basic nutrition. Animal fats and oils, such as fish oil, are
rich sources of omega-3 fatty acids, which are known for their heart health
benefits. The increasing awareness about the importance of a balanced diet and
the growing interest in preventive healthcare are fueling the demand for
functional foods, thereby driving the market for animal fats and oils.
Driver 2: Rising Adoption of Animal Fats in Various Industries
Animal fats and oils have unique properties that make them suitable for various
industrial applications. For instance, tallow, a type of animal fat, is used in
the production of soaps, candles, and lubricants. Animal fats are also used in
the manufacturing of cosmetics, where they provide moisturizing and emollient
properties. The versatility of animal fats and oils in different industries is
contributing to their growing adoption and driving the market growth.
SWOT Analysis:
Strengths:
1. High Nutritional Value: Animal fats and oils are rich sources of essential
fatty acids and fat-soluble vitamins, providing a high nutritional value to
food products.
2. Wide Range of Applications: Animal fats and oils find applications in
various industries, including food, pharmaceuticals, cosmetics, and biodiesel
production, contributing to their market demand.
Weaknesses:
1. Health Concerns: The high fat content in animal fats and oils has led to
health concerns, especially regarding the risk of cardiovascular diseases.
2. Environmental Impact: The production and processing of animal fats and oils
have environmental implications, including deforestation, greenhouse gas
emissions, and water pollution.
Opportunities:
1. Increasing Consumer Awareness: With rising health consciousness, there is an
opportunity to educate consumers about the nutritional benefits and appropriate
consumption of animal fats and oils.
2. Product Innovation: There is a scope for product innovation to develop
healthier alternatives and formulations of animal fats and oils to cater to
specific dietary requirements and preferences.
Threats:
1. Stringent Regulations: The animal fats and oils market is subject to strict
regulations, especially regarding food safety and labeling requirements, which
can pose challenges for market players.
2. Growing Popularity of Plant-based Alternatives: The growing trend of
plant-based diets and the availability of plant-based alternatives may pose a
threat to the demand for animal fats and oils.
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. The increasing demand for
functional foods and the rising adoption of animal fats in various industries
are the key drivers of this growth.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the animal fats and oils market. This
can be attributed to the high consumer awareness about the health benefits of
omega-3 fatty acids and the presence of major market players in the 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 product innovation and
strategic partnerships to strengthen their market position.
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