Specialty Oils Market is estimated to be US$ 19.8 Billion by 2028 with a CAGR of 7.8% – BY MRFR
Research Reports
Sep 26, 2023
Specialty Oils Market Overview:
The global specialty oils market is likely to garner healthy future growth. The extensive use of these oils in nutraceutical and cosmetic products would drive market growth. According to Market Research Future (MRFR), the global Specialty Oils Market value is expected to escalate from USD 12.6 BN in 2021 to USD 19.8 BN by 2028, growing at a 7.8% CAGR during the review period (2021-2028).
In nutraceutical and cosmetic products, specialty oils are used for their higher amounts of monounsaturated fatty acid. Besides, increasing awareness of the nutritional values of specialty oils is a major driving force for market growth. The health benefits of specialty oils have given them an advantage, and their demand has risen quickly due to health and sustainability concerns.
The rising popularity of specialty oils and preference for specialty oil products among health-conscious people increase market demand and sales. Also, the rising consumer demand from the bakery and convenience foods industries substantiates the specialty oil market size. The growing vegan and vegetarian food trend have created new opportunities for industry players.
Furthermore, the increasing focus on R&D is estimated to impact market development, bringing about new products and improvements in the existing product line. The high demand encourages manufacturers to develop various forms of specialty oils that can attract consumers’ attention. They also run product promotion campaigns that play a vital role in increasing market sales. Augmenting demand for high-protein food products increases the consumption of specialty oil-based products.
Global Specialty Oils Market – Segments:
The report is segmented into types, process types, applications, and regions. The type segment is sub-segmented into soybean, cottonseed, sunflower, palm, coconut, and rapeseed oils. The process type segment is sub-segmented into hot-pressed and cold-pressed. The application segment is sub-segmented into food, pharmaceuticals, processed foods, animal nutrition, dairy products, infant nutrition, cosmetics & personal care, and others. By region, the specialty oil market is segmented into Europe, the Americas, Asia-Pacific, and the rest of the world.
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Global Specialty Oils Market – Regional Analysis:
The Asia-Pacific region dominates the global specialty oils market. The increasing consumption of specialty oils products and consumers’ increasing per capita income drive the market growth. Due to its large cultivation areas, the region witnesses high seed production, which helps the cost-competitive manufacturing of these oils. Increased sales have empowered the bakers to economize out complete sales growth. China, India, and Japan are major contributors to regional market growth.
Global Specialty Oils Market – Competitive Analysis:
Highly competitive, the specialty oils market is largely driven by the presence of several well-established players. To gain a larger competitive share, mergers & acquisitions, collaboration, expansion, and product launches remain popular trends for industry players. Considering the rising demand for clean-label products, players are increasingly developing the plant-based protein category. They invest substantially in product development and expand their global footprints.
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Major Players:
Players leading the global specialty oils market include Mewah International, Manildra Group, Muslim Mas, Wilmar International, The Nisshin Oillio Group, AAK AB, Cargill, Bunge, D&L Industries, International Foodstuff Company Limited (IFFCO), Fuji Oil, IOI Group, Intercontinental Specialty Fats SDN BHD, Elonex, 3F Industries, Liberty Oil Mills Ltd., Golden Agri-Resources (GAR), Gold Coast Commodities, Oleofats, Inc., MOI International, Kala Gostaran Sabz Andish Co., Ltd., LASENOR CHARBHUJA, Premium Nutrients Berhad, Nine Stars Worldwide (M) SDN BHD, NATURE INTL PTE LTD, NGO Chew Hong Edible Oil PTE LTD, and Intercontinental Specialty Fats SDN BHD, among others.
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