Specialty Fats And Oils Market Trends, Top Companies, Share, Growth And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Specialty Fats And Oils Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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

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Major Key Players of the Market:

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

Specialty Fats And Oils Market 2024 Key Insights:

• The specialty fats and oils market size will grow to $17.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Growing Consumption Of Packaged Food Drives Specialty Fats And Oils Market Growth
• Sustainable And Innovative Addition To The Specialty Oils And Food Market
• North America was the largest region in the specialty fats and oils market in 2023

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