Dublin, Feb. 21, 2025 (GLOBE NEWSWIRE) — The “Specialty Fats and Oils Market Opportunities and Strategies to 2034” report has been added to ResearchAndMarkets.com’s offering.
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.
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%.
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.
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 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.
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 281 |
| Forecast Period | 2024 – 2034 |
| Estimated Market Value (USD) in 2024 | $12.76 Billion |
| Forecasted Market Value (USD) by 2034 | $30.99 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
Top Opportunities
- 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.
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
Markets Covered:
- Type: Specialty Oil; Specialty Fat
- Form: Dry; Liquid
- Application: Confectionery; Bakery; Dairy; Cosmetics; Other Applications
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
- Nestle S.A.
- Kiril Mischeff Group
- Chacraservicios S.A.
- Copeinca
- Savola Group
- Manildra Group
- Fonterra
- Wilk Technologies Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/t4tl6o
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- Specialty Fats and Oils Market
