Beef Fat Market to Reach $127.7 Billion by 2031, Driven by Rising Demand in Biodiesel and Animal Feed
01/09/2024 (EINPresswire), Wilmington, New Castle, Delaware, United States - According to a new report published by Allied Market Research, titled, “Beef fat Market," The beef fat market was valued at $59.8 billion in 2021, and is estimated to reach $127.7 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.
Beef fat is used for a variety of things, including biodiesel, personal care products, animal feed, and many others in the food and beverage business. In terms of domestic use, it is mostly used for the manufacture of cleansers, where the rising demand for cleansers is expected to increase the market interest in beef fat in the years to come. It is also used as a cooking fat and margarine alternative in the food and beverage industry. As beef fat is also highly affordable as compared to other cooking oils available in the commercial sectors, the growing number of food businesses globally is expected to promote the need for it. Not only is beef fat tastier and a better choice for high-heat cooking, it also has a number of unexpected health advantages, including improving immunological function and making it simpler for the body to absorb fat-soluble vitamins that support the immune system. It is abundant in vitamins A, D, E, K, and B1, as well as minerals.
Animal fats make up around one-third of the fats and oils made in the US. This comprises chicken fat, pork lard, and cattle tallow. As they are much less expensive than vegetable oils, animal fats are desirable feedstocks for biodiesel. This is due to the fact that the market for animal fat is significantly less than the market for vegetable oil and that a large portion of the animal fat produced in the U.S. is not regarded as suitable for human consumption. Currently, animal fat is added to pet food and animal feed as well as employed in manufacturing processes, like soap manufacture. The domestic source of animal fat is largely exported.
The beef fat industry is segmented into application, distribution channel, and region. By application, it is segmented into biodiesel, animal feed, oleo chemical, food industry, and others. By distribution channel, it is segregated into business-to-business, hypermarkets/supermarkets, retail stores, online stores, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, Belgium, France, UK, Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, New Zealand and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia and Rest of LAMEA).
According to the beef fat market trends, on the basis of application, the animal feed segment was the considerable contributor to the market, with $13,153.7 million in 2021, and is estimated to reach $29,726.0 million by 2031, at a CAGR of 8.7% during the forecast period. Beef fat plays an important role in the animal feed chain ecosystem, as it is one of the sources of long-chain omega-3 fatty acids and amino acids essential for animal growth. Moreover, the beef fat feedstock is the replacement for soybean meal that is used to feed animals, which is expected to offer lucrative opportunities for the algae products market. The rise in demand for beef-fat livestock feed for pigs due to its low cost and high nutritional value is expected to escalate the market growth. Global demand for animal protein is rising as high-protein diets become more and more popular. The rising need for animal proteins suggests that the importance of feed will rise in the years to come. In addition, feed is a crucial component of animal husbandry's sustained growth. Therefore, a rise in animal protein production is expected to increase the production of animal feed and increase the demand for beef fat during the forecast period.
According to the beef fat market analysis, by distribution channel, the online stores segment has gained a significant share in the market is expected to sustain its share throughout the beef fat market forecast period. Online stores is a virtual platforms where goods & services do not require any physical space and are sold through websites. Easy accessibility and heavy discounts & offers provided by these e-commerce platforms boost the adoption of cooking oil, thus serving as a popular medium for purchase. Online stores platform is becoming a popular medium for the purchase of coconut oil attributed to easy availability of products and the benefits provided by it such as the information about the benefits offered by the product, and the facility of home delivery to customers. Moreover, an increase in penetration of various online portals in developed as well as developing regions and the rise in a number of offers or discounts attract a consumer base. Thus, the above-mentioned factors are likely to supplement the growth of the beef fat market through the online store segment during the forecast period.
According to the beef fat market opportunities, region-wise, North America garnered the major beef fat market share in 2021 and is expected to maintain its market share during the forecast period. Upsurge in demand for high nutritional food and rise in applications of beef fat in various industries, including oleo chemical and food and beverages are likely to garner the growth of the North America beef fat market during the forecast period. Furthermore, the growing U.S. animal feed industry and rise in use of the beef fat in animal feed companies are likely to support for beef fat market growth.
The players operating in the global beef fat industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include, Windsor Quality Meats, Tassie Tallow, Wellness Beefs, Indian Feeds Company, Pridham Pty Ltd, SBH Foods, Mercomeat, PIERMEN B.V., Devra Trading Ltd., and Darling Ingredients, Inc.