Antioxidants Market to Hit a CAGR of 5.61% by 2021-2028

The global antioxidants market size is expected to grow from USD 4.13 billion in 2021 to USD 6.05 billion in 2028. These additives are nowadays being used extensively in multiple cosmetics products, including body lotions, shampoos, conditioners, and creams. BEAUTYLAB, for instance, announced that its Youth Elixir Super Antioxidant Daily Hydrator bagged the Pure Beauty Awards under the Best New Premium Anti-Ageing Product category in November 2019. It helps in protecting the skin from ageing effects. As per a report by Fortune Business Insights™, titled, “Antioxidants Market, 2021-2028,” the market stood at USD 3.92 billion in 2020. It is set to exhibit a CAGR of 5.61% in the forecast period between” 2021-2028.

SI Group Plans to Open New Plant for Producing Weston 705-brand Antioxidants in China

In April 2021, SI Group, a leading manufacturer of chemical intermediates, pharmaceutical ingredients, and performance additives based in the U.S. announced its plans to open its new plant in China by May 2021 to produce Weston 705-brand antioxidants. It will help the company to enhance its customer base and broaden its product portfolio in China and Asia Pacific through simplified logistics and compressed lead time.

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Trade Barriers Have Resulted in Halt of Production in Asia amid COVID-19 Pandemic

Various manufacturers across the globe have halted their production facilities in Asia because of import and export disruptions in China. Also, restricted public mobility and imposition of trade barriers have resulted in disturbances in the supply chain. For instance, BASF SE stopped manufacturing operations in India. But, the situation would gradually normalize, thereby providing numerous growth opportunities to the market amid the pandemic.

Drivers & Restraints-

Rising Usage of Innovative Meat Preservative Techniques to Bolster Growth

Rapid urbanization, surging population, and high disposable income are constantly aiding the demand for animal products, especially in developing nations. The World Bank Data mentioned in 2020 that 55% of the global population lives in cities. This number is expected to grow rapidly in the near future. At the same time, over the past twenty years, the total meat consumption reached 360 million tons worldwide. Amongst this, 54% rise happened because of the high population growth. Companies are using various meat preservative techniques, such as smoking, drying, and salting. Also, the addition of preservatives and unique thermal treatments would also accelerate the antioxidants market growth. However, new product approvals get negatively impacted because of the rising number of stringent policies put forward by regulatory bodies. It may hamper growth.

Segmentation-

Plastic, Rubber, and Latex AdditivesSegment to Grow Lucratively Stoked by Ability to Enhance Flexibility

By applications, the market is segregated into plastic, rubber, & latex additives, fuel & lubricant additives, food & feed additives, pharmaceutical & personal care products, and others. Out of these, the plastic, rubber, and latex additives segment is set to showcase a lucrative growth by generating a significant antioxidants market share. They help in improving the flexibility, appearance, stiffness, and strength of the product. Additionally, they prevent degradation with the help of thermo-oxidative or thermo-mechanical properties.

Regional Insights-

Asia Pacific to Remain at Forefront Fueled by Surging Digitization and Awareness of Additives

• Asia Pacific held USD 1.71 billion in 2020 in terms of revenue. The surging consumer awareness regarding the advantages of using antioxidants and the rising digitization would bolster growth in this region. The Food Export Association of the Midwest USA report mentioned that Japan is the third-largest producer of packaged food, followed by the U.S. and China. It would also aid regional growth.
• In North America, the spurring utilization of this additive in the rubber, lubricant, and plastic industries would drive growth. Besides, the presence of multiple prominent manufacturers is set to boost regional growth.
• Europe is estimated to grow considerably throughout the forthcoming years because of the rising number of personal vehicles. Coupled with this, the high demand for cosmetic products in this region would augment growth.

Fortune Business Insights™ lists out the major manufacturers present in the global market. They are as follows:

• BASF SE (Ludwigshafen, Germany)
• ICC Industries Inc. (United States)
• Kemin Industries Inc. (Iowa, United States)
• Archer Daniels Midland Company (Illinois, United States)
• Barentz International BV (Hoofddorp, Netherlands)
• Kalsec, Inc. (Michigan, United States)
• Eastman Chemical Company (Tennessee, United States)
• Camlin Fine Sciences Ltd. (Maharashtra, India)
• Koninklijke DSM N.V. (Heerlen, Netherlands)
• Givaudan (Vernier, Switzerland)

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Competitive Landscape-

Key Companies Aim to Expand Presence and Portfolios to Intensify Competition

The market contains a large number of manufacturers that are currently focusing on expanding their portfolios and enhancing their geographic footprint. Some of the others are also participating in the launch of new additives as per the requirements of customers. Below is one of the industry developments:

• October 2019: Layn Corp. launched TruGro AOX, its portfolio of natural antioxidants that can be used in animal nutrition, such as oils, fats, premixes, animal feed, and pet foods. It will help in replacing synthetic additives.

Tequila Market to Hit a CAGR of 5.8% by 2021-2028

The global tequila market size is expected to reach USD 14.70 billion by 2028, exhibiting a CAGR of 5.8% during the forecast period. The growing trend towards artisanal spirits coupled with high alcohol consumption among consumers will push the growth of the tequila market in the forthcoming years, states Fortune Business Insights, in a report, titled “Tequila Market Size, Share & COVID-19 Impact Analysis, By Type (Blanco, Reposado, Anejo, and Others), Grade (Value, Premium, High-end Premium, and Super Premium), Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2021 – 2028.” The market size stood at USD 9.41 billion in 2020.

Flourishing E-commerce Channels to Stabilize Market during Pandemic

The COVID-19 pandemic caused massive disruption in the food and beverage industry's supply chain because of restrictions on transportation and logistics. However, the global market reported a steady performance in its annual sales. According to the Tequila Regulatory Council (CRT), its production increased 3.8% compared to the same period of the previous year. The consumers' shift towards drinking at home during the pandemic has led to heightened sales of alcoholic beverages. The bricks-and-mortar alcohol stores remained closed, which negatively impacted the business; nevertheless, the e-commerce channel flourished as people started ordering liquor online. Therefore, the popularity of e-commerce among consumers has unraveled several business plans for the liquor industry.

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List of the Leading Companies Profiled in the Global Tequila Market are:

• Diageo Plc (London, United Kingdom)
• Tequila Ocho (United States)
• Bacardi & Company Ltd. (Hamilton, Bermuda)
• Vault Fine Spirits Pvt. Ltd. (Mumbai, India)
• Charbay Distillery (United States)
• Tequila Fortaleza (Mexico)
• Proximo Spirits, Inc. (New Jersey, United States)
• Brown-Forman Corporation (Kentucky, United States)
• Pernod Ricard S.A. (Paris, France)
• Casa Aceves Spirits (Mexico)

The escalation in Cocktail Culture to Strengthen Tequila Business

Broad-spectrum of people indulging in cocktails such as Paloma, El Diablo, and others can offer immense growth opportunities in the market. The sweet, fruity, and earthy taste of tequila has been the cornerstone behind the drink's popularity among consumers. Moreover, major brands can further intensify tequila market share in the foreseeable future by introducing ready-to-drink cocktails. For instance, in January 2021, Molson Coors Beverage Co, a multinational drink and brewing company headquartered in Chicago, announced its collaboration with spirits company Casa Komos Beverage Group to market ready-to-drink carbonated tequila Paloma cocktail, Superbird. Besides, consumer inclination towards flavorful alcoholic beverages will further bolster the market's growth during the forecast period.

This Report Answers the Following Questions:

• What are the market drivers, hindrances, and dynamics?
• Which region is set to dominate the market in the near future?
• How will the key players generate more sales amid the COVID-19 pandemic?
• Which segment is expected to remain in the leading position in the coming years?

What Does the Report Offer?

The report delivers supremely factual data, consisting of market drivers, trends, prospects, and obstructions. It also contains a profound investigation of all market segments, separately and collectively, and meticulous insights into the regional subtleties influencing the market growth. Apart from these, the market report brings an in-depth assessment of prominent companies and their business strategies

Driving Factors:

Launch of New Interesting Flavors to Incite Business Development

The increasing demand for exotic and artisanal spirits among the population will have an outstanding influence on the market. The popularity of flavourful and unique drinks with great taste has bode well for the alcohol industry. Hence, major companies are introducing new and exotic flavors to attract consumers and establish a name for themselves in the industry. For instance, Patron Spirits International introduced various flavors such as turmeric, floral, black pepper, and pumpkin. Furthermore, the high production and consumption of alcohol in developing countries will have an excellent effect on the tequila market growth. According to the Distilled Spirits Council of the United States (DISCUS), the spirit industry in 2019 experienced accelerated growth, with sales rising to 37.8% of the overall alcoholic beverages market. This was driven by sales growth in tequila, which was up by 12.4% in 2019.

Regional Insights:

Premiumization Trends to Accelerate Market in North America

Based on Geography, the market is separated into North America, Asia Pacific, Latin America, Europe, the Middle East and Africa. The North American market size stood at USD 5.77 billion in 2020 and is expected to remain dominant during the forecast period. The growing consumers’ inclination towards agave-based spirits in the U.S and Mexico to aid the expansion of the market. The increasing Hispanic population coupled with premiumization trends will further aid the growth of the market in the region. The high production of beverages can further contribute to the market growth in the region. For instance, 70% of the blue agave plant distilled beverage produced in Mexico was exported to 120 countries.

Competitive Landscape:

Product Launches by Prominent Brands to Intensify Business

The prominent companies are adopting strategies to reinforce their position in the market. The extensive production by prominent players in Mexico and the U.S. and product launch will aid the companies to remain at the forefront. Companies such as Diageo Plc, Bacardi & Company Ltd., Proximo Spirits, Inc., and Pernod Ricard S.A. are focused on innovating and improving their product quality. The companies are also focused on exports to maintain their stance in the industry.

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Key Market Segments:

Based on type, the market is divided into blanco, reposado, anejo, and others. The blanco variant holds the lion’s share due to its earthy, semi-sweet, distinctive agave flavor. Its smoother taste and popularity boost its consumption among consumers. Reposado and anejo variants have also gained significant attraction in recent years due to rising awareness regarding spirits among consumers.

Based on grade, the market is classified into value, premium, high-end premium, and super premium. The premium tequila is expected to lead the segment owing to the demand for high-quality craft spirits among consumers. The premium-grade spirit is a mixture of all desirable attributes i.e., sensory appeal, mouthfeel, and texture.

Based on the distribution channel, the market is categorized into on-trade and off-trade.

Omega-3 Fatty Acids Market to Hit a CAGR of 3.89% by 2020-2027

Omega-3 Fatty Acids Market Size, Share & Industry Analysis, By Source (Concentrates, Fish Oil, Algae Oil, Krill Oil, and Other Plant Sources), Application (Dietary Supplements, Functional/Fortified Foods, Infant Formulae, Pharmaceuticals, and Animal Feed & Pet Food), and Regional Forecast, 2020 - 2027,” The global Omega-3 fatty acids market size is projected to reach USD 1.92 billion by the end of 2027. The increasing awareness regarding the benefits of these products will emerge in favor of market growth. The increasing integration of omega-3 fatty acids in dietary supplements will bode well for the market in the coming years. The market was worth USD 1.45 billion in 2019 and will exhibit a CAGR of 3.89% during the forecast period, 2020-2027.

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Omega-3 fatty acids substances are present in food sources such as fish and flax seeds. Deemed as a vital source for the human body, these products have witnessed a massive demand in recent years. The increasing demand for the product will have a massive impact on the growth of the overall market in the coming years. The high investment in the extraction of omega-3 fatty acids will create several growth opportunities for the market.

The coronavirus outbreak has created a huge supply-demand gap, given the shutdowns in businesses across the world. Moreover, strict measures taken to minimize the spread of the disease have had an adverse effect on the growth of the overall market in 2020. Due to the severe losses, companies will look to adopt standout strategies that will help them recover economic losses.

List of the Leading Companies Profiled in the Global Market are:

• Royal DSM N.V. (Netherlands)
• Evonik (Germany)
• BASF SE (Germany)
• Lonza (Switzerland)
• Epax (Norway)
• Croda International, Plc (United Kingdom)
• Cargill, Inc. (United States)
• Golden Omega (Chile)
• Corbion (Netherlands)
• Polaris (United States)

Increasing FDA Approvals Will Bode Well for Market

The report encompasses several factors that have contributed to the growth of the overall market in recent years. It highlights the impact of newer strategies that major companies have adopted to generate substantial revenues. Among all factors, the increasing number of regulatory approvals has had the highest impact on the growth of the overall market in recent years.

In June 2019, the US Food and Drug Administration announced that it has approved the use of a few qualified health claims (QHC). The FDA announced that QHCs state the effect of consumption of EPA and DHA on human health. Omega-3 fatty acids are inclusive of these substances and their regulated use can help reduce the chances of heart diseases. This product can also reduce the risks of hypertension and coronary diseases and their consumption in controlled amounts can be of utmost help in human health and well-being. The report highlights the importance of FDA approvals on the growth of the overall market in the coming years.

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North America to Emerge Dominant; Increasing Awareness Regarding the Benefits of the Product Will Provide Impetus to Market Growth

The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in North America currently dominates the market. The increasing awareness regarding the consumption of the product and its health benefits will lead to wider product adoption. As of 2019, the market in North America was worth USD 587.12 million, and this value is projected to increase further in the coming years. The market in the Asia Pacific will witness considerable growth due to the presence of several large-scale companies in this region.

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Craft Wine Market to Hit a CAGR of 4.4% by 2020-2027

 The global craft wine market size is set to gain traction from the increasing need to develop exotic and innovative products by infusing various ingredients in wine. This information is given by Fortune Business Insights™ in a new study, titled, “Craft Wine Market Size, Share & COVID-19 Impact Analysis, By Type (Sparkling Wine, Still Wine, and Others), Flavor (Red Wine, White Wine, and Rose Wine), Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2020 – 2027.” The study further mentions that the market size stood at USD 35.39 billion in 2019 and is projected to reach USD 48.77 billion by the end of 2027, exhibiting a CAGR of 4.4% in the forecast period.

COVID-19 Pandemic: Shutdown of Bars and Taprooms to Affect Growth Negatively

The COVID-19 pandemic has resulted in the shutdown of various bars, restaurants, wineries, and taprooms across the globe because of stringent norms, such as lockdown and social distancing by governments. But, supermarkets and e-commerce platforms are offering home delivery services of craft wine and other alcoholic beverages in many countries. The market is set to gain momentum in a few more months.

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List of the Leading Companies Profiled in the Global Craft Wine Market are:

• A Blooming Hill Vineyard & Winery (United States)
• Chateau Niagara Winery (United States)
• ALDI Inc. (Essen, Germany)
• House of Saka (California, United States)
• Koi Zen Cellars (United States)
• LGI Wines (France)
• Auscraft Wine (Australia)
• CRFT Wines (Australia)
• Clover Hill Wines (Australia)
• Scotch Church Road Vineyard (United States)

How Did We Develop This Report?

We have conducted extensive primary and secondary research to collect all the information required for this report. Some of our authentic sources include Food Processing & Certification Bodies, the Organization for Economic Co-operation and Development, Codex Alimentarius, Institute of Food Technologists, Eurostat, and others. In addition to that, we have gathered information from press releases, reports, and websites of end-user facilities, especially food service providers and manufacturers.

Drivers & Restraints

Increasing Usage of E-commerce Channels to Bolster Growth

Consumers nowadays are rapidly inclining towards beverages that have unique taste and are sophisticated. The International Wines and Spirits Record (U.K.) states that in the U.S., the consumption of premium-and-above wine surged by more than 5% in 2018. Besides, digitization is playing a significant role in educating the masses about various craft type of wines available in the market. Also, people are increasingly using e-commerce channels to purchase these drinks. These factors are expected to drive the craft wine market growth in the forthcoming years. However, the availability of other alcoholic beverages, such as craft spirits and craft beer in the market may hamper growth.

Segment

Sparkling Wine Segment to Grow Steadily Fueled by Availability in Various Flavors

Based on origin, the sparkling wine segment generated 40.79% in terms of the craft wine market share in 2019. This growth is attributable to the availability of these wines in numerous flavors, such as pear, citrus, blossom, and peach. They are also mildly sweet and possess a crisp acidity balance.

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Regional Insights

Europe to Remain at Forefront Stoked by Rising Consumption in Celebratory Occasions

Geographically, in 2019, Europe held USD 21.36 billion in terms of revenue. The region is considered to be one of the major producers of this type of wine globally. Developed nations, such as Spain, Italy, Germany, and France are the significant wine-producing countries in this region. Coupled with this, the rising consumption of craft wine on multiple celebratory occasions would contribute to growth.

North America, on the other hand, is anticipated to remain in the second position owing to the high demand for craft beer and wine from consumers. In Asia Pacific, the increasing disposable incomes of the middle-class population, as well as the surging usage of westernized cultures would propel growth. 

Probiotics Market to Hit a CAGR of 7.9% by 2027 | Rising Awareness of Product through Social Mediums to Surge Demand

 The global probiotics market size is expected to reach USD 94.48 billion by 2027 while exhibiting a CAGR of 7.9% between 2020 and 2027. This information is published by Fortune Business Insights in its report, titled "Probiotics Market, 2020-2027". The report further mentions that the market stood at USD 48.88 billion in 2019. The growing consumption of nutritional food among the health conscious section of the market is gaining popularity in recent years. For instance, the Nutrition Society of Malaysia has also introduced the Probiotics Education Program to educate consumers on the health benefits of these products.

COVID-19 Impact

Market Experiences High Demand Backed by Increasing Consumption of Product

The outbreak of coronavirus resulted in consumers panic buying immunity-boosting supplements to minimize the impact of infection. The increasing demand for products resulted in expanding the distribution channel networks. Many prominent companies shifted to selling their products online also to generate high revenue. There was an increased amount of investment during the pandemic to research for a product that can deliver immunity-boosting in the human body. Strategic advertising and promotional activities on digital platforms during the pandemic also generated revenue for nutraceuticals.

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List of Top 10 Key Players Profiled in the Probiotics Market:

• Danone S.A. (Paris, France)
• Lallemand Inc. (Canada)
• Yakult Honsha (Japan)
• Nestle S.A. (Vevey, Switzerland)
• DuPont (Danisco A'S) (Delaware, United States)
• Chr. Hansen (Horsholm, Denmark)
• Kerry Inc. (Tralee, Ireland)
• Post Holdings, Inc. (Missouri)
• Pepsico, Inc. (New York, United States)
• Evolve Biosystems, Inc. (Davis, California)

Market Segmentation

On the basis of microbial genus, the market is segmented into lactobacillus, bifidobacterium, and yeast. Based on drug class, the insulin segment held a market share of about 43.7% in 2018.

Based on application, the market is trifurcated into functional food and beverage, dietary supplement, and animal feed. On the basis of distribution channel, the market is segmented into supermarkets/hypermarkets, pharmacies/health stores, convenience stores, online retail, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

What Does the Report Contain?

The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.

Driving Factor

Rising Awareness of Product through Social Mediums to Surge Demand

The numerous health benefits of the product are augmenting the probiotics market growth. The increasing awareness and advertisement by prominent personalities are creating a demand in the market. Various athletes and yoga instructors are emphasizing the health benefits of nutraceuticals through social media as paid partnerships. Also, a considerable chunk of health-conscious vegan consumers prefers to get their nutrients from nutraceutical sources. The industry is also experiencing heavy investment in research and development for innovation. For example, in February 2020, Amorepacific Group inaugurated its novel green tea probiotics Research Centre for studying lactobacillus found in Jeju organic green tea.

Regional Insights

Rising Awareness of Health Benefits to Aid Growth in Asia Pacific

Asia-pacific is expected to hold the largest probiotics market share due to high consumption in China and Japan. The rising awareness of the health benefits of the product is garnering significant demand from the region. For instance, Yakult Honsha declared the company sales of 9,540 bottles of Yakult every day in Japan.

North America is anticipated to showcase considerable growth in the forthcoming years. This is due to the well-established food industry in the region. Moreover, a rising preference for a healthy diet owing to the prevalence of lifestyle diseases in the region is anticipated to incur product demand.

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Competitive Landscape

Collaboration by Prominent Companies to Brighten Their Market Prospects

The competitive landscape of the market for probiotics enlightens us with details on prominent players of this industry. Technological advancement by key players is being researched to gain traction in the market. Several market giants are also collaborating on production facilities to expand their business horizons. Some companies are also using awareness campaigns to strategically introduce their products in regions with minimal awareness to expand their horizons. Several more strategic collaborations, acquisitions, partnerships, product launches, technological advancement, and others are spread across the market horizon of this product.

Key Industry Development:

April 2020: Chr. Hansen Inc. introduced a science based online probiotic platform in the US. The platform is aimed at educating consumers and healthcare professionals on the benefits of probiotics.

Europe Cigarette Market to Hit a CAGR of 5.76% by 2026

 Fortune Business Insights in a new study, titled “EUROPE CIGARETTE MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” entails some of the Europe cigarette market trends and provides an in-depth analysis in the forecast period. The report offers a detailed evaluation of the drivers enabling growth in the market. The report gives a detailed analysis of the market size of different segments. In addition to the segment information, the reader can gain information on drivers, opportunities, restraints, and trends in the Europe cigarette market. The report gives information on the competitive landscape by offering insights into some of the recent industry developments and over the forecast period. Primary and secondary sources have been used to collect and analyze the information.

Analysts in the report found that the market was valued at US$ 218.61 Bn in 2018 and is anticipated to reach US$ 363.30 Bn by 2026. Furthermore, it was found that the market for cigarettes in Europe is expected to rise at a CAGR of 5.76% during the forecast period.

As per the report, premium cigarettes account for 46.12% in the overall Europe cigarette market share. Increasing modernization and purchasing power of consumers are factors attributing to the growth of this segment. As per, the regular size cigarettes are in high demand in Europe than economy or ultra-low cigarettes. 

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As per the World Health Organization (WHO), Europe witnesses the highest prevalence of tobacco use, which is 29% of the worldwide tobacco consumption. The demand for cigarettes is increasing in different age groups, which is the major factor driving the Europe cigarette market. The cigarette consumption trend is rising among adult and young population, even after the implementation of government initiatives to combat tobacco consumption. A survey conducted by the National Bureau of Economic Research stated that tobacco consumption is related to income levels. The study found that people with either lowest or highest income levels smoke less compared to the middle-class population in European countries. However, the well-known campaign “Cigarette smoking is bad for health” has worked wonders and cigarette consumption has declined in the region. On the market values of cigarettes is increasing owing to the rising consumer trend towards consuming premium cigarettes. This, coupled with the rise in cigarette prices and change in taxes on cigarettes, is siding the Europe cigarette market growth.

Germany to Hold 13.04% Share Owing to the Growing Customer Base

Tobacco consumption is higher in Germany than in other European countries. The growth is attributable to the rising trend of dining-out, increasing modernization, and preference towards night lounges. These factors are responsible for building a strong customer base of cigarette consumers in Germany. People aged between 15 and 23 years consume the highest number of cigarettes as the young population is more likely to start smoking. Now manufacturers are planning to introduce nicotine-free cigarettes to attract women and young population in the country. This will fuel demand for new cigarettes, thereby widening the Europe cigarette market scope.

Philip Morris International Completes the 100% Acquisition of Costa Rican Affiliates

As per the report, Europe cigarette market highlights some of the major market shareholders significantly driving the market. These companies are mentioned below:

Manufactures continue to focus on new product launches and acquisitions to increase their customer base and broaden product portfolio. These manufacturers produce new cigarettes as per age group and gender preferences.

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Some of the recent development made by companies are mentioned below:

March 2018: Philip Morris International announced the acquisition of the remaining 49% interest in Mendiol S.A. and Tabacalera Costarricense. With this acquisition of US$ 95 million, the company now owns 100% of these Costa Rican affiliates.

October 2018: Philip Morris International launched two heated tobacco products called IQOS 3 and IQOS 3 Multi. These products were officially launched in Switzerland, Russia, UK, and Columbia in November 2018. These products just heat the tobacco instead of burning it and is one of the best alternatives for cigarette smoking.

Edible Animal Fat Market to Hit a CAGR of 4.9% by 2021-2028

 The global edible animal fat market size is expected to experience significant growth by reaching USD 63.98 billion by 2028. Fortune Business Insights in its latest report, titled, “Edible Animal Fat Market, 2021 – 2028.”, mentions that the market stood at USD 41.50 billion in 2020 and is projected to exhibit a CAGR of 4.9% between 2021 and 2028. Factors such as the increasing preference for sustainable animal fat oil is expected to propel the demand for the product worldwide. 

COVID-19 Impact: Market Exhibited a Sluggish Growth Rate of 15% in 2020

The shutdown of convenience stores and halted industrial operations have led to the slowdown of the market. The animal husbandry sector has also suffered owing to the lockdown announced by government agencies worldwide. These factors led to the market suffering from a falling growth rate of 15% in 2020.

Key Market Segmentation:

Based on type, the global market is segregated into butter, lard, tallow, and others. On the basis of source, the market is categorized into cattle, pig, and others. Moreover, on the basis of application, the market is bifurcated into food and non-industry.

Based on application, the food segment is expected to experience considerable growth backed by the increasing adoption of animal by-products in several food applications across the globe.

Lastly, on the basis of region, the market is segmented into Asia-Pacific, North America, Europe, Latin America, the Middle East and Africa.

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What does the Report Include?

The global market for the edible animal fat report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.

DRIVING FACTORS

Increasing Preference for Sustainable Animal Fat Oil to Aid Growth

The increasing awareness regarding the health benefits of sustainable animal fat oil such as fish oil is expected to boost its consumption across the globe. Fish oil contains Omega-3 fatty acids that are termed as vital nutrients, which aid in the prevention and management of heart ailments. Moreover, the carbon footprint of animal fat oil is far less compared to vegetable oils. Therefore, the increasing adoption of animal fat is expected to contribute to the global edible animal fat market growth in the forthcoming years.

REGIONAL INSIGHTS

Asia-Pacific to Remain Dominant; Increasing Consumption of Butter to Aid Growth

Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the largest global edible animal fat market share in the forthcoming years. This is attributable to the increasing consumption of butter and lard as they are perceived as healthy food products in countries such as India, China, and Australia. Asia Pacific stood at USD 12.64 billion in 2020.

The market in North America is expected to showcase considerable growth backed by the increasing adoption of edible animal fat in the food and non-food industry. For instance, butter is consumed in large quantities by consumers in countries such as the U.S. Moreover, tallow is adopted in industrial application to produce animal feed.

COMPETITIVE LANDSCAPE

 Facility Expansion by Major Companies to Intensify Industry Competition

The global market for edible animal fat comprises small, medium, and large companies striving to maintain their stronghold by focusing on expanding their facilities to cater to the growing demand from several industrial verticals. Moreover, other key players are striving to maintain their presence by adopting strategies such as collaborations and partnerships to gain a competitive edge over their rivals in the global marketplace.

Key Industry Development:

July 2019 - PTUE SARIA, a part of the SARIA Group, announced the development of a new production facility in Belarus. The company reports that EBRD will be providing them with an overall loan of EURO 17 million to develop the facility. This is expected to increase its production facility and manufacture high-quality animal by-products that will enable it to strengthen its position in the European market.

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List of the Companies Profiled in the Global Edible Animal Fat Market:

• Ten Kate Holdings (Musselkanaal, Netherlands)
• Cargill, Inc. (Wayzata, United States)
• Darling Ingredients, Inc. (Irving, United States)
• Archer Daniels Midland Company (Chicago, United States)
• Bunge Limited (Chesterfield, United States)
• Sanimax (Montréal, Canada)
• Baker Commodities Inc. (Vernon, United States)
• York Foods Pty Ltd (Goulburn, Australia)
• Saria Group (Selm, Germany)
• Colyer Fehr Tallow Pty Ltd. (Mount Druitt, Australia)