In 2023, the UK imported lard stearin, oleostearin, and natural tallow oil valued at approximately $19.435 million. The projections from 2024 to 2028 indicate a steady increase, rising from $20.306 million to $23.926 million. This upward trajectory reflects year-on-year growth, with the most significant annual increase occurring in 2028, expected to reach nearly 4% over the previous year. The compound annual growth rate (CAGR) over these five years stands at around 4.25%, indicating consistent market expansion.
Future trends to watch for include:
- Potential policy changes impacting trade agreements post-Brexit.
- Fluctuations in global supply chains affecting raw material availability.
- Shifts in consumer preferences towards alternative, sustainable products.
- Increasing emphasis on sustainable sourcing and production practices.
