New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Animal Derivatives Global Market Report 2023" - https://www.reportlinker.com/p06486650/?utm_source=GNW
, Sigma-Aldrich Co., Thermo Fisher Scientific Inc., Kedrion Biopharma Inc., LFB S.A, Octapharma AG, Takeda Pharmaceuticals Company, Sanofi S.A., Grifols S.A., Bayer AG, Commonwealth Serum Laboratories, and Fusion Health Care Pvt. Ltd.
The global animal derivatives market is expected to grow from $11.06 billion in 2022 to $11.85 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. 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, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The animal derivatives market is expected to reach $15.03 billion in 2027 at a CAGR of 6.1%.
The animal derivatives market consists of sales of gelatin, bone meal, flesh, milk, eggs and fish oil.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.
Animal derivatives refer to substances or products that are derived from animals. Animal derivatives are used in various industries and products as a source of nutrients.
North America was the largest region in the animal derivatives market in 2022. The regions covered in animal derivatives report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of animal derivatives are immunoglobulin, serum albumin, fibrinogen, and others.Immunoglobulin refers to a class of proteins produced by the immune system in response to foreign substances called antigens.
The animal types involved are ovine and bovine, which are used for food and beverages, pharmaceutical industry, cosmetic industry, pet food industry, and others.
The increased spending on pet foods is expected to propel the growth of the animal derivatives market going forward.Pet food is commercially prepared food specifically formulated and manufactured for domesticated animals’ dietary needs and consumption.
Animal derivatives are commonly used in pet foods as a source of proteins and other nutrients. For instance, in March 2023, according to the pet ownership and spending data released by the American Pet Products Association (APPA), a US-based non-profit industry association, spending on pet foods in the US increased by 16.2% in 2022 to reach $58.1 billion as compared to 2021. Therefore, the increased spending on pet foods drives animal derivatives.
Product innovations are a key trend gaining popularity in the animal derivatives market.Major companies in the market are introducing innovative products such as PureeX® to sustain their position in the market.
For instance, in April 2023, Protix, a Netherlands-based manufacturer of ingredients for food supplements, launched PureeX® insect meat.The new product is freshly extracted from insects and is a very nutritious and appetizing ingredient to be used in pet foods.
It also has a low carbon footprint, high antioxidant levels, and antimicrobial activity.
In April 2021, Eastman Chemical Company, a US-based chemical manufacturer, acquired 3F Feed & Food for an undisclosed amount. The acquisition expanded Eastman’s product and solution portfolio and provided an extended geographic footprint for the company. 3F Feed & Food is a Spain-based manufacturer of animal derivatives for pet food manufacturing.
The countries covered in the animal derivatives 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 animal derivatives market research report is one of a series of new reports that provides animal derivatives market statistics, including animal derivatives industry global market size, regional shares, competitors with animal derivatives market share, detailed animal derivatives market segments, market trends, and opportunities, and any further data you may need to thrive in the animal derivatives industry. This animal derivatives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06486650/?utm_source=GNW
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