Abstract: In accordance with the present invention, there is provided a method for simultaneously producing: natural muscle protein having very low fat and cholesterol content; stabilized myoglobin pigment; broth with superior gelling, emulsifying and film forming properties; high quality animal fat; and bone meal with consistent calcium and phosphate content. The above products are produced from comminuted animal carcass by-products which are divided into a solid-phase fraction and a solution-phase fraction. The broth, fat and bone meal products are prepared from the solid-phase fraction, and the protein and pigment products are prepared from the solution-phase fraction.