According to a new report published by UnivDatos, the Specialty Fats & Oil Market was valued at USD 12.6 billion in 2022 & is expected to grow at a CAGR of 7% from 2023-2030. The analysis has been segmented into Type (Specialty Oils and Specialty Fats); Form (Dry and Liquid); Application (Bakery Product, Processed Food, Animal Nutrition, and Infant Nutrition); and Region/Country.

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The Specialty Fats & Oil market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Specialty Fats & Oil market. The Specialty Fats & Oil market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Specialty Fats & Oil market at the global and regional levels.

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Key Market Opportunity

Cocoa is a key ingredient in the production of chocolate, and the global demand for chocolate is expected to continue to grow in the coming years. These fluctuations in cocoa production can have a significant impact on the global chocolate market, leading to price volatility and supply chain disruptions. To mitigate these risks, chocolate manufacturers are increasingly turning to specialty fats and oils as a substitute for cocoa butter, which is the primary fat used in chocolate production.

Specialty fats and oils, such as palm oil, coconut oil, and shea butter, are being used to replace cocoa butter in chocolate production due to their similar taste and texture properties. These fats and oils are also more readily available and less expensive than cocoa butter, making them a more cost-effective option for chocolate manufacturers.

The growth of the specialty fats and oils market is also being driven by changing consumer preferences. Consumers are increasingly looking for healthier and more sustainable food options, and specialty fats and oils are seen as a more nutritious and environmentally friendly alternative to traditional fats and oils.

In addition, the rise of online shopping and e-commerce has made it easier for consumers to access a wide range of specialty fats and oils from around the world. This has led to increased demand for these products, which is driving the growth of the market.

Thus, the fluctuation in global cocoa production is driving the growth of the specialty fats and oils market. The increasing demand for chocolate and the need for alternative fats and oils to cocoa butter are key factors driving the growth of this market. Additionally, changing consumer preferences and the rise of e-commerce are also contributing to the growth of the specialty fats and oils market.

COVID-19 Impact

Countries throughout the world are trying to stop further spreading by taking precautions including social isolation, contact tracing, self-quarantining, surveillance, and more as this illness continues to spread quickly on a worldwide scale. As a result of the coronavirus epidemic, there is now less supply and more demand for specialized fats and oils on the global market, and price volatility has increased. According to the top producers of vegetable oils like Wilmar International and Mehwah Group that operate in the area, palm oil, which is the most common type of oil produced globally, suffered as demand fell everywhere, trade was disrupted, and production got hampered in Indonesia and Malaysia.

·      Based on type, the market is bifurcated into specialty fats and specialty oils. The specialty Fats segment is estimated to account for the highest market share.

·      Based on the form, the market is fragmented into dry and liquid. The Dry segment is expected to grow with significant CAGR during the forecast period.

·      Based on the application, the market is segmented into bakery products, processed food, animal nutrition, dairy products, and infant nutrition. The Infant Nutrition segment held a significant share of the market in 2022. Based on Form, the market is bifurcated into Dry and Liquid. The Dry segment held a significant share of the market in 2022.

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Specialty Fats & Oil Market Geographical Segmentation Includes:

·      North America (U.S., Canada, and the Rest of North America)

·      Europe (Germany, UK, Spain, France, Italy, Rest of Europe)

·      Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)

·      Rest of the World

Asia-Pacific currently holds the majority of the global market during the forecasted period. Due to the increasing demand for protein-rich foods and beverages, the demand for specialty fats & oil industry is also increasing. Moreover, the APAC region is home to a large and growing population, with a significant proportion of the population in urban areas. This has led to an increase in the demand for protein-rich foods and beverages, particularly among health-conscious consumers. Furthermore, movements towards plant-based diets have also increased the consumption of specialty fats & oil industry across the nation. Thus, the fast expansion of the food and beverage industries, particularly the processed food sector, is driving up demand for Specialty fats & oil in the Asia-Pacific region.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Specialty Fats & Oil market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis to get insight views on global competition.

Recent Developments:

·      In November 2022, AAK acquired Arani Agro Oil Industries Ltd to expand its geographic footprint and bolster its high-quality specialty oil and fats business in southeast India. This strategic move was aimed at enhancing AAK's position in the specialty fats & oils market, allowing the company to better serve customers in the region while capitalizing on the growing demand for specialty products.

·      In July 2021, Cargill, Incorporated announced the expansion of its specialty fats & oils portfolio with the acquisition of Leman Decoration Group, a leading supplier of cake decorations and specialty fats based in Belgium. The acquisition aimed to strengthen Cargill's presence in the European market and expand its product offerings.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Specialty Fats & Oil market?

• Which factors are influencing the Specialty Fats & Oil market over the forecast period?

• What are the global challenges, threats, and risks in the Specialty Fats & Oil market?

• Which factors are propelling and restraining the Specialty Fats & Oil market?

• What are the demanding global regions of the Specialty Fats & Oil market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

• What are the descriptive profiles of key companies along with their SWOT analysis?

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About UnivDatos Market Insights (UMI)

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Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling

Segments Covered

By Type; By Form; By Application; By Region/Country

Target Audience:

·      Raw material providers

·      Service providers

·      Market-related associations, organizations, forums, and alliances

·      Government bodies, such as regulating authorities and policymakers

·      Venture capitalists, private equity firms, and start-up companies

·      Distributors and sales firms

·      Research institutes, organizations, and consulting companies

About UnivDatos Market Insights

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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