The Global Specialty Fats and Oils Market is estimated to be USD 2.85 Bn in 2023 and is expected to reach USD 3.8 Bn by 2028 growing at a CAGR of 5.91%.The market is driven by the ability of specialty fats to meet the characteristics of products such as dairy, bakery, confectionery, and cosmetics
Specialty fats and oils are specialty ingredients in the food and beverage industries. These items are frequently utilized in creating various packaged goods and aim to improve specific foods' nutritional content, texture, or flavor. Specialty fats and oils are identified by their distinct physical or chemical qualities, such as high smoke points, low melting points, or novel textures, and can be obtained from animals, plants, or microbes.
The increasing consumption of confectionary and processed food products worldwide is one of the drivers of the global specialty fats and oils industry. As the demand for these food products grows, manufacturers will need specialist fats and oils to improve their products' taste, texture, and mouthfeel. Specialty fats and oils have distinct qualities that are required to produce high-quality confectionery and processed food items such as chocolate, baked goods, snacks, and convenience meals.
One of the challenges confronting the worldwide specialty fats and oils market is the health problems connected with excessive fat and oil consumption. High consumption of harmful fats and oils, particularly saturated and trans fats, can result in various health problems, including cardiovascular disease and obesity. As a result, consumers are becoming more careful of their fat and oil consumption, perhaps resulting in a drop in demand for some types of specialty fats and oils regarded as less healthy.
The growing demand for natural cosmetic products is an opportunity for the worldwide specialty fats and oils industry. Natural specialty fats and oils, such as shea butter, cocoa butter, and coconut oil, are widely employed in creating skincare, haircare, and personal care products. With a growing consumer desire for natural and sustainable ingredients in cosmetics, there is an increase in the need for specialty fats and oils that provide functional and sensory benefits in these products.
- The high cost of final products due to reliance on high imports is one of the difficulties confronting the worldwide specialty fats and oils market. Specialty fats and oils are frequently derived from specific places or have restricted availability, putting them at risk of high import costs and supply chain issues. These variables can contribute to increased specialized fat and oil pricing, which can be difficult for manufacturers and limit the affordability and accessibility of specialty fat and oil-based goods in particular markets.
Market Segmentations
- The Global Specialty Fats and Oils Market is segmented based on Type, Forms, Functionality, Applications, and Geography.
- By Type, the market is classified into Specialty Fats and Oils.
- Specialty Oils have the most significant market share. It contains oils from fruits, seeds, nuts, and vegetables. The main cause for this is the increased customer demand for healthier cooking oils and the growing number of health-conscious consumers looking for alternatives to standard cooking oils that are high in trans fats or cholesterol.
- By Forms, the market is classified into Liquid and Solid & Semisolid.
- The liquid form is the most prevalent. The fundamental reason is that liquid oils are more versatile, easier to handle, and have a longer shelf life than solid oils. Liquid oils, such as frying, baking, dressings, and sauces, are widely used in the food and beverage industries. They are also utilized in the cosmetics and personal care industries for various purposes, including skin care, hair care, and makeup.
- By Functionality, the market is classified into Molding, Filling, Coating, Stabilizing, and Texturing.
- Molding is the sector with the most significant share of the Global Specialty Fats and Oils Market by Functionality. Specialty Fats and Oils are utilized in this category to add distinct and desirable features to various types of molding and casting formulations, such as the capacity to improve surface properties, reduce porosity and voids, and increase mechanical and thermal properties. These qualities are required to manufacture various products, including electrical insulators, automobile components, appliances, and household goods.
- By Applications, the market is classified into Bakery, Chocolate & Confectionery, Cosmetics, Dairy Products, Processed Foods, and Others.
- Bakery products have the most significant market share. It is distinguished by its light texture, mouthfeel, and flavor, and Specialty Fats and Oils play an essential part in creating these characteristics. They are used in bakery products as emulsifiers, texturizers, and tenderizers to improve moisture retention, texture, and flavor. They also aid in increasing the shelf-life of baked goods by minimizing staling, resulting in better product freshness.
- By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific.
- The Asia-Pacific region is expected to have the most significant market share. This expansion can be due to increased demand for Specialty Fats and Oils in various applications such as bakery, chocolate, personal care, and dairy goods, primarily in China, India, and Japan. Furthermore, rising demand for high-quality and specialty fats and oils from emerging economies such as Indonesia, Thailand, and Vietnam propels the Asia-Pacific area forward.
Recent Development
- AAK acquired Arani Agro Oil Industries Ltd to expand its geographical presence and strengthen its high-quality specialty oil and fats business in southeast India. The company aimed to strengthen its specialty fats and oils market position. - November 2022
- Cargill, Inc. has invested roughly USD 35 Mn in expanding its production plant in Port Klang, Malaysia, to meet the increasing consumer demand for specialty fats. This is the first phase of a multi-year international investment estimated to exceed US$ 100 Mn and will significantly extend the company's global portfolio in specialty fats. - November 2021
Company Profiles
The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are 3F Industries, Manildra Group, Premium Vegetable Oils Sdn Bhd, Wilmar International, etc.Countries Studied
- America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
- Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
- Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
- Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.Ansoff Analysis
- The report presents a detailed Ansoff matrix analysis for the Global Specialty Fats and Oils Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development, and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
- The publisher analyses the Global Specialty Fats and Oils Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
- Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Specialty Fats and Oils Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
- Excel data sheet for the market size will also be provided with the report.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
- The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
- The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.
Report Highlights
- A complete analysis of the market, including the parent industry
- Important market dynamics and trends
- Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
- Market segmentation
- Competitive Analysis: Comparative analysis of competitor
- Historical, current, and projected size of the market based on value and volume
- Market size of the US states
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Table of Contents
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Dynamics
5 Market Analysis
6 Global Specialty Fats and Oils Market, By Type
7 Global Specialty Fats and Oils Market, By Forms
8 Global Specialty Fats and Oils Market, By Functionality
9 Global Specialty Fats and Oils Market, By Application
10 Americas' Specialty Fats and Oils Market
11 Europe's Specialty Fats and Oils Market
12 Middle East and Africa's Specialty Fats and Oils Market
13 APAC's Specialty Fats and Oils Market
14 Competitive Landscape
15 Company Profiles
16 Appendix
Companies Mentioned
- 3F Industries Ltd.
- AAK AB
- Apical Group Ltd.
- Bako Wales
- Bunge Ltd.
- Cargill, Inc.
- Florin Ag
- Fuji Oil Holdings, Inc.
- Golden-Agri Resources Ltd.
- Intercontinental Specialty Fats Sdn. Bhd.
- IOI Group
- Manildra Group
- Mewah International, Inc.
- Musim Mas Group
- Olenex Sàrl
- Pan Oleo Enterprise Pvt. Ltd.
- Premium Vegetable Oils Sdn Bhd
- The Nisshin Oillio Group Ltd.
- Tristar Sdn. Bhd.
- Wildoils Pvt Ltd.
- Wilmar International Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 217 |
| Published | February 2024 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 2.85 Billion |
| Forecasted Market Value ( USD | $ 3.8 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 21 |
