Overview and Scope
Specialty oils and fats refer to the oils that are derived from various natural sources, such as coconuts, sunflower, soybeans, rapeseed, palm, and other sources, such as peanut and olive oil.
Sizing and Forecast
The specialty fats and oils market size has grown strongly in recent years. It will grow from $11.7 billion in 2023 to $12.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to changing dietary patterns, food industry innovation, functional ingredients demand, health and wellness concerns, globalization of food supply chains.
The specialty fats and oils market size is expected to see strongly grown in the next few years. It will grow to $17.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to rising demand in functional foods, plant-based and alternative fats, clean label and natural products trend, regulatory changes and standards, nutraceutical and pharmaceutical applications. Major trends in the forecast period include rising demand for plant-based alternatives, functional and nutraceutical ingredients, clean label and natural ingredients, technological advancements in processing, sustainable sourcing and production.
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Segmentation & Regional Insights
The specialty fats and oils market covered in this report is segmented –
1) By Type: Specialty Oil, Specialty Fat
2) By Form: Solid, Semi-Solid, Liquid
3) By Application: Confectionery, Bakery, Dairy, Cosmetics, Other Applications
North America was the largest region in the specialty fats and oils market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global specialty fats and oils market report during the forecast period. The regions covered in the specialty fats and oils market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing consumption of packaged food is expected to boost the growth of the specialty fats and oils market. Packaged food refers to food with its entire floor blanketed to save from the direct touch of the food with the environment, with the aid of permeable or impermeable wrapping. Consumers prefer for low-fat food with healthier options and ready-to-eat packed food as they are easily available, tasty, and healthy, specialty oils and fats that are used in packed food have nutritional values along with functional benefits, as a result, increasing consumption of packaged food increases the demand for the specialty fats and oils market. For instance, in 2021, according to Canada.ca, a Canada-based official website of the Canadian government given the statement that South Korea was one of the largest global importers of packaged agri-food and seafood products with US$21.3 billion in 2021 and Canada was South Korea’s ninth-largest supplier with US$678.2 million with a growth rate of 11.9% (2017-2021). Further, the retail income of packaged food in South Korea was US$35.3 billion in 2021. The top packaged food categories responsible for increased retail income include blanketed rice, pasta and noodles, dairy, processed meat, and seafood. Therefore, Increasing consumption of packaged foods drives the specialty fats and oils market.
Key Industry Players
Major companies operating in the specialty fats and oils market report are AAK AB, Cargill Incorporated, Fuji Oil Co. Ltd., Bunge Limited, Mewah International Inc., Wilmar International Limited, D&L Industries Inc., IFFCO Group, Archer Daniels Midland Company, The Hain Celestial Group Inc., Ventura Foods LLC, Apical Group Ltd., Liberty Oil Mills Ltd., Adams Group, PRESCO plc, Intercontinental Specialty Fats Sdn. Bhd., MOI International Pte. Ltd., Golden Agri-Resources Ltd., Kuala Lumpur Kepong Berhad, Sime Darby Plantation Sdn. Bhd., IOI Corporation Berhad, Oleo-Fats, De Wit Speciality Oils, Puratos, Musim Mas Group , Savola Group, The Manildra Group, 3F Industries Ltd., OLENEX C.V., BASF SE
The specialty fats and oils market report table of contents includes:
1. Executive Summary
2. Specialty Fats And Oils Market Characteristics
3. Specialty Fats And Oils Market Trends And Strategies
4. Specialty Fats And Oils Market – Macro Economic Scenario
5. Global Specialty Fats And Oils Market Size and Growth
…
31. Global Specialty Fats And Oils Market Competitive Benchmarking
32. Global Specialty Fats And Oils Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Specialty Fats And Oils Market
34. Specialty Fats And Oils Market Future Outlook and Potential Analysis
35. Appendix
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