Specialty Fats and Oils Global Market Report 2024

The specialty fats and oils market size has grown strongly in recent years. It will grow from $11.7 billion in 2023 to $12.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historic period can be attributed to several factors including shifts in dietary patterns, ongoing innovation within the food industry, increased demand for functional ingredients, rising concerns regarding health and wellness, and the globalization of food supply chains.

The specialty fats and oils market size is expected to see strongly grown in the next few years. It will grow to $17.98 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period is expected to stem from increased demand for functional foods, the surge in popularity of plant-based and alternative fats, a growing preference for clean label and natural products, evolving regulatory changes and standards, and expanding applications in nutraceuticals and pharmaceuticals. Key trends projected in this period encompass heightened demand for plant-based alternatives, a focus on functional and nutraceutical ingredients, the prominence of clean label and natural ingredients, advancements in processing technologies, and a shift toward sustainable sourcing and production practices.

The specialty fats and oils market is set to experience growth propelled by the increasing consumption of packaged food. Packaged food, shielded from direct environmental contact by impermeable or permeable wrapping, has gained favor among consumers seeking healthier, readily available, and tasty options. Specialty oils and fats, offering nutritional and functional benefits, align with the preferences for low-fat and healthier packaged foods. In 2021, South Korea emerged as a significant global importer of packaged agri-food and seafood products, with Canada ranking as its ninth-largest supplier, achieving a growth rate of 11.9% from 2017 to 2021. The retail income of packaged food in South Korea reached US$35.3 billion in 2021, primarily driven by categories like rice, pasta, noodles, dairy, processed meat, and seafood. This surge in packaged food consumption directly influences the demand for specialty fats and oils.

Rising health consciousness among consumers is slated to further propel the specialty fats and oils market. With a heightened focus on maintaining physical and mental well-being, consumers are drawn to specialty oils and fats rich in antioxidants that combat free radical damage and potentially reduce the risk of chronic diseases like cancer and heart conditions. Additionally, these products offer benefits such as promoting healthy gut bacteria and aiding digestion. A survey by Public Health England in January 2021 revealed that approximately 80% of adults aged 18 and above have committed to embracing a healthy lifestyle, with 40% prioritizing healthy eating habits. This escalating health awareness significantly contributes to the growth of the specialty fats and oils market. Innovation stands as a prominent trend fueling growth in the specialty oils and food market. Leading companies in this sector are diligently developing innovative solutions to fortify their market position. Evonik Industries AG, in December 2023, unveiled Ecohance Soft Baobab Oil, derived from the non-edible seeds of the baobab fruit. This natural, sustainable, and fair-trade ingredient boasts a wide range of applications in cosmetic formulations such as hand creams, hair conditioners, and body butters. Rich in antioxidants, the oil offers moisturizing and conditioning properties and is a valuable source of vitamins A, C, and E.

Major players in the specialty oils and food sector prioritize collaboration and partnerships to enhance customer service reliability. A notable instance is the strategic collaboration between Cargill Inc. And Cubiq Foods announced in March 2023. Cargill Inc., a US-based food corporation, partnered with Cubiq Foods, a Spain-based entity specializing in cultivated fats, aiming to expedite the commercialization of Cubiq's innovative fat technologies in the plant-based food sector. This collaboration has the potential to revolutionize plant-based food offerings, ensuring they are healthier, more sustainable, and boast superior taste profiles.

In August 2022, Alfa Laval, a Swedish company specializing in specialty fats and oils, completed the acquisition of Desmet Ballestra Group for an undisclosed sum. This strategic move bolstered Alfa Laval's presence in the edible oils sector, amplifying innovations across food, feed, and biofuels. Desmet Ballestra Group, based in the US, is recognized for its manufacturing of specialty fats and oils.

Major companies operating in the specialty fats and oils market report are AAK AB, Cargill Incorporated, Fuji Oil Co. Ltd., Bunge Limited, Mewah International Inc., Wilmar International Limited, D&L Industries Inc., IFFCO Group, Archer Daniels Midland Company, the Hain Celestial Group Inc., Ventura Foods LLC, Apical Group Ltd., Liberty Oil Mills Ltd., Adams Group, PRESCO PLC, Intercontinental Specialty Fats Sdn. Bhd., MOI International Pte. Ltd., Golden Agri-Resources Ltd., Kuala Lumpur Kepong Berhad, Sime Darby Plantation Sdn. Bhd., IOI Corporation Berhad, Oleo-Fats, De Wit Speciality Oils, Puratos, Musim Mas Group , Savola Group, the Manildra Group, 3F Industries Ltd., OLENEX C.V., BASF SE.

North America was the largest region in the specialty fats and oils market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global specialty fats and oils market report during the forecast period. The regions covered in the specialty fats and oils market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the specialty fats and oils market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of specialty fats and oils are specialty oil and specialty fat. These are available in various forms, including solid, semi-solid, and liquid, and are used in several applications, such as confectionery, bakery, dairy, cosmetics, and others.

The specialty fats and oils market research report is one of a series of new reports provides specialty fats and oils market statistics, including specialty fats and oils industry global market size, regional shares, competitors with a specialty fats and oils market share, detailed specialty fats and oils market segments, market trends and opportunities, and any further data you may need to thrive in the specialty fats and oils industry. This specialty fats and oils market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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