Animal fats and oils play a crucial role in cooking and baking applications due to their functional properties. They provide texture, mouthfeel, and carry flavors in foods. In addition, certain animal fats and oils such as fish oils are gaining significance as dietary supplements due to presence of Omega-3 fatty acids that are beneficial for heart and brain health. The increasing demand for healthy and nutritional foods along with rising health-conscious consumer base is propelling the adoption of animal fats and oils in food processing and dietary supplement industries.
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 rising demand for healthy and nutritional foods is a major trend fueling the growth of animal fats and oils market. Oils from sources like fish, avocado and olive are getting popular due to associated health benefits. Fish oils in particular contain high levels of heart-healthy omega-3 fatty acids. These are actively marketed and consumed for general well-being as well as for specific conditions like brain health. Manufacturers are increasingly offering animal fat and oil products targeting the health-conscious demographics, which is supporting the market expansion over the forecast period.
SWOT Analysis
Strength: The animal fats and oils market has a widespread source of raw materials from animals. This ensures continuous supply.
Weakness: Price fluctuations in the raw materials can adversely impact the profit margins of players in this market. Strict quality regulations also increase compliance costs.
Opportunity: Growing demand for natural and healthier ingredients in food products presents an opportunity. Increased focus on utilizing by-products from meat industry can drive the market.
Threats: Rising health concerns over saturated fats consumption may impact demand. Stringent environmental regulations pose challenges in waste management.
Key Takeaways
The Global Animal Fats And Oils Market Size is expected to witness high growth. The market size is forecast to reach US$ 279.3 Bn by 2023, growing at a CAGR of 10% during the forecast period. Regional analysis
Europe currently dominates the global market, accounting for over 30% share. Major countries driving the European market include Germany, France, UK, and Italy. Asia Pacific is expected to be the fastest growing region owing to rising meat production and consumption in China, India and other Southeast Asian countries.
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., LORD Corporation, OSI Systems, Inc., Avago Technologies Limited, Measurement Specialties, Micro-Epsilon Messtechnik, Amphenol Advanced Sensors, and Sensirion AG.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.