Specialty Fats and Oils Market Growth worth USD 23.7 billion, Growing at a 5.9% CAGR by 2031 | Transparency Market Research Inc.
Plant-based diets have increased the demand for specialty oils and fats derived from plants.
Wilmington, Delaware, United States, Dec. 15, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global specialty fats & oils market was worth US$ 13.3 billion in 2021. A CAGR of 5.9% is predicted between 2022 and 2031. The global specialty fats and oils market is expected to reach US$ 23.7 billion by 2031.
Moisturizing, anti-irritant, and protective properties are among the many benefits of specialty fats and oils used in cosmetics. Their performance and sensory attributes make them great for haircare, skincare, and personal care. Specialty fats enhance product innovation and oils as they provide unique textures, improve spreadability, and enhance skin feel.
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Global Specialty Fats & Oils Market: Key Players
Research and development are significant investments among most firms, primarily to develop healthy products in compliance with government regulations. Leading players have adopted strategies such as expansion into new regions and mergers & acquisitions.
- ICU Medical Inc.
- Tandem Diabetes Care, Inc.
- Medtronic plc
- Terumo Corporation
- F. Hoffmann-La Roche AG
- Baxter International
- Fresenius Kabi AG
- B. Braun SE
- Insulet Corporation
Oils and fats with special properties are used in pharmaceuticals and nutraceuticals for their health benefits. A capsule, tablet, or other dosage form can enhance bioavailability and deliver active ingredients more effectively.
Key Findings of the Market Report
- In 2021, the specialty oils segment represented more than 50% of the market.
- The Asia Pacific region is expected to represent the most lucrative market through 2031.
- Based on applications, specialty fats and oils are expected to drive market demand for processed foods.
- In terms of form, semi-solid specialty fats and oils will drive demand over the next few years.
Global Specialty Fats & Oils Market: Growth Drivers
- Specialty fats and oils, like omega-3 fatty acids and plant-based alternatives, are gaining popularity because consumers want healthier and more functional food options. A growing awareness of health and wellness has driven the development of specialty oils and fats with functional properties, such as those that can help manage weight and heart health.
- The number of consumers seeking natural, minimally processed products with clean labels is increasing. Therefore, avocado, coconut, and olive oil are popular natural fats and oils. The development of new products and formulations requiring special fats and oils for nutritional and functional purposes is the result of food research and development.
- Global population growth and urbanization are making it easier to use specialty fats and oils in processed foods. The increasing demand for specialty fats and oils with specific health-enhancing properties is fueled by the growing market for functional foods and nutraceuticals. A lot of vegans and vegetarians are switching to plant-based diets, so plant-derived specialty oils and fats are in demand.
- With the advancement of processing technologies, specialists can develop oils and fats with improved properties and nutritional profiles, which is contributing to the market’s growth. Specialty fats and oils are influenced by regulations about food ingredients and labeling, as well as sustainability considerations.
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Global Specialty Fats & Oils Market: Regional Landscape
- The Asia Pacific is expected to be in high demand for specialty fats and oils in the coming years. Processed food consumption is expected to increase in the coming years. In Asia-Pacific, dietary habits are changing towards convenience and processed foods as the population urbanizes and incomes rise. The production of these products often uses specialty fats and oils.
- Oils and fats derived from specialty sources have gained popularity in countries like India, China, and Southeast Asian nations as the food processing industry grows. Food products made with these ingredients include confectionery, baked goods, and snacks. Increasing health awareness has led to an increase in the popularity of healthy food options. In addition to omega-3 fatty acids, trans-fat-reduced oils may also be in high demand.
- Regulatory changes relating to specific types of fats and oils can significantly impact the market and the price of these products. Regulatory restrictions that promote healthier alternatives or restrict the use of particular ingredients can have an impact on the demand for specialty fats and oils. The food industry is continually developing new products with improved functionalities, including new specialty fats and oils that can increase market demand because of ongoing innovations in the industry.
- In February 2023, Intercontinental Specialty Fats Sdn Bhd (ISF) was added to CIMB Bank Bhd’s sustainability-linked treasury program. A Japanese and foreign multinational corporation (MNC) is the first to participate in the program in Malaysia. The Nisshin OilliO Group Ltd is a wholly-owned subsidiary of ISF, one of the largest processors and marketers of edible oils in the world.
- In July 2023, AAK (Edison, NJ) demonstrated its plant-based fat and oil ingredient portfolio at the Chicago 2023 IFT FIRST Food Expo, booth S1123, on July 16-19, 2023. Samples of the company’s plant-based fats and oils were distributed to demonstrate how they could be used in food preparation.
Global Specialty Fats & Oils Market: Segmentation
By Product Type
- Specialty Oils
- Corn Oil
- Sunflower Oil
- Soybean Oil
- Palm Oil
- Cottonseed Oil
- Coconut Oil
- Rapeseed Oil
- Specialty Fats
- Cocoa Butter Substitute
- Cocoa Butter Equivalent
- Cocoa Butter Replacers
- Synthetic Cocoa Butter Fat
- Human Milk Fat Substitute
- Butter Oil Substitute
- Chocolate & Confectionery
- Processed Food
- Baby Food
- North America
- Asia Pacific
- Middle East & Africa
- South America
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