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.
COVID-19 Impact:
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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Segments:
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.
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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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.
Regional Insights:
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.
Competitive Landscape:
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.
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.)
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