The Specialty Fats And Oils Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s comprehensive analysis in the Specialty Fats And Oils Global Market Report 2024, the landscape of the specialty fats and oils sector has witnessed robust expansion in recent years. Projections indicate a notable surge, escalating from $11.7 billion in 2024 to an estimated $12.76 billion in 2024, representing a commendable compound annual growth rate (CAGR) of 9.1%. This growth trajectory in the historical context can be ascribed to dynamic shifts in dietary preferences, ongoing innovations within the food industry, heightened demand for functional ingredients, as well as increased emphasis on health and wellness and the globalization of food supply chains.
Anticipations for the specialty fats and oils market reveal an even more pronounced ascent in the coming years, reaching an estimated valuation of $17.98 billion by 2028, accompanied by a commendable CAGR of 9.0%. The momentum in the forecasted period can be delineated by an escalating appetite for functional foods, the surging popularity of plant-based and alternative fats, a burgeoning trend towards clean label and natural products, evolving regulatory standards, and expanding applications in the nutraceutical and pharmaceutical realms. Noteworthy trends expected to dominate this phase encompass a rising penchant for plant-based alternatives, an increasing demand for functional and nutraceutical ingredients, an upswing in the preference for clean label and natural components, continual technological advancements in processing methodologies, and a concerted commitment to sustainable sourcing and production practices.
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.
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The specialty fats and oils market covered in this report is segmented –
1) By Type: Specialty Oil, Specialty Fat
2) By Form: Solid, Semi-Solid, Liquid
3) By Application: Confectionery, Bakery, Dairy, Cosmetics, Other Applications
Top 5 Major Players:
Within the realm of sugar toppings, product innovation stands out as a pivotal trend. Eminent entities operating in the sugar toppings domain are strategically orienting their efforts towards the development of novel offerings tailored to meet evolving customer preferences. A prime illustration of this trend is evident in Conagra Brands, Inc., a leading US-based consumer packaged goods holding company. In October 2021, the company unveiled the Reddi-whip Zero Sugar Whipped Topping—a groundbreaking creation characterized by its keto-friendly composition, crafted with authentic cream, boasting zero grams of sugar, zero carbs, and a mere 15 calories per serving. Furthermore, this product aligns with the gluten-free dietary paradigm, epitomizing a harmonious fusion of innovation and consumer-centricity within the dynamic sugar toppings market landscape.
1. Executive Summary
2. Specialty Fats And Oils Market Characteristics
3. Specialty Fats And Oils Market Trends And Strategies
4. Specialty Fats And Oils Market – Macro Economic Scenario
5. Global Specialty Fats And Oils Market Size and Growth
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31. Global Specialty Fats And Oils Market Competitive Benchmarking
32. Global Specialty Fats And Oils Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Specialty Fats And Oils Market
34. Specialty Fats And Oils Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Specialty Fats And Oils Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Specialty Fats And Oils Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Specialty Fats And Oils Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: AAK AB Financial Performance
Table 75: Cargill Incorporated Financial Performance
Table 76: Fuji Oil Co. Ltd. Financial Performance
Table 77: Bunge Limited Financial Performance
Table 78: Mewah International Inc. Financial Performance
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