The specialty fats and oils market is experiencing significant growth driven by several factors. These include increasing consumption of confectionery and processed foods, a growing adoption of bakery and confectionery products, a substantial increase in oils and fats production, heightened awareness of health concerns, and rising demands for alternative and value-added ingredients. Additionally, the market is benefiting from the rising demand for natural cosmetic products and the growing trend of microencapsulation in the fats and oils industry, presenting opportunities for further market expansion.
According to Data Bridge Market Research, the Specialty Fats-Oils Market is expected to reach 5.76 billion by 2029. The market is expected to grow with a CAGR of 10.5% in the forecast period of 2022 to 2029.
“Rise in the demand for natural cosmetic products boosts the market’s growth”
The growing consumer preference for natural and organic cosmetic products is a key factor driving the growth of the specialty fats and oils market. Natural cosmetic products often require specialty fats and oils as key ingredients due to their unique properties and benefits for skin and hair care. The increasing awareness about the harmful effects of synthetic chemicals in cosmetics has led to a shift towards natural alternatives. This surge in demand for natural cosmetic products has created opportunities for the specialty fats and oils market to expand and cater to evolving consumer preferences.
What restraints the growth of the specialty fats-oils market?
“High oil crop and raw material prices restraints the market’s growth”
The growth of the specialty fats and oils market is hindered by high oil crop and raw material prices. Fluctuations in the prices of oil crops, such as palm oil coconut oil, and shea butter directly impact the production costs of specialty fats and oils. When raw material prices rise, it becomes challenging for manufacturers to maintain competitive pricing and profitability. Additionally, high oil crop prices can also limit the availability of raw materials, causing supply chain disruptions. These factors pose challenges to the growth of the specialty fats and oils market in terms of cost and sourcing.
Segmentation: Specialty Fats-Oils Market
The specialty fats-oils market is segmented on the basis of type, application, form and functionality.
- On the basis of type, the specialty fats-oils market has been segmented into specialty fats and specialty oils.
- On the basis of application, the specialty fats-oils market has been segmented into chocolates and confectioneries, bakery products, processed foods, dairy products, and others.
- On the basis of form, the specialty fats-oils market has been segmented into dry, and liquid.
- On the basis of functionality, the specialty fats-oils market has been segmented into molding, filling, coating, stabilizing, texturing, health, and others.
Regional Insights: Asia-Pacific dominates the specialty fats–oils market
Asia-Pacific dominates the specialty fats-oils market and will continue to flourish its trend of dominance during the forecast period due to growing urbanization and modernization, an increase in disposable income, and a rising number of applications across various end-use industries. The changing lifestyle and preferences of consumers, coupled with the expanding industrial sectors, contribute to the increased demand for specialty fats and oils. This creates opportunities for market growth as these products find diverse applications in sectors such as food and beverages, personal care, and pharmaceuticals.
North America is expected to score the highest CAGR owing to the rapid urbanization in the region has led to a surge in demand from end-users, necessitating significant infrastructure development and expansion. This growth is driven by factors such as population growth, increased migration to urban areas, and rising consumer expectations for improved amenities and services.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-specialty-fats-oils-market
The Prominent Key Players Operating in the Specialty Fats-Oils Market Include:
- IOI Corporation Berhad (U.S.)
- FUJI OIL CO., LTD. (U.K.)
- D&L Industries, Inc. (U.S.)
- Bunge Limited (U.S.)
- International Foodstuff Company Limited (IFFCO) (U.A.E.)
- Cargill, Incorporated (U.S.)
- 3F Industries Ltd. (India)
- Wilmar International Ltd (Singapore)
- Manildra Group (Australia)
- Mewah International (Singapore)
- Musim Mas (Indonesia)
- The Nisshin Oillio Group (Japan)
- Mewah Group (Malaysia)
- Oleo-Fats, Incorporated (U.S.)
- Gold Coast Commodities, Inc. (U.S.)
- Liberty Oil Mills Ltd. (India)
- Golden Agri-Resources Ltd. (Singapore)
- INTERCONTINENTAL SPECIALTY FATS SDN. BHD. (Malaysia)
- Olenex Sàrl (Switzerland)
- Kala Gostaran Sabz Andish Co., Ltd. (Iran)
- NATURE INTL PTE LTD & NGO CHEW HONG EDIBLE OIL PTE LTD (Singapore)
- Premium Nutrients Berhad (Malaysia)
- LASENOR CHARBHUJA (India)
- Nine Stars Worldwide (M) SDN BHD (Malaysia)
Above are the key players covered in the report, to know about more and exhaustive list of specialty fats-oils market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Specialty Fats-Oils Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
