H1 2023: In H1 2023, Prices for tallow oil were volatile in the European nations. However, Tallow Oil prices decreased in January and March 2023 in Europe due to a decline in downstream demand from the pharmaceutical and automotive industries. However, February 2023 witnessed an increase in tallow oil prices. At the end of March 2023, both the price trajectory and market sentiment met a hazy fate, and bearish prices of tallow oil were stated. Tallow oil prices in Germany stayed on the lower side from April to June 2023. Tallow oil was abundant in Germany while the demand from end-user industries was sluggish. Also, decreased inquiries from overseas markets contributed to the low pricing trend for tallow oil. Reduced demand from the biofuel and soap industries caused a decrease in production rates of tallow oil in Germany. German exports continued to be weak and were affected by issues with supply chains. Similarly, North America witnessed fluctuations in Tallow Oil prices. Tallow Oil prices in North America fluctuated due to a disruption in the worldwide supply chain. The demand from downstream industries, especially biofuel and soap sectors, did not significantly improve during the till mid-February 2023. Additionally, prices for US tallow oil exports dwindled towards the end of March 2023. In the United States, prices increased in May 2023 but then reduced in June 2023.
The global Tallow Oil market stood around 33 thousand tonnes in 2022 and is expected to grow at an impressive CAGR of 6.34% during the forecast period until 2032.
Tallow oil is a kind of animal fat that is produced by rendering animal remains. Triacylglycerols make up the majority of crude fats. While other animal fats may also be available, rendered beef tissue, mutton, and lamb serves as the main sources of tallow. Rendering is the process of gently heating suet to separate the fat from any lingering connective or muscle tissue. As a result, pure fat is produced, which, when cooled, solidifies at normal temperature. Beef tallow composes of saturated fatty acids (such as stearic acid and palmitic acid) and unsaturated acids (like oleic acid and palmitoleic acid) or polyunsaturated fatty acids. Traditionally, tallow oil was used for cooking food because it can tolerate high cooking temperatures without getting oxidized. Tallow oil has a high smoke point of about 420 degree Celsius. Other uses of tallow oil are for making soaps, lubricants, grease, and emollients owing to its slippery nature. Moreover, in the oil and fuel sector, tallow oil is being employed as a lipid-based feedstock to produce biodiesel
Majority of the tallow is currently employed by the Biofuel industry. Because of its widespread availability, relative affordability, and high cetane number, animal tallow, a rendered form of fat that includes beef tallow and chicken fat, is becoming a more popular feedstock choice for biodiesel producers in western countries. Interest in biofuels has recently increased as a result of rising environmental concerns (such as global warming) and security of energy supply. It is anticipated that the global consumption of Tallow oil will reach approximately 60 thousand tonnes by 2032.
Based on region, North America is the leading consumer across the globe followed by Europe. In 2022, North America held a market share of more than 30%. North America’s focus on renewable sources for creating eco-friendly fuel such as biodiesel along with presence of necessary technology for R&D and producing biodiesel is lubricating the Tallow Oil market in this region.
Based on type, the global Tallow Oil market is divided into Tallow, inedible, Tallow, Edible, and Tallow, technical. Tallow Inedible is the largest market capturer with a market share around 87% of the total market in 2022. Tallow, Edible is created from by-products of animal slaughter that have been examined by a veterinarian and passed safe for human consumption. Common edible fats include goose or duck fat, beef tallow, and pork lard. Tallow Edible possess high nutritional value and is a better alternative to vegetable and olive oil. Moreover, Tallow Technical is employed as a lubricant for wood, leather, and metal as well as for producing candles, soaps, healing ointment, and skin cream.
Based on the end-user industry, the global Tallow Oil market is segmented into Biofuel, Soaps, Lubricants, Paints and Varnish, and Others. Biofuel industry is the dominating as a consumer, with a market share of approximately 80% of the total demand in 2022. The biofuel industry is anticipated is anticipated to maintain its position in the forecast period owing to the demand of fuel for transportation across the globe.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
This report will be delivered on an online digital platform with one-year subscription and quarterly update.
Objective of the Study:
• To assess the demand-supply scenario of Tallow Oil which covers production, demand and supply of Tallow Oil market in the globe.
• To analyse and forecast the market size of Tallow Oil
• To classify and forecast Global Tallow Oil market based on end-use and regional distribution.
To extract data for Global Tallow Oil market, primary research surveys were conducted with Tallow Oil manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Tallow Oil market over the coming years.
ChemAnalyst calculated Tallow Oil demand in the globe by analyzing the historical data and demand forecast which was carried out considering the supply and demand of Tallow Oil across the globe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Tallow Oil manufacturers and other stakeholders
• Organizations, forums and alliances related to Tallow Oil distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Tallow Oil manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Tallow Oil s market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
|
Details
|
Market size Volume in 2022
|
33 thousand tonnes
|
Market size Volume by 2032
|
60 thousand tonnes
|
Growth Rate
|
CAGR of 6.34% from 2023 to 2032
|
Base year for estimation
|
2023
|
Historic Data
|
2015 – 2022
|
Forecast period
|
2024 – 2032
|
Quantitative units
|
Demand in thousand tonnes and CAGR from 2023 to 2032
|
Report coverage
|
Industry Market Size, Demand by End- Use, Demand by Type, Demand by Region, Demand by Sales Channel, Demand-Supply Gap
|
Segments covered
|
By End-Use: (Biofuel, Soaps, Lubricants, Paints and Varnish, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
|
Regional scope
|
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
|
Pricing and purchase options
|
|
Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com