Specialty Fats And Oils Market Forecasted To Expand Rapidly, Projecting US$ 85.94 Billion Value By 2034, With 4.6% CAGR

(MENAFN- EIN Presswire)

Major Confectioners Addressing Demand for Healthy Ingredients Using Specialty Fats and Oils for Tradeoff between Taste and health Benefits

ROCKVILLE, MARYLAND, UNITED STATES, June 7, 2024 /EINPresswire / -- According to a recently released research report by Fact, global specialty fats and oils market are expected to reach US$ 54.81 billion in 2024 and thereafter increase at a CAGR of 4.6% from 2024 to 2034.

Specialty fats and oils are anti-inflammatory, making them ideal for use in cosmetics and personal hygiene products. Cosmetic companies are constantly looking for high-quality, consistently available specialty oils with added benefits. The antioxidants in these fats fight against free radicals, promoting skin renewal and supporting the growing popularity of natural cosmetics. Manufacturers of food and cosmetic products in developed countries are drawn to specialty oils and fats with authentic and trustworthy certifications.

Leading confectioners and bakeries are meeting consumers' demand for healthy ingredients by incorporating specialty fats and oils and balancing taste with health benefits in processed foods. Increasing investments in research and development efforts lead to the development of new and healthier substitutes for traditional fats and oils, driving innovation in the market.

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Key Takeaways from Market Study

The global specialty fat and oil market is evaluated to reach US$ 85.94 billion by the end of 2034 market in Japan is poised to reach US$ 3.55 billion in 2024 for specialty fats and oils in the United States is forecasted to rise at a CAGR of 5% from 2024 to 2034.

China is set to capture a market share of 48.9% in the East Asian region in 2024 from the butter segment is expected to reach US$ 7.56 billion in 2024.

“Specialty fats and oils derived from nuts, seeds, and avocados are in increased demand as more people switch to plant-based diets. Specialty fats and oils with genuine certifications appeal to food and cosmetic manufacturers,” says a Fact analyst.

Expansion of Global Production of Oils and Fats Ensuring Steady Supply of Raw Materials

Demand for healthier ingredients in the food and beverages industry, along with the rise in global production of oils and fats, is projected to drive the growth of the specialty fat and oil market during the forecast period. Specialty fats and oils are becoming more and more popular in various industrial applications.

Research into creating specialty fats and oils has significantly increased as a result of the food and beverages industry's growing demand for ingredients with added value. Shea butter and palm oil derivatives are widely used as cocoa butter substitutes. Researchers and manufacturers in the food industry are striving to create ingredients that offer a balance of taste and nutritional value.

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Driving Factors Of Specialty Fats and Oils:

The specialty fats and oils market is propelled by continuous technological advancements aimed at enhancing their effectiveness. A growing trend in the cosmetics and personal care industry is the utilization of specialty fats and oils due to their moisturizing, anti-inflammatory, and antioxidant properties, which is fostering the expansion of the market.

Specialty fats and oils play a crucial role in the production of premium bakery and confectionery goods, providing desired textures and flavors. The rising consumption of processed and ready-to-eat foods that rely on specialty fats and oils for texture, flavor, and shelf life enhancement further drives market growth. These specialized ingredients offer specific functionalities like emulsification, mouthfeel, and stability in processed foods.

With increasing demand from the food and beverage sector for natural ingredients, there is a notable surge in research and development efforts to innovate specialty fats and oils. Prominent substitutes for cocoa butter, such as shea butter and palm oil derivatives, are gaining popularity. Researchers are also actively working on developing healthier alternatives for various fats, from hump fat to mango seeds, to cater to evolving consumer preferences.

Key Challenges of Specialty Fats and Oils:

Shifts in consumer preferences, including the waning favor for specific oils like coconut oil, have the potential to disrupt revenue streams and demand consistency. Rising health awareness among consumers and stricter regulations regarding food safety are compelling adherence to updated processing standards, thereby increasing operational expenses. The unpredictability of oil crop prices, influenced by erratic weather conditions and fluctuating political climates, contributes to production challenges for oil crop manufacturers, subsequently constraining the oil supply available to producers.

Category-wise Insights:

In 2024, specialty oils are projected to secure a market share of 14.3%, with specialty fats following closely at 12.9%. Meanwhile, butter is expected to maintain a global market share of 13.8%. Specialty oils are increasingly valued for their biological properties and health advantages, finding applications in disease prevention and a variety of pharmaceutical and cosmetic products as skin emollients, transdermal carriers, co-adjuvants, and excipients.

Margarine, anticipated to hold a market share of 14.4% in 2024, serves diverse culinary purposes. It is commonly used for sautéing vegetables, frying meats, and baking, often substituting butter in recipes. Melted margarine is popular as a topping for various foods like vegetables, rice, pasta, and popcorn, and is also spread on bread, toast, and other baked goods, offering a creamy texture and customizable flavor profiles with options like honey, spices, or herbs.

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