What is Speciality Fat and Oils Market Scope?
The global Speciality Fat and Oils market is expected to witness high demand in the forecasted period due to the high consumption of dairy and confectionery products. Specialty fats are the distinct category of vegetable fats used as substitutes for other types of fat products that are used as dietary supplements and find exceptionality among commodity oils. Specialty fats - oils are designed in the various applications for molding, coating, filling, and extrusion.
The Speciality Fat and Oils market study is being classified by Type (Specialty Fats [Cocoa Butter Equivalents, Cocoa Butter Substitutes, Cocoa Butter Replacers, Cocoa Butter Improvers, Dairy Fat Replacers, Others] and Specialty Oils [Palm oil, Coconut oil, Soybean oil, Sunflower oil, Rapeseed oil, Others]), by Application (Chocolates & confectionery, Bakery products, Processed foods, Animal nutrition, Dairy products, Infant nutrition and Others) and major geographies with country level break-up. According to AMA, the Global Speciality Fat and Oils market is expected to see growth rate of 6.7%
The global specialty fats and the oil market seems to be highly competitive. The major market players have used various strategies, such as new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions, to increase their footprints in the market studied. The major players in the food industry are investing in R&D activities to expand their specialty fat and oil product portfolios and attract more consumers by providing innovative products. Research Analyst at AMA predicts that Vendors from United States will contribute to the maximum growth of Global Speciality Fat and Oils market throughout the predicted period.
Bunge Limited (United States), AAK AB (Sweden), Cargill, Incorporated (United States), Wilmar International (Singapore), Mehwah International (Singapore), IOI Loders Croklaan (Malaysia), Manildra (Australia), Fuji Oil (Japan), Musim Mas (Singapore) and IFFCO (UAE) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Speciality Fat and Oils market by Type, Application and Region.
On the basis of geography, the market of Speciality Fat and Oils has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
In December 2019, Cargill and nine other prominent palm oil producers Bunge Limited, Golden Agri Resources, Musim Mas, Unilever, Wilmar, Nestlé, PepsiCo, Sime Darby Plantation, and Mondelez International announced a collaboration to support and fund new radar-based forest monitoring systems, which would not only help detect deforestation but also help companies improve sustainability in commodity supply chains.
Influencing Market Trend
- The increased demand for bakery and confectionery products
- The increased demand for alternatives and added-value ingredients
- The rising demand due to Fluctuations in global cocoa production
- High demand due to increasingly used to enhance product performance and ensure higher consumer acceptance
- High adoption from natural cosmetic products
- The growing demand from the developing countries due to the expansion of the food industry
- The increasing concern related to the Health pertaining to the excessive consumption of fats and oils
- The issue related to uncertain weather conditions
- High dependence on imports, leading to high costs of end products
Key Target AudienceSpeciality Fat and Oils Manufacturer, Distributors, Suppliers, Government Regulatory Bodies, Private Research Organization, Government Research Organizations and Others
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