New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Beef Fat Global Market Report 2023" - https://www.reportlinker.com/p06466642/?utm_source=GNW
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The global beef fat market is expected to grow from $39.33 billion in 2022 to $42.17 billion in 2023 at a compound annual growth rate (CAGR) of 7.22%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The beef fat market is expected to reach $56.62 billion in 2027 at a CAGR of 7.65%.
The beef fat market consists of sales of membrane fat, intermuscular fat, intramuscular fat, and subcutaneous fat.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Beef fat is made from beef, which is high in triglycerides.It is solid at room temperature and melts at around 50 degrees and is a rich source of fats with EPA and DHA (omega-3 fatty acids).
It is used as a major dietary source of conjugated linoleic acid (CLA) to promote various health benefits such as antioxidants, lowering cardiovascular risk, protecting against atherosclerosis, and boosting the immune system.
North America was the largest region in the beef fat market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of beef fats are solid and paste.Solid beef fat is the white, crumbly, and almost dry hard fatty portion of the cow that surrounds the kidneys and the loins with a melting point of between 113- and 122-degrees Fahrenheit (45 and 50 degrees Celsius), and it is used as a candle, soap, leather conditioning, and preparation of pastries, cakes, and pies.
The major applications include biodiesel, animal feed, oleo chemical, the food industry, and other applications, and are distributed by various distribution channels such as business-to-business, hypermarkets or supermarkets, retail stores, online stores, and others.
The rapid growth of the food and beverage industries is expected to boost the growth of the beef fat market going forward.Beef fat is used food and beverage industry as a cooking fat and a substitute for butter and oil, increasing meat’s water-holding capacity by lubricating the muscle fibers during cooking, enhancing the flavor of meat, and other advantages such as high nutrition absorption.
For instance, according to the report published by Food and Drink Federation, a UK-based organization that represents and advises UK food and drink manufacturers, the food and beverage business is the largest manufacturing sector in the United Kingdom, larger than automotive and aerospace combined, over 97% of the 11,675 food and beverage manufacturing companies are small and medium-sized enterprises (SMEs). Whereas, in 2021, industry output was estimated at £30 billion ($37.3 billion), a 4.2% increase over the previous year, with a total turnover of £112 billion ($139.3 billion) and domestic sales of £100 billion ($124.4 billion). Therefore, the rapid growth of the food and beverage industries is driving the growth of the beef fat market.
Technological advancement is a key trend gaining popularity in the beef fat market.Major market players are concentrating their efforts on creating innovative technologies to strengthen their position in the market.
For instance, in November 2020, Meat-Tech 3D Ltd, an Israel-based company operating in cultured meat products, introduced 3D-printed a cultured beef fat structure composed of bovine fat cells and bio-ink. 3D-printed cultured beef fat is an edible structure with a height of 10mm developed from stem cells in the company’s laboratory using its patented Meat-Tech technology. Meat-Tech’s real meat tissue, which is based on cell growth, cell differentiation, and bio-printing technologies, is intended to utilize cellular agriculture while removing the need to raise, slaughter, or otherwise damage animals.
In November 2022, The Love’s Family of Companies, a US-based retail stores chain and travel company partnered with Cargill Incorporated for an undisclosed amount.Through this partnership, both companies formed a unique joint venture to produce and market renewable diesel using beef fat to the retail pump.
Cargill Incorporated is a US-based food corporation that provides sustainable food solutions to customers.
The countries covered in the beef fat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The beef fat market research report is one of a series of new reports that provides beef fat market statistics, including beef fat industry global market size, regional shares, competitors with a beef fat market share, detailed beef fat market segments, market trends and opportunities, and any further data you may need to thrive in the beef fat industry. This beef fat market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466642/?utm_source=GNW
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