Research Support Specialist, USA
The global other oils and fats market size is expected to reach USD 46.13 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 4.8% from 2021 to 2028. The growing health consciousness among consumers and rising inclination towards consuming essential nutrients are accelerating the market growth. Furthermore, animal fats offer various health benefits as they are rich in fatty acids and vitamins, which is expected to propel the industry demand over the forecast period.
The increasing demand for multi-functional ingredients for making delicious food is projected to accelerate the market growth over the forecast period. Moreover, the growing consumption of bakery and confectionery products and processed food products is facilitating the growth of the market. However, excessive consumption of fats and oils may affect human health and lead to high blood pressure, heart attack, and stroke, which may hinder the market growth.
The COVID-19 pandemic had suspended the transportation services of other oils and fats for a short duration in many countries. Closure of restaurants and commercial activities and various restrictions on the movement of people have disrupted or stopped the supply chain of essential products by measures arising from COVID-19 restrictions. The increasing demand for animal fat after the COVID-19 pandemic has created opportunities for the market players. Thus, the market is expected to witness healthy growth in the upcoming years.
The lard product segment is expected to exhibit the fastest CAGR of 5.1% from 2021 to 2028. The increasing consumption of lard by developed economies for frying applications and as an alternative to shortening is propelling the growth of this segment over the last few years. Moreover, the rising popularity of lard fats in central European, Chinese, Mexican, and British cuisines, such as lardy cake and Christmas puddings, is accelerating the market growth.
The online distribution channel segment is expected to register the fastest CAGR of 5.8% from 2021 to 2028. The internet penetration rate has witnessed lucrative growth in recent years, which has led to the significant growth of the e-commerce sector across the globe, thus accelerating the market growth. Moreover, an upsurge in product sales through various company-owned websites and e-commerce platforms is expected to propel the segment growth.
Europe held the largest revenue share of over 35.0% in 2020. This can be credited to the increased demand for other oils and fats in cooking, baking, and frying applications in this region. The rapid change in the lifestyle and taste of consumers who are more concerned about health and wellness is boosting the industry growth. Additionally, the increasing demand for preserved and value-added fat products is propelling the market demand.
The report “Other Oils And Fats Market Size, Share & Trends Analysis Report By Product (Lard, Other Animal Fats), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global other oils and fats market on the basis of product, distribution channel, and region: