Scaling demand for chocolates, confectionaries, filing, spreads, ice creams, and infant food products is pushing the market demand. Rising awareness regarding health hazards caused by the intake of saturated fats is again fueling market growth. The shift in preference towards a healthy lifestyle to reduce body cholesterol and by switching to nutritive and healthier alternatives is again contributing to the market growth. An inclination of major manufacturers of the food and beverage industry towards value-added ingredients is expected to boost market growth. Expanding retail sector coupled with the high demand for fried food is further expected to upsurge the market growth.
The latest report by Value Market Research expects the Global Specialty Oil and Fats Market to reach USD 27.67 BN by 2030. It was valued at USD 14.73 BN in 2022. The report foresees a 8.2% CAGR from 2023 to 2030.
AMONG SPECIALTY OILS, PALM OIL EMERGED AS THE LEADING SEGMENT
In 2022, Palm oil dominated the specialty oil product segment. Palm oil offers various health benefits such as improving vision, reducing the risk of cancer and cardiovascular diseases, providing antioxidants, and vitamin K is driving the demand. Moreover, rising adoption in preparation of chocolates and confectioneries owing to neutral taste and flavor-enhancing properties is boosting the segment growth.
AMONG SPECIALTY FATS, BAKERY FATS ARE LEADING THE SEGMENT TYPE
Bakery fats have emerged as the leading specialty fats by accounting for major market share in 2022. Use of bakery fats to improve the texture, taste, richness, and flakiness to bread, biscuits, pastries and other products is driving the segment growth. Also, the advantages of using bakery fats are it provides better profitability and health benefits over other fats are again pushing the segment growth upwards.
INDUSTRY DOMINATED THE APPLICATION SEGMENT
By application, Industry has gained a major market share in 2022. The rising demand for specialty fats and oils from the food and beverage industry for the production of confectioneries, infant foods, bakery products, and processed food is driving the segment growth.
CHOCOLATE LED THE END-USER SEGMENT
In 2022, chocolate dominated the end-user segment. The rising popularity of chocolate among children and adults owing to its exotic flavor is driving the segment market. Owing to a stress reliever with moderate nutritional content, dark chocolate is gaining demand from functional food products. This is again contributing to the segment growth.
ASIA PACIFIC GAINED MAXIMUM MARKET SHARE
Geographically, Asia Pacific dominated the market owing to the rapid proliferation of bakery, confectionery, cosmetics, dairy, food processing, and other sectors. The rise in disposable income, changing dietary habits, and an increase in the middle-class population have contributed to the growth of the Asia Pacific specialty fats and oil market.
MAJOR PLAYERS OF THE MARKET
AAK AB, Bunge, Cargill, D&L Industries, Fuji Oil, International Foodstuff Company Limited (IFFCO), IoI Group, Manildra Group, Mewah International, Musim Mas, The Nisshin Oillio Group , and Wilmar International are some of the major players ruling the specialty fats and oil market.