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

Report Overview

The global other oils and fats market size was valued at USD 31.96 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028. The increasing demand for a natural, healthy, and balanced diet is the major factor driving the market. Moreover, 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 rising preference for premium and value-added fat products is expected to accelerate the market growth over the forecast period. Furthermore, the growing middle-class population, increasing disposable income, and rapid urbanization across the globe are fueling the growth of the global market. In addition to this, the rising affordability will enable consumers to spend more on oils and fats, which, in turn, will significantly accelerate the market growth.

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.

Distribution Channel Insights

The offline channel captured the largest share of more than 80.0% in 2020. The offline segment includes hypermarkets and supermarkets, convenience stores, specialty stores, and retail stores. Consumers prefer offline channels for purchasing goods, groceries, other oils and fats, and food products, where they can physically verify the product quality.

The online 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.

Product Insights

The other animal fats segment held the largest share of more than 65.0% in 2020. The increasing animal fat demand in baking, cooking, and frying from the bakery and confectionery and processed food industries is a significant factor fueling the market growth. Moreover, the rising demand for animal fat from health-conscious people owing to the presence of essential nutrition is accelerating the product demand. 

The lard 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.

Regional Insights

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.

Asia Pacific is expected to register the highest CAGR of 5.3% from 2021 to 2028. Changing lifestyles, rising urbanization, and growing disposable income are some major factors accelerating the market growth. The increasing consumer awareness and acceptance regarding oils and fats are driving the industry sales. Furthermore, the rising consumption of oils and fats in developing countries like China, India, and Japan due to the presence of a large population will accelerate the regional demand.

Key Companies & Market Share Insights

The market is fragmented with the presence of various established market players and suppliers of other oils and fats across the globe, coupled with numerous domestic players. Various manufacturers and suppliers are focusing on the development of new product launches, logistics development, innovative packaging, and strengthening of the distribution channel to grow their business. The market is further driven by mergers, acquisitions, joint ventures, and innovative packaging designs. Some prominent players in the global other oils and fats market include: -

• Saria Se & Co. KG
• Baker Commodities Inc.
• Darling Ingredients Inc.
• Ten Kate Holding B.V.
• Cargill, Incorporated
• York Foods Pty Ltd.
• Aceities Borges Pont S.A.
• Avena Nordic Grain Oy

Other Oils & Fats Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global other oils and fats market report on the basis of product, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2028)
  • Lard
  • Other Animal Fats
• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
  • Offline
  • Online
• Regional Outlook (Revenue, USD Million, 2017 - 2028)
  • North America
    • U.S.
  • Europe
    • Germany
    • U.K.
    • France 
  • Asia Pacific
    • China
    • Japan
    • India
  • Central & South America
    • Brazil
  • Middle East & Africa
    • South Africa