Specialty Fats and Oils Market

The Specialty Fats and Oils Market accounted for US$ 13.5 billion in 2020 and is estimated to be US$ 26.0 billion by 2029 and is anticipated to register a CAGR of 7.5%.

The report "Global Specialty Fats and Oils Market, By Product (Specialty Oil and Specialty Fats), By Application (Household, Restaurant, Industrial, and Others), By Form (Dry and Liquid), By End-User (Chocolate, Confectionaries, Bakery, Infant Food, Culinary, Functional Fats, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.

Key Highlights:

• In November 2019, BASF (Germany), Cargill, Procter & Gamble (P&G) (US), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH (Germany) entered in a partnership under the development PPP (Public-Private Partnership). the program, to establish a certified coconut oil supply chain and improve the livelihood of coconut farmers in the Philippines and Indonesia. This would strengthen the company’s supplies for coconut oil in the countries.

• In November 2020, Neste brought Bunge's oil, fat processing plant in Rotterdam for Eur258 million.

Analyst View:

The increased number of various biotechnology and biopharmaceutical companies that utilize filtration systems including membranes, capsules, cartridges, and other products are driving the growth of the overall pharmaceutical membrane filtration technologies market. In addition, the rapid adoption of innovative treatment therapies such as monoclonal antibodies, therapeutic proteins, and vaccines has resulted to create a positive impact on market growth. Moreover, companies are heavily investing in R&D to improve existing product portfolios. For instance, in 2016, AstraZeneca, a foremost healthcare company invested around USD 5,890 million in R&D. Moreover, in 2018, GE Healthcare and the Swedish Government opened an innovation center in Sweden —Testa Center—to support the commercialization of advanced biopharmaceuticals.

The increasing prevalence of chronic and infectious diseases globally is influencing the growth of the pharmaceutical industry. According to the data published by the Pharmaceutical Industry and Global Health in 2017, the global pharmaceutical industry was valued at US$997 billion in 2014. Further, a surge in production and research activities has increased the demand for membrane technologies which is anticipated to boost the growth of the pharmaceutical membrane technology market over the forecast period.

Key Market Insights from the report:        

The global specialty fats and oils market accounted for US$ 13.5 billion in 2020 and is estimated to be US$ 26.0 billion by 2029 and is anticipated to register a CAGR of 7.5%. The market report has been segmented on the basis of product, application, form, end-user, and region.

• Depending upon product, Specialty Oil dominates the global specialty fats and oils market due to the unique properties that are desirable in industrial and non-edible applications. Palm, coconut, and sunflower oils are growing in their market shares, with the increasing demand for vegetable oils, in the growing bakery and confectionery businesses.
• Depending upon the application, the worldwide industry is categorized into household, restaurant, industrial and others.
• In terms of form, dry form is estimated to have the largest market share as it is used as the butter substitute and are thus in high demand.
• By end-user, the infant food segment is dominating with rising focus on the emerging trend of feeding infants with infant formulas and infant food lipids, which are primarily mimicked based on the composition of mother’s milk.
• By region, North America dominates the global specialty fats and oils market in terms of revenue as compared to other regions. The region includes highly developed countries such as the US and Canada, with high-income populations and is continuously dominating as the fast-food sector is a growing sector in the region. Hence, industrial food producers are focusing on developing not just quality but healthy food products in the country.

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Competitive Landscape:

The prominent player operating in the global specialty fats and oils market includes includes AAK AB, IOI Group, D&L Industries, Wilmar International, Mewah International, Cargill, Bunge, Manildra, Musim Mas, IFFCO.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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