Darling Ingredients is a global processor of animal by-products and recycled organic materials that produces specialty ingredients for pharmaceutical, food, pet food, animal feed, fuel, and fertilizer industries. The company operates more than 230 production facilities across five continents, transforming waste streams into collagen, proteins, fats, meals, plasma, biofuels, and other value-added products for industrial, agricultural, and consumer applications. Revenue comes from three main segments: feed ingredients (the largest), food ingredients primarily through collagen and natural casings, and fuel ingredients including a 50% stake in a renewable diesel joint venture; the company typically acquires raw materials on formula-based pricing tied to finished product prices, which helps stabilize margins.