This report describes and explains the specialty fats and oils market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global specialty fats and oils market reached a value of nearly $12.76 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.98% since 2019. The market is expected to grow from $12.76 billion in 2024 to $19.65 billion in 2029 at a rate of 9.02%. The market is then expected to grow at a CAGR of 9.54% from 2029 and reach $30.99 billion in 2034.
Growth in the historic period resulted from the growing consumption of bakery and confectionery items, expanding vegan and plant-based diet trends, rising health awareness among consumers and increasing focus on plant-based and sustainable oils. Factors that negatively affected growth in the historic period were shortage of skilled workforce.
Going forward, the increasing consumption of processed foods, increasing urbanization, favorable government support for agriculture, expansion of e-commerce channels, expansion of the cosmetics industry and increasing consumer preference for healthier cooking oils will drive the growth. Factor that could hinder the growth of the specialty fats and oils market in the future include high costs associated with the specialty fats and oils.
The global specialty fats and oils market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 22.3% of the total market in 2023. Cargill Incorporated was the largest competitor with a 5.45% share of the market, followed by Bunge Global SA with 4.72%, Wilmar International Limited with 4.58%, Fuji Oil Co. Ltd. with 2.18%, AAK AB with 1.78%, The Nisshin OilliO Group Ltd. with 0.98%, 3F Industries Ltd. with 0.98%, Pt Astra International Tbk with 0.59%, Olam International Limited (Olam Group Limited) with 0.53% and Puratos with 0.51%.
The specialty fats and oils market is segmented by type into specialty oil and specialty fat. The specialty oil market was the largest segment of the specialty fats and oils market segmented by type, accounting for 72.64% or $9.26 billion of the total in 2024. Going forward, the specialty fat segment is expected to be the fastest growing segment in the specialty fats and oils market segmented by type, at a CAGR of 9.43% during 2024-2029.
The specialty fats and oils market is segmented by form into dry and liquid. The liquid market was the largest segment of the specialty fats and oils market segmented by form, accounting for 83.75% or $10.68 billion of the total in 2024. Going forward, the dry segment is expected to be the fastest growing segment in the specialty fats and oils market segmented by form, at a CAGR of 9.60% during 2024-2029.
The specialty fats and oils market are segmented by application into confectionery, bakery, dairy, cosmetics and other applications. The confectionery market was the largest segment of the specialty fats and oils market segmented by application, accounting for 33.33% or $4.25 billion of the total in 2024. Going forward, the dairy segment is expected to be the fastest growing segment in the specialty fats and oils market segmented by application, at a CAGR of 10.52% during 2024-2029.
Asia Pacific was the largest region in the specialty fats and oils market, accounting for 43.42% or $5.54 billion of the total in 2024. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the specialty fats and oils market will be Asia Pacific and Africa where growth will be at CAGRs of 10.40% and 9.91% respectively. These will be followed by Middle East and South America where the markets are expected to grow at CAGRs of 9.45% and 8.97% respectively.
The top opportunities in the specialty fats and oils markets segmented by type will arise in the specialty oil segment, which will gain $4.9 billion of global annual sales by 2029. The top opportunities in the specialty fats and oils market segmented by form will arise in the liquid segment, which will gain $5.68 billion of global annual sales by 2029. The top opportunities in the specialty fats and oils markets segmented by application will arise in the confectionery segment, which will gain $2.05 billion of global annual sales by 2029. The specialty fats and oils market size will gain the most in China at $1.29 billion.
Market-trend-based strategies for the specialty fats and oils market include focus on developing innovative products, such as refined sunflower oil, to cater to the growing consumer demand for healthier and sustainable cooking oils, focus on developing innovative products, such as sustainable palm oil, to meet the growing consumer demand for healthier and more eco-friendly alternatives and strategic partnerships and acquisitions to expand product portfolios, enhance production capabilities and tap into new regional markets.
Player-adopted strategies in the specialty fats and oils market include focus on strengthening its business capabilities through the launch of new products and focus on strengthening its business operations through strategic partnerships and acquisitions.
To take advantage of the opportunities, the analyst recommends the specialty fats and oils companies to focus on developing innovative healthier oils, focus on developing sustainable palm oil products, focus on the specialty fat market segment, focus on the liquid market segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and acquisitions, provide competitively priced offerings, continue to use B2C promotions, participate in trade shows and events, focus on the dairy market segment and focus on targeting urban consumers.
The global specialty fats and oils market reached a value of nearly $12.76 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.98% since 2019. The market is expected to grow from $12.76 billion in 2024 to $19.65 billion in 2029 at a rate of 9.02%. The market is then expected to grow at a CAGR of 9.54% from 2029 and reach $30.99 billion in 2034.
Growth in the historic period resulted from the growing consumption of bakery and confectionery items, expanding vegan and plant-based diet trends, rising health awareness among consumers and increasing focus on plant-based and sustainable oils. Factors that negatively affected growth in the historic period were shortage of skilled workforce.
Going forward, the increasing consumption of processed foods, increasing urbanization, favorable government support for agriculture, expansion of e-commerce channels, expansion of the cosmetics industry and increasing consumer preference for healthier cooking oils will drive the growth. Factor that could hinder the growth of the specialty fats and oils market in the future include high costs associated with the specialty fats and oils.
The global specialty fats and oils market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 22.3% of the total market in 2023. Cargill Incorporated was the largest competitor with a 5.45% share of the market, followed by Bunge Global SA with 4.72%, Wilmar International Limited with 4.58%, Fuji Oil Co. Ltd. with 2.18%, AAK AB with 1.78%, The Nisshin OilliO Group Ltd. with 0.98%, 3F Industries Ltd. with 0.98%, Pt Astra International Tbk with 0.59%, Olam International Limited (Olam Group Limited) with 0.53% and Puratos with 0.51%.
The specialty fats and oils market is segmented by type into specialty oil and specialty fat. The specialty oil market was the largest segment of the specialty fats and oils market segmented by type, accounting for 72.64% or $9.26 billion of the total in 2024. Going forward, the specialty fat segment is expected to be the fastest growing segment in the specialty fats and oils market segmented by type, at a CAGR of 9.43% during 2024-2029.
The specialty fats and oils market is segmented by form into dry and liquid. The liquid market was the largest segment of the specialty fats and oils market segmented by form, accounting for 83.75% or $10.68 billion of the total in 2024. Going forward, the dry segment is expected to be the fastest growing segment in the specialty fats and oils market segmented by form, at a CAGR of 9.60% during 2024-2029.
The specialty fats and oils market are segmented by application into confectionery, bakery, dairy, cosmetics and other applications. The confectionery market was the largest segment of the specialty fats and oils market segmented by application, accounting for 33.33% or $4.25 billion of the total in 2024. Going forward, the dairy segment is expected to be the fastest growing segment in the specialty fats and oils market segmented by application, at a CAGR of 10.52% during 2024-2029.
Asia Pacific was the largest region in the specialty fats and oils market, accounting for 43.42% or $5.54 billion of the total in 2024. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the specialty fats and oils market will be Asia Pacific and Africa where growth will be at CAGRs of 10.40% and 9.91% respectively. These will be followed by Middle East and South America where the markets are expected to grow at CAGRs of 9.45% and 8.97% respectively.
The top opportunities in the specialty fats and oils markets segmented by type will arise in the specialty oil segment, which will gain $4.9 billion of global annual sales by 2029. The top opportunities in the specialty fats and oils market segmented by form will arise in the liquid segment, which will gain $5.68 billion of global annual sales by 2029. The top opportunities in the specialty fats and oils markets segmented by application will arise in the confectionery segment, which will gain $2.05 billion of global annual sales by 2029. The specialty fats and oils market size will gain the most in China at $1.29 billion.
Market-trend-based strategies for the specialty fats and oils market include focus on developing innovative products, such as refined sunflower oil, to cater to the growing consumer demand for healthier and sustainable cooking oils, focus on developing innovative products, such as sustainable palm oil, to meet the growing consumer demand for healthier and more eco-friendly alternatives and strategic partnerships and acquisitions to expand product portfolios, enhance production capabilities and tap into new regional markets.
Player-adopted strategies in the specialty fats and oils market include focus on strengthening its business capabilities through the launch of new products and focus on strengthening its business operations through strategic partnerships and acquisitions.
To take advantage of the opportunities, the analyst recommends the specialty fats and oils companies to focus on developing innovative healthier oils, focus on developing sustainable palm oil products, focus on the specialty fat market segment, focus on the liquid market segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and acquisitions, provide competitively priced offerings, continue to use B2C promotions, participate in trade shows and events, focus on the dairy market segment and focus on targeting urban consumers.
Major Market Trends
- Innovative Launch of Healthier Refined Sunflower Oil to Meet Consumer Demand for Nutritious Cooking Oils
- Innovative Sustainable Solutions Addressing Consumer Demand in The Specialty Fats and Oils Market
- Strategic Partnerships and Acquisitions Among Major Players to Enhance Product Offerings
Key Mergers and Acquisitions
- Marubeni Corporation Acquires Gemsa Enterprises to Expand Specialty Oils Portfolio
- AAK Acquires Arani Agro Oil Industries to Expand Indian Market Presence
- Alfa Laval Acquires Desmet Ballestra to Advance Sustainability Solutions
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Specialty Fats and Oils Market - Macro Economic Scenario
9 Global Market Size and Growth
10 Global Specialty Fats and Oils Market Segmentation
11 Specialty Fats and Oils Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
22 Key Mergers and Acquisitions
23 Opportunities and Strategies
24 Specialty Fats and Oils Market, Conclusions and Recommendations
25 Appendix
Executive Summary
Specialty Fats and Oils Global Market Opportunities and Strategies to 2034 provides the strategists; marketers and senior management with the critical information they need to assess the global specialty fats and oils market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
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- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for specialty fats and oils? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The specialty fats and oils market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider specialty fats and oils market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by form and by application.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - the report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the specialty fats and oils market.
- Global Market Size and Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by form and by application in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for specialty fats and oils providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) by Type: Specialty Oil; Specialty Fat2) by Form: Dry; Liquid
3) by Application: Confectionery; Bakery; Dairy; Cosmetics; Other Applications
Key Companies Mentioned: Cargill Incorporated; Bunge Global SA; Wilmar International Limited; Fuji Oil Co. Ltd; AAK AB
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; specialty fats and oils indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
Some of the major companies featured in this Specialty Fats and Oils market report include:- Cargill Incorporated
- Bunge Global SA
- Wilmar International Limited
- Fuji Oil Co. Ltd.
- AAK AB
- The Nisshin OilliO Group Ltd.
- 3F Industries Ltd.
- Pt Astra International Tbk
- Olam International Limited (Olam Group Limited)
- Puratos
- Nourish Ingredients
- Range Product
- Dentsu Creative Webchutney
- Johor Plantations
- Sinopec
- Adani Wilmar Limited
- Marico Limited
- PT Musim Mas
- Alfa Laval
- Avril
- Evonik Industries
- Volac Wilmar Feed Ingredients
- KTC Edibles Ltd.
- Saipol
- Oleon
- ADM Hamburg AG
- Henry Lamotte Oils GmbH
- Olio Dante S.p.A.
- Monini S.p.A.
- Edible Oils Limited (EOL)
- ORLEN
- OMV Petrom
- GMP Oil
- Rusagro
- Mewah International Inc.
- Muslim Mas
- D&L Industries, Inc.
- International Foodstuff Company Limited (IFFCO)
- IOI Group
- Golden Agri-Resources (GAR)
- Gold Coast Commodities
- Oleofats, Inc.
- Ventura Foods LLC
- Sunrich LLC
- The Kraft Heinz Company
- SunOpta Inc.
- Hain Celestial Group
- Archer Daniels Midland
- Darling Ingredients Inc.
- Pompeian, Inc.
- Checkerspot
- Ariza BV
- Nestlé S.A.
- Kiril Mischeff Group
- Chacraservicios S.A.
- Copeinca
- Savola Group
- Manildra Group
- Fonterra
- Wilk Technologies Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 281 |
| Published | February 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 12.76 Billion |
| Forecasted Market Value ( USD | $ 30.99 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 61 |
