How big is the specialty fats and oils market today, and what are its future growth expectations?
The specialty fats and oils market size has grown strongly in recent years. It will grow from $12.76 billion in 2024 to $13.95 billion in 2025 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to changing dietary patterns, food industry innovation, functional ingredients demand, health and wellness concerns, and globalization of food supply chains.
The specialty fats and oils market size is expected to see strong growth in the next few years. It will grow to $19.84 billion in 2029 at a compound annual growth rate (CAGR) of 9.2%. 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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What have been the primary factors driving the specialty fats and oils market’s 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 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 June 2024, according to the reports published by the US Department of Agriculture, a US-based research service, retail food prices saw a 5% increase in 2023 compared to the previous year, following an 11.4% rise in 2022. 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.
What are the key segments within the specialty fats and oils market?
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
Subsegments:
1) By Specialty Oil: Vegetable Oils, Seed Oils, Essential Oils, Fish Oils
2) By Specialty Fat: Margarine, Shortenings, Cocoa Butter Alternatives, Cream Alternatives, Confectionery Fats
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Which key players are shaping the specialty fats and oils market?
Major companies operating in the specialty fats and oils market include 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
What are the top industry trends projected to impact the specialty fats and oils market?
Product innovations are a key trend in gaining popularity in the specialty oils and food market. Major companies operating in the specialty oils and food market are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2023, Evonik Industries AG, a Germany-based specialty chemicals company, launched Ecohance Soft Baobab Oil. It is a refined oil from the non-edible seeds of the baobab fruit. It is a natural, sustainable, and fair-trade ingredient that can be used in a wide range of cosmetic formulations, such as hand creams, hair conditioners, and body butters. Ecohance Soft Baobab oil is rich in antioxidants and has moisturizing and conditioning properties. It is also a good source of vitamins A, C, and E
Which geographic trends are shaping the specialty fats and oils market, and which region has the highest market share?
North America was the largest region in the specialty fats and oils market in 2024. 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
What Does The Specialty Fats And Oils Market Report 2025 Offer?
The specialty fats and oils market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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