Specialty Fats & Oil Market: Current Analysis and Forecast (2023-2030)

Report Description

The Specialty Fats & Oil Market is expected to grow at a strong CAGR of 7% during the forecast period (2023-2030). Specialty fats & oil are intermediate products that differ from conventional ones like margarine and shortening in terms of distinctive features and enhanced functional capabilities. The changed crystal structure of the fat molecules in them is credited with this improved quality. Customized uses in a variety of food products are possible because of the specialized structure. Originally, they were intended to replace cocoa butter by mimicking its organoleptic properties. The demand for low-fat and low-calorie food items has increased due to consumers’ growing health consciousness. In various food applications, Specialty fats & oil are employed in place of regular fats and oils. Furthermore, the growing demand for natural and plant-based ingredients in food items is another factor driving the demand for Specialty fats & oil generated from plants. Specialty oils like avocado oil, coconut oil, and palm oil are used more commonly in the food industry due to their flavor and health benefits. Specialty fats such as cocoa butter equivalents (CBE), cocoa butter substitutes (CBS), and cocoa butter replacers (CBR) are substituted for cocoa butter in confectionery goods. Due to the growing demand for natural and plant-based Specialty fats & oil, the market is anticipated to grow.

Some of the major players operating in the market Cargill, Incorporated.; Wilmar International Ltd; Bunge Limited; Mewah Group; AAK AB; IFFCO; Musim Mas; FUJI OIL CO., LTD; Manildra Group; BAKO WALES. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, specialty fats segment is estimated to account for the highest market share”

Based on type, the market is bifurcated into specialty fats and specialty oils. The specialty fats segment is estimated to account for the highest market share. This is mainly owing to the high use of specialty fats in the baking and confectionery sectors due to their unique physical and chemical properties, which include the ability to improve texture, provide a rich flavor, and extend shelf life. Moreover, many major players in the market are investing in the development of specialty fats. For instance, in August 2021, Cargill broke ground on a specialty fats plant in Malaysia. The company invested USD 100 million to expand its global portfolio in specialty fats.

“Amongst application, infant nutrition segment held a significant share of the market in 2022”

Based on the application, the market is segmented into bakery products, processed food, animal nutrition, dairy products, and infant nutrition. The Infant Nutrition segment held a significant share of the market in 2022. Infant formula and infant food lipids, which essentially resemble the composition of mother’s milk, are an emerging trend that is receiving increased attention in highly developed and fast-urbanizing countries. Due to diverse diets, there were many variances in mother’s milk from different parts of the world, thus it was crucial to create a compound with ideal nutrition levels. Specialty fats & oil are essential in this situation since the product needs to have them in order to balance the overall composition of fatty acids.

Specialty Fats & Oil Market Report Coverage

“Asia Pacific holds the majority of the global market for Specialty fats & oil in 2022”

Asia-Pacific currently holds the majority of the global market during the forecasted period. Due to the increasing demand for protein-rich foods and beverages, the demand for specialty fats & oil industry is also increasing. Moreover, the APAC region is home to a large and growing population, with a significant proportion of the population in urban areas. This has led to an increase in the demand for protein-rich foods and beverages, particularly among health-conscious consumers. Furthermore, movements towards plant-based diets have also increased the consumption of specialty fats & oil industry across the nation. Thus, the fast expansion of the food and beverage industries, particularly the processed food sector, is driving up demand for Specialty fats & oil in the Asia-Pacific region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global specialty fats & oil market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Specialty Fats & Oil Market Analysis (2023-2030)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Specialty fats & oil Market were the three major steps undertaken to create and analyze the demand for Specialty fats & oil across major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Specialty fats & oil market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments to the industry pertains to. Detailed methodology is explained below

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Specialty fats & oil market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Specialty fats & oil market, we conducted a detailed secondary analysis to gather historical market insights and share for type, form, and application for major regions. Major segments included in the report are form and application. Further region and country-level analyses were conducted to evaluate the overall adoption of Specialty fats & oil across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Specialty fats & oil. Further, we conducted factor analysis using dependent and independent variables such as Growing Demand for Processed and Packaged food, rise in disposable income, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Specialty fats & oil industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Specialty fats & oil market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Specialty fats & oil market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Specialty fats & oil market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Specialty fats & oil market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the types, forms, and application in the global Specialty fats & oil market.

The main objective of the Global Specialty fats & oil Market Study

The current & future market trends of the global Specialty fats & oil market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Specialty fats & oil market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the types, forms, and application
• Define and analyze the regulatory framework for the Specialty fats & oil industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Specialty fats & oil market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Specialty fats & oil market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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