Rising Consumption of confectionery and processed foods leads to the Growth of the Specialty Fats & Oil Market in the Asia Pacific Region!

The Asia Pacific market is expected to register the highest growth rate in the forecast period due to rising disposable income, changing fashion trends, and increasing awareness about healthcare products. Due to its growing urbanization, modernization, and an increasing number of applications among different end-use industries. Asia-Pacific currently holds most of the global market for specialty fats & oils and is expected to maintain this trend of dominance throughout the forecast period. Growing urbanization and changing dietary preferences in developing countries like China and India are the main factors driving the need for Specialty Fats & Oils. Growing middle-class populations, rising disposable incomes and more consumer awareness of the health advantages of specific fats and oils are driving a trend toward better food options. This is driving the demand for Specialty Fats & Oils, which are used in a variety of industries including confectionery, bakery, dairy, and newborn feeding in the region. Additionally, the fast expansion of the food and beverage industries, particularly the processed food sector, is driving up demand for Specialty Fats & Oils in Asia-Pacific.

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Further, the Asia Pacific Specialty fats & oil market is expected to grow with a significant CAGR during the forecast period (2023-2030). 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.

FIG. 1 APAC Specialty Fats & Oil Market Revenue (2020-2030)- USD Mn

Based on the form, the market is fragmented into dry and liquid. The Dry segment is expected to grow with a significant CAGR during the forecast period. The majority of specialty fat products are found in their dry form, including dairy fat replacements, cocoa butter equivalents, cocoa butter substitutes, and cocoa butter improvers. These are often liquid fats with better melting curves, like oils. They make it easier to maintain the product structure for extended periods of time and for trade purposes. Through coatings and specific types of butter, specialty fats and oils in the dry form play a significant part in goods like chocolate and confectioneries.

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.

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Global Specialty Fats & Oil Market Segmentation

Market Insight, by Type

· Specialty Fats

· Specialty Oils

Market Insights, by Form

· Dry

· Liquid

Market Insights, by Application

· Bakery Product

· Processed food

· Animal Nutrition

· Dairy products

· Infant formula

Market Insight, by Region

· North America

o The U.S.

o Canada

o Rest of North America

· Europe

o Germany

o The U.K.

o France

o Spain

o Italy

o Rest of Europe

· APAC

o China

o Japan

o India

o Rest of APAC

· Rest of the World

Top Company Profiles

· Cargill, Incorporated.

· Wilmar International Ltd

· Bunge Limited

· Mewah Group

· AAK AB

· IFFCO

· Musim Mas

· FUJI OIL CO., LTD

· Manildra Group

· BAKO WALES