Animal and Marine Fats and Oils Market Expected to Reach $5,16,759.3 million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Animal and Marine Fats and Oils Market by Source, Product Type, Form, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,”

The animal and marine fats and oils market size is expected to reach $5,16,759.3 million by 2030 at a CAGR of 7.6% from 2021 to 2030.

Animal fats include render fats and fish oils. Animal fat mixtures differ significantly from vegetable fat mixtures. The adipose tissue of meat stock is used to produce fat, while a large portion of the fat remains with the meat and is consumed directly with the meat.

The rendering and subsequent separation via presses or centrifuges are used to produce fat from meat stock. The leftovers are dried and fed to animal, and the same pattern can be seen in the production of fish oil, wherein the dried solid residue is sold as fish meal.

The global animal and marine fats and oils market growth is majorly driven by increase in demand for animal and marine fats and oils from the foodservice sector and rise in use of lard in the baking industry as bread spreads. In addition, the market for animal fat has expanded rapidly as a result of increased demand from downstream industries such as biodiesel, food, oleo chemical, and pet food. Consumers in developing regions, such as Asia-Pacific, prefer lard over butter in baked goods, thus driving the demand for animal fats.

Lard is another type of animal fat that is used in the feed and oleo chemicals industries. The German baking sector is witnessing increased demand for lard (as a bread spread), which is driving market growth. On annual basis, food companies, particularly those in the bakery industry, obtain lard to be used as a substitute for butter in quantities ranging from 500 to 600 million tons. The demand for tallow, which is used in animal feed and biodiesel, is boosting the growth of the animal fat industry.

China has achieved self-sufficiency in pork and lard production. Increase in consumption of lard-based processed foods has boosted the market for animal and marine fats and oils. Furthermore, tallow is preferred over palm oils in the soap making industry, as it is a higher quality raw material. Tallow supply has further increased as global slaughter rates have increased considerably.

The global animal and marine fats and oils market is segmented into source, product type, form, application, and region. On the basis of source, the market is categorized into animal and marine. As per product type, it is divided into tallow, grease, lard, poultry fat, and others. Based on form, it is segregated into liquid and solid. Depending on application, it is fragmented into biodiesel, animal feed, oleo chemical, food industry, and others. Region wise, market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Various types of animal fats available in the market include bovine fats, edible fats, inedible fats, and cattle fats. The market for animal and marine fats and oils has grown significantly as a result of factors such as rise in demand from the food & beverage and animal feed industries. Furthermore, rapid expansion of the oleo chemical industry demand is expected to open new avenues for the market players.

Edible fats and oils are staples in diet, whereas inedible fats and oils have a wide range of industrial applications. Marine fats and oils are thought to be highly concentrated forms of energy that play an important role in cell growth. In addition, they are consumed to protect various body organs, in addition to their functions in regulating hormones and vitamins in the body.

Furthermore, oils and fats contain a variety of essential fatty acids (EFA), including linoleic acid and a-linolenic acid. Oils have a significant effect on the body's cholesterol levels, depending on whether they are monounsaturated or polyunsaturated. Recent advancements in fat and oil manufacturing processes have resulted in the introduction of high-quality products. Moreover, rise in consumption of animal products aligns well for the market for animal and marine fats and oils.

Animal fats and oils, as well as marine fats and oils, are organic substances that are both essential and used in a variety of industries. Owing to their chemical properties, which include the amount of saturation present in the ester, fats are generally solid and oils are liquid at normal room temperature. The method of obtaining oils is processed in such a way that the highest grade of oil is obtained. Inedible animal and marine oils can be used to make soap and other industrial products.

Fats and oils are high-energy foods with 9 calories per gram of fat and a higher energy density than carbohydrates and proteins. Fats and oils are high in caloric value and have lubricating, emulsifying, and whipping properties. Fatty acid esters comprise the vast majority of fats and oils.

Proteins, carbohydrates, vitamins, fats, and minerals can all be found in a variety of foods and beverages. Animal fats are necessary for cell growth and the protection of organs in the body. Furthermore, fats play an important role in a variety of biological functions, including the production of hormones and the regulation of vitamins. Thus, animal and marine fats are classified into different groups, including saturated, monounsaturated, trans, and polyunsaturated fats, each of which has a different effect on cholesterol levels. These factors are boosting the growth of the industry during the forecast period.

The outbreak of the COVID-19 pandemic in 2020 has hampered the growth of the global animal and marine fats and oils market. Retail stores, malls, supermarkets, and other sales channels have been forced to close or remain closed as a result of stringent lockdown imposed by governments all over the world. During the lockdown, however, several brands have shifted their focus to e-commerce platforms to generate revenue and increase sales. Offline sales are increasing at the moment, as government lockdown restrictions in several countries are being gradually lifted.

According to the animal and marine fats and oils market analysis, the global animal and marine fats and oils market is segmented into source, product type, form, application, and region. On the basis of source, the market is bifurcated into animal and marine. Depending on product type, it is categorized into tallow, grease, lard, poultry fat, and others. As per form, it is divided into liquid and solid. The applications covered in the study include biodiesel, animal feed, oleo chemical, food industry, and others.

Based on source, the animal segment dominates the market, garnering around 98% of the global animal and marine fats and oils market share in 2020. Marine segment is expected to witness highest growth rate owing to its rising demand in the food industry and will contribute exponentially in the growth of the overall animal and marine fats and oils market industry.

According to the animal and marine fats and oils market trends, based on the application, the biodiesel segment is expected to witness a significant growth due to growing demand for biodiesel owing to the rising environmental concerns.

Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, the Netherlands, Germany, Turkey, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, the UAE, and the rest of LAMEA). As per the animal and marine fats and oils market forecast, the Asia-Pacific is expected to witness a significant growth rate due to the growing penetration of food services and restaurant chains coupled with increasing demand for food and rising disposable income.

The key players in the global animal and marine fats and oils industry include Ajinomoto Co., Inc., Australian Tallow Producers, Baker Commodities Inc., Cargill, Colyer Fehr Tallow Pty Ltd., Darling industries, Darling Ingredients, Inc., IFFCO, Jacob Stern & Sons Tallow, SARIA SE & Co. KG, Tallow Products Pty Ltd, Ten Kate Vetten BV, and York Foods Pty Ltd..

Key findings of the study

• The market was valued at $2,524.5 million in 2020, and is estimated to reach $5,16,759.3 million by 2030, growing at a CAGR of 7.6% during the forecast period. 
• By product type, the lard segment is estimated to witness the fastest growth, registering a CAGR of 10.5% during the forecast period.
• In 2020, depending on source, the animal segment was valued at $ 2,19,765.5 million, accounting for 98.8% of the global animal and marine fats and oils market. 
• In 2020, Europe was the most prominent market, and is projected to reach $ 1,76,164.0 million by 2030, growing at a CAGR of 6.6% during the forecast period.