From 2014 to 2023, the market size volume of raw animal fats in China exhibited mixed trends. Starting from 2.61 million metric tons in 2014, it showed fluctuations with a peak in 2021 at 2.55 million metric tons, ultimately tapering down to 2.54 million metric tons in 2023. This represents a general downtrend with a 0.16% decline year-on-year from 2022 to 2023 and an annual CAGR of -0.16% over the last five years.
Key points of variation over the past years include:
- A substantial drop in 2016 with a year-on-year decrease of 2.39%.
- The market sharply contracted in 2020 with a -5.15% year-on-year decline.
- A notable rebound in 2021 with a 5.1% year-on-year increase.
- Minor annual changes around -0.16% to -0.23% from 2022 to 2023.
Looking forward, the forecasted data suggests a slight but steady decline, moving from 2.54 million metric tons in 2024 to 2.52 million metric tons by 2028. The five-year CAGR is projected at -0.11% with an overall growth rate of -0.57% over this period.
Future trends to watch for include:
- Potential shifts in dietary preferences influencing raw animal fats consumption.
- Regulatory changes impacting the animal fats industry.
- Technological advancements in fats processing and replacement products.
- Impact of environmental and sustainability concerns on raw animal fats market dynamics.
