Pune, India, July 14, 2022 (GLOBE NEWSWIRE) — The global rendered products market size was USD 21.45 billion in 2021. The market is projected to grow from USD 21.87 billion in 2022 to USD 26.09 billion by 2029 at a CAGR of 2.55% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, “Rendered Products Market, 2022-2029″. As per the report, the market is anticipated to grow during the projected period due to increasing product utilization in the feed industry.
Disrupted Supply Chain Amid Pandemic Hampered the Global Market Growth
The outbreak of COVID-19 pandemic has harshly affected the food and beverage sector due to lack of supplies and disrupted supply chains. Also, governments imposed stringent restrictions on travel, which hampered the import/export activities among several countries. The market witnessed declined demand for products from various industries due to the closure of national borders. Furthermore, halted manufacturing operations affected the productivity and profitability of the companies.
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List of Key Players Profiled in the Report:
- Darling Ingredients Inc. (U.S.)
- West Coast Reduction Inc. (Canada)
- Nordfeed (Turkey)
- JBS S.A. (Brazil)
- Tyson Foods Inc. (U.S.)
- Valley Proteins Inc. (U.S.)
- Sanimax (Canada)
- Allanasons Pvt. Ltd. (India)
- Leo Group Ltd. (U.K.)
- SRC Companies Inc. (U.S.)
Rising Chicken Consumption to Bolster Poultry Segment Growth
By source, the market is divided into sheep, poultry, cattle, hogs, and others. The poultry segment is expected to lead the global market due to increasing chicken consumption. Also, the rising availability of poultry byproducts is anticipated to fuel the segment growth.
Rendered Products Market Report Scope & Segmentation:
|Market size value in 2022||USD 21.87 Billion|
|Revenue forecast in 2029||USD 26.09 Billion|
|Growth Rate||CAGR of almost 2.25% 2022-2029|
|Historic Years||2018 – 2020|
|Forecast Years||2022 – 2029|
|Segments Covered||By Source, By Type, By Grade, and By Geography|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World|
|Countries Covered||Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||Darling Ingredients Inc. (U.S.), West Coast Reduction Inc. (Canada), Nordfeed (Turkey), JBS S.A. (Brazil), Tyson Foods Inc. (U.S.), Valley Proteins Inc. (U.S.), Sanimax (Canada), Allanasons Pvt. Ltd. (India), Leo Group Ltd. (U.K.), SRC Companies Inc. (U.S.) and more|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Increasing Demand for Tallow from Several Industries to Drive Segmental Growth
Based on type, the market is categorized into tallow, poultry fat, grease, protein meal, and others. The tallow segment is anticipated to dominate the global market during the forecast period due to its increasing demand from several industries.
Rising Utilization of Rendered Products in Animal Feed Sector to Support Market Growth
On the basis of grade, the market is trifurcated into food grade, feed grade, and industrial grade. The feed grade segment is leading due to the increasing popularity of the products in animal feed applications.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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The report sheds light on key market developments and recent industry trends. The drivers and restraints affecting the global market during the forecast period are highlighted further in this report along with key business development strategies adopted by the leading market players. Furthermore, regional insights on segmented market areas and a list of key market players are mentioned further in this report.
- Poultry Fat
- Protein Meal
- Food Grade
- Feed Grade
- Industrial Grade
Drivers & Restraints:
Rising Utilization of Rendered Products in Feed Industry to Propel Growth
The market is expected to witness significant growth during the forecast period due to increasing demand for the product in the feed industry. Also, rising concerns over environmental sustainability are expected to bolster the rendered products market growth in the coming years. The increasing manufacturing of novel products is expected to fuel the market growth due to the rising utilization of animal byproducts.
However, stringent regulations on rendering animals may hamper market growth.
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North America Dominates Global Market Due to Rising Demand for Animal Feed
North America holds the highest global rendered products market share due to increasing demand for high-quality animal feed. Also, the rising popularity of specialty pet food is anticipated to drive the regional market.
Asia Pacific stands at the second-highest position globally due to rising population and evolving economies in developed and developing countries. Furthermore, the increasing demand for high-value aquaculture feed is anticipated to fuel the market growth.
New Product Launch Allows Key Market Players to Enhance their Product Portfolio
The key market players focus on introducing new products to the global market to improve their business performance by enhancing their product portfolio. Also, the leading companies in the market focus on forming strategic alliances, partnerships, mergers, collaborations, and brand acquisitions to strengthen their market positions.
Key Industry Development:
- July 2020: Darling Ingredients Inc. started the production of collagen peptides at its facility in Ghent, Belgium. The company’s Ghent facility will entirely produce collagen peptide products obtained from bovine and porcine.
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