Specialty Fats And Oils Market To Reach $23.78 Billion By 2030

Specialty Fats And Oils Market Growth & Trends

The global specialty fats and oils market size is expected to reach USD 23.78 Billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 7.4% from 2024 to 2030. The specialty fats and oils market is experiencing significant growth due to an increasing demand for processed foods and convenience products among consumers worldwide. This trend is particularly prevalent in urban areas, where busy lifestyles and rising disposable incomes steer consumers towards ready-to-eat and packaged foods. Specialty fats and oils, offering tailored functionalities, flavors, and nutritional profiles, are integral to developing and enhancing these food products. Moreover, the versatility of these fats and oils makes them suitable for a wide range of applications, from baking and frying to confectionery and dairy products, further propelling their demand in the food processing industry.

In addition to the food sector, the demand in the personal care and cosmetics industry is bolstering the specialty fats and oils market. These ingredients are highly valued for their emollient properties, stability, and ability to act as carriers for other components, which makes them essential in the formulation of skincare, haircare, and cosmetic products. The growing consumer awareness of natural and organic ingredients, coupled with a willingness to spend on high-quality personal care products, contributes significantly to this market expansion.

Furthermore, advancements in technology and innovation in the extraction, processing, and application of specialty fats and oils play a crucial role. Manufacturers are continuously seeking new methods to improve their products' functionality, health benefits, and sustainability, responding to the evolving demands of consumers and regulatory bodies. The development of non-hydrogenated, trans-fat-free, and low-saturated fat products illustrates the industry's adaptation to health-conscious trends. Environmental concerns and the sustainable sourcing of raw materials influence market dynamics, with a pronounced shift towards more eco-friendly and ethically produced specialty fats and oils. This combination of technological, consumer, and environmental factors is shaping the growth and future direction of the specialty fats and oils market.

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Specialty Fats And Oils Market Report Highlights

• Based on product type, specialty oils possess segment held a revenue share of 72.3% in 2023, due to the rising popularity of plant-based diets and the growing awareness of their health benefits, such as omega-3 fatty acids. Furthermore, the expanding applications of specialty oils in cosmetics, pharmaceuticals, and biofuels contribute significantly to market growth, driven by their functional properties and sustainability advantages.

• On the other hand, specialty fats segment is expected to witness a CAGR of 7.5% during 2024 to 2030, owing to its versatility in enhancing texture, stability, and nutritional profiles of food products, meeting consumer preferences for healthier alternatives. Additionally, their increasing use in confectionery, bakery, and dairy industries to improve product quality and shelf life further boosts market growth.

• In terms of application, confectionery possesses segment a share of 54.5% in 2023. The demand for specialty fats and oils in the bakery and confectionery industry is driven by their ability to enhance product texture, mouthfeel, and shelf life. Additionally, consumer preferences for healthier alternatives and the versatility of specialty fats and oils to meet specific dietary and functional requirements further stimulate market growth in this sector.

• Europe held a market share of 21.6% in 2023, owing to the growing demand for high-quality, healthier alternatives to conventional fats and oils, along with the burgeoning food industry needing specialized fats for various applications. Moreover, stringent EU regulations on food safety and sustainability are pushing manufacturers towards sustainable sourcing and production practices, further fueling the market growth.

• Asia-Pacific is expected to grow at a CAGR 8.0% during 2024 to 2030, due the rising demand for processed foods and the growing confectionery and bakery industries. Additionally, increased health awareness and the shift towards healthier dietary fats contribute to market growth in this region.

Specialty Fats And Oils Market Segmentation

Grand View Research has segmented the specialty fats and oils market report based on product type, application, and region:

Specialty Fats And Oils Product Type Outlook (Revenue, USD Million, 2018 - 2030)

• Specialty Oils

• Specialty Fats

Specialty Fats And Oils Application Outlook (Revenue, USD Million, 2018 - 2030)

• Confectionery

• Dairy

Specialty Fats And Oils Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • Australia & New Zealand

  • South Korea

• Central & South America

  • Brazil

• Middle East & Africa

  • South Africa

List of Key Players of Specialty Fats And Oils Market

• Bunge Limited

• Wilmar International Limited

• Golden Agri-Resources Ltd

• Kuala Lumpur Kepong Berhad

• Sime Darby Plantation Sdn Bhd

• Cargill

• Liberty Oil Mills Ltd.

• Henry Lamotte Oils GmbH

• Savola Group

• IOI Corporation