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Fats & Oils Market - Global Industry Analysis 2024
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Fats & Oils Market: Drivers and Restraints
Rising consumption of animal products which in turn driving demand for high quality edible fats & oils product and processed food, and changing in consumer eating habits are the factors which is expecting to boost the demand of fats & oils market over the forecast period. Moreover, rising demand for alternative biodiesel fuel in the transportation sector and increasing overall population worldwide are witnessing the growth opportunity for fats & oils market. However, increasing health concern such as heart related disease and obesity owing to excessive consumption of fats & oils rising quality standards, stringent government regulations for food safety and increasing environmental concern may hamper the growth of fats & oils market in near future.
Fats & Oils Market: Segmentation
The fats & oils market has been classified on the basis of range of product type, application, animal fats, form, and source.
Based on product type, the fats & oils market is segmented into the following:
Palm
Sunflower
Olive
Soybean
Rapeseed
Based on application, the fats & oils market is segmented into the following:
Food
Industrial
Personal care
Animal feed
Pharmaceutical
Based on animal fats, the fats & oils market is segmented into the following:
Butter
Ghee
Lard
Suet
Based on form, the fats & oils market is segmented into the following:
Liquid
Solid
Based on sources, the fats & oils market is segmented into the following:
Plants
Animals
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Fats & Oils Market: Overview
Based on product type, palm oil is the most lucrative segment among others in fats & oils market owing to low cost, neutral taste compared to other oils and high demand in bakery and processed foods sector. Shifting in the consumption of edible oils owing to use of hydrogenated fats for baking products. In Europe fats & oils market, there has been continues shifting of oil consumption food to industrial purpose mainly owing to rising in the demand for rapeseed oils for the production of biodiesel. In Latin America fats & oils market, the use of soybean oil has also increased for biodiesel production owing to government mandates for biofuel. According to IHS Inc., in 2015, Asia Pacific fats & oils market accounts for the maximum revenue growth in the global production of fats and oils market, of this Indonesia account for 18% of global production followed by 14% by China.
Fats & Oils Market: Region-wise Outlook
Depending on geographic region, fats & oils market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. Asia Pacific dominates the fats & oils market followed by Europe, Japan and North America owing to high living standard of people, high consumption of animal products in these regions. Asia Pacific, Middle East and Africa fats & oils market hold huge potential and shows substantial growth owing to rising population base, increasing disposable income coupled with consumption of fast foods and growing health awareness among population are the factors that can drive the market in near future in these regions.
Fats & Oils Market: Key Players
few players of fats & oils market are Cargill, Incorporated, Associated British Food Plc., Unilever Plc., Archer Daniels Midland Company, Wilmar International Limited, United Plantations Berhad, Ajinomoto Co. Inc., International Foodstuff Company Holdings Ltd., and Bunge Limited.
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