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Global specialty fats and oils market was valued at US$ 13,156.2 Mn in 2021 and is projected to attain a market value of US$ 25,970.3 Mn by 2030 at a healthy CAGR of 7.8 % during the forecast period 2022–2030.

In recent years, the specialty fats and oils industry has seen significant growth. This is due in part to the rising popularity of health-conscious consumers who are willing to pay a premium for products that offer health benefits. Astute Analytica’s analysis shows that the global specialty fats and oils market is worth an estimated $13,156.2 Million in 2021. The report also notes that the Asia-Pacific region is the fastest growing market for specialty fats and oils, accounted for over 30% share of the global market in 2021.

Our analysis shows that the growth of the specialty fats and oils market is being driven by health-conscious consumers who are looking for healthier alternatives to traditional cooking oils. Sales of olive oil, for example, have increased by 11.4% in the last year. The report also highlights some of the challenges facing the industry, such as the rising cost of raw materials and competition from cheaper alternatives such as sunflower oil. Despite these challenges, Astute Analytica’s analysis shows that market is still growing strongly and is set to continue doing so in the years to come.

Top 5 Players to Continue Holding Over 58% Revenue Share of Global Specialty Fats and Oils Market

Astute Analytica’s analysis found that competition in the specialty fats and oils market is intensifying, with a growing number of players vying for market share. The top five companies – Wilmar International, Cargill, Incorporated, Bunge Limited, AAK AB, and Mewah International Inc – accounted for more than 58.7% of the market revenue in 2021 and are projected to continue leading the global specialty fats and oil market in the years to come.

These players have been actively involved in various growth strategies such as expansions, acquisitions, new product launches, and joint ventures & agreements to enhance their foothold in the global specialty fats and oils market. For instance, in November 2021, Cargill announced investment of USD 35 million in expanding production facility at Port Klang, Malaysia to meet growing customer demand for specialty fats. Moreover, in April 2021, Bunge and Chevron entered into Joint Venture to develop renewable fuel feedstocks to meet the demand for renewable fuels and create feedstocks with lower carbon intensity.

Cargill’s presence in the specialty fats and oils industry is strong, according to a new analysis from Astute Analytica. The company holds a leading market share position in North America and Europe, and its products are used in a wide range of applications, including food, cosmetics, and pharmaceuticals. Cargill’s product portfolio is broad and includes both branded and private-label products. The company offers a wide range of products, including: – edible oils – bakery shortenings – margarines – cocoa butter replacements – non-dairy creamers – nutritional oils – personal care ingredients. It has a strong R&D program and is constantly innovating to meet the changing needs of customers in the global specialty fats and oils market. Cargill is committed to sustainable sourcing and production, and its facilities are certified by leading third-party organizations.

The company’s flagship brand, NutriWise, is a range of healthy fats and oils that are designed to meet the needs of consumers looking for healthier alternatives. In recent years, Cargill has been investing heavily in research and development, in order to maintain its position as the leader in the specialty fats and oils market. The company’s R&D efforts have led to the development of new products, such as Omega-3 enriched oil, which has been proven to offer health benefits. Cargill’s focus on innovation has also been evident in its marketing strategy. The company has been working hard to raise awareness of its brands among consumers, and has been successful in doing so. In particular, Cargill’s NutriWise brand has gained popularity among health-conscious consumers. Looking to the future, we expect Cargill to continue to lead the way in the market.

Astute Analytica’s Survey Reveals Players in Global Specialty Fats and Oils Market are Very Optimistic Grow their Applications across Food, Pharmaceutical and Cosmetic Industries

The global market comprise a small but growing share of the overall fats and oils market. In Astute Analytica’s survey of specialty fats and oils industry, conducted in September 2022, we asked over 280 industry experts about their organization’s use of specialty fats and oils, as well as their thoughts on the future of the specialty fats and oils. Specialty fats and oils are defined as those that are not used in the production of food or feed, but rather in industrial applications such as lubricants, coatings, cosmetics and pharmaceuticals. The market for specialty fats and oils is still relatively small, but it is expected to grow at a faster rate than the overall fats and oils market due to the rising demand for natural and sustainable ingredients in these industries.

In our survey of the global specialty fats and oils market, we found that only 22% of respondents were using specialty fats and oils in their organization, but nearly half (48%) said they were interested in doing so in the future. The most popular applications for specialty fats and oils were food and beverages (61%), cosmetics (51%) and pharmaceuticals (50%). Looking ahead, respondents were optimistic about the future of the specialty fats and oils industry, with 71% expecting it to grow significantly or somewhat in the next five years. The main drivers of growth were expected to be rising demand for natural ingredients (cited by 64% of respondents) and new applications for these oils (cited by 62%).

In terms of sustainability, respondents indicated that they were under pressure to improve their environmental credentials, with almost 60% saying that they had made progress in this area over the past 12 months. However, a significant minority (40%) also said that they were struggling to meet customer demands in this area.

In terms of regulatory compliance, the specialty fats and oils market is currently facing a number of challenges, including the European Union’s proposed ban on palm oil biodiesel and increasing pressure from NGOs to disclose the use of conflict palm oil. Respondents to the survey indicated that they are feeling increasingly confident about meeting these challenges, with almost 60% saying that they are compliant with current regulations and a further 20% saying that they are compliant with expected future regulations.

Top Trends in the Global Specialty Fats and Oils Market

There is a growing demand for specialty fats and oils market due to their wide range of applications in the food, cosmetics, and pharmaceutical industries. Considering the numerous health benefits associated with these products, the market is forecast to grow significantly in the coming years.

Some of the top trends in specialty fats and oils include:1. Increased demand for natural and organic products:

Consumers are becoming increasingly health-conscious and are therefore seeking out natural and organic products that are free from synthetic ingredients and chemicals. This trend is especially prevalent in developed countries such as the US, UK, and Germany.
Growth of the functional foods market: Functional foods are those that offer health benefits beyond basic nutrition. Specialty fats and oils can be used to fortify foods with essential nutrients such as omega-3 fatty acids, which are known to improve heart health.
Expansion of the beauty market: Specialty fats and oils market is also witnessing a growing trend of variety of cosmetics and personal care products including specialty fats and oils. For example, many skin care products contain shea butter, an ingredient derived from African trees that is rich in vitamins A and E.
Growing popularity of plant-based diets: More people are adopting plant-based diets for health reasons or ethical concerns about animal welfare. As a result, there is an increased demand for plant-based fats and oils such as palm oil, coconut oil, and olive oil.
Natural antioxidants: Antioxidants are compounds that protect against cell damage caused by free radicals. Many plant-based oils, such as olive oil and grape seed oil, contain natural antioxidants that can help boost overall health.
Low-trans fats: Trans fats are man-made fats that can increase the risk of heart disease and other health problems. Many companies in the global specialty fats and oils market are now offering products made with low-trans fats, which are a healthier alternative.

Top Players in the Global Specialty Fats and Oils Market

AAK AB
BASF SE
Bunge Limited
Cargill, Incorporated
D&L Industries
Fuji Oil Co. Ltd
IOI Corporation
Mewah International Inc
Wilmar International
Dulzer
IFFCO
Intercontinental Specialty Fats Sdn. Bhd
Musim Mas
Other Prominent Players

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

The world is now a global village. Hence, globalization is a concept that has affected every aspect of human existence. The exchange of goods and services across nations and individuals, regardless of geographical limitations, is becoming increasingly seamless.

A Brief History of Global Trading Market

If you take a trip down memory lane, you’ll notice that global trading has come a long way. The origin of international or global trading dates back to the 19th century after the French war. The trade relations among nations increased significantly from 1865 to 1913, just before World War I broke out.

When WWI broke out, global trading fell rapidly. There was a massive dip in the export market. As it is with war, arms sales enjoyed enormous proliferation.

After World War I, things began to fall back to normal. It took a while for global trade volumes to rise to the peak reached before 1914.

The most significant rise in global trading came after World War II. In 1947, the General Agreement on Tariffs and Trade (GATT) was signed in Geneva by 23 nations. It marked a new dawn for global trading markets.

However, to better understand the modern tendencies in the global trading market, we need to look at the industrial revolutions that have happened over time. We can then link them to how they affect the global market in recent times.

Global Industrial Revolutions

There is an age-long relationship that exists between industrialization and globalization. The global industrial revolution that started in the late 18th century ushered in an abundance of raw materials. Industrialization led to the creation of new products and markets.

The products and raw materials that came, as a result of industrialization, needed to reach consumers across the world. That’s what led to the expansion of global trading markets.

Products were made in Europe from American raw materials and exported to Asia for consumption. A consequence of this affair between industrialization and globalization was the creation of trade routes. These trade routes connected America to Europe, Europe to Asia, and other continents of the world that needed the products.

We can talk about the early days of global trading markets without the pros and cons of globalization. The good that happened to the world was that manufacturers had more markets to sell their products. On the flip side, it created the opening for Europe to colonize the world.

The Journey from Then to Now

At this point, it’s safe to look deeper into how the industrial revolutions changed the course of global trading markets.

The First Industrial Revolution (1760 to 1830)

This is the period when Britain dominated and monopolized the global market. At the time, they had control of machinery, manufacturing techniques, and skilled laborers. Knowing that they were ahead of the world in industrialization, they kept everything within the confines of the British territory.

The embargo on the exportation of the industrialization that gave Britain a huge advantage didn’t sit well with some British businessmen. These folks began to seek more significant market opportunities outside Britain.

In 1807, two Englishmen took the industrial revolution to Belgium. The revolution further expanded global markets at the time.

Though it took a while for other countries to get on the wagon, it eventually happened after almost over a decade of British Monopoly. European countries like France and Germany came on board the ship to industrialization.

When the United States came into the picture, they gave the Britons a good run for their money’s worth. America became an industrial giant in the late 19th century.

Other countries that joined the industrial revolution at the time were Japan, the defunct Soviet Union, China, and India.

The Second Industrial Revolution (1870 to 1914)

While the first phase of industrialization focused on machinery and skilled labor, the next step introduced the manufacturing of more natural and synthetic products. It was in this era that synthetic materials like plastics began to flood the global market. Global trading expanded as a consequence.

The expansion in marketable products demanded a more straightforward way of doing business. Hence, this era brought computers into the fold. These computers now gave rise to what was called automatic factories.

With the global market expanding, governments began to get more involved. Economic policies came into play to establish checks and balances. Hence, averting an impending global financial and market crisis due to laissez-faire ideas that were at play at the time.

World War I marked the end of the second industrial revolution. Global markets were on shutdown as trade routes were either closed or manned by warring nations.

The Third Industrial Revolution (1990 to Present)

The advent of the internet marked the beginning of the third industrial revolution. The global market has shifted from the exchanges that took place at country borders to a peer to peer market setting.

With the world dealing with a myriad of global issues like natural disasters in, overpopulation, and poverty in some of the most populated cities of the world, there was the need to make the world a global village.

Trade deals can go on from anywhere in the world. People now have access to computers and the internet. It doesn’t matter if you’re a college drop out or a graduate from some of the best universities in the world, you can be a part of the global trading market.

In the first and second industrial revolutions, skilled labor was an exclusive reserve of a few countries that dominated industrialization. Today, remote workers can come from anywhere in the world, thanks to the advent of the internet.

For instance, you can hire labor remotely over the internet. An example is getting content writers from content review websites like Pick The Writer, Writing Judge, and so on. The global market has now become more internet and remote-based.

However, the third industrial revolution has its significant cons. One of which is cybersecurity. With a lot of data shared over the internet, there are concerns about the unauthorized use of personal information for fraudulent activities.

With small businesses increasing, the dependence on the internet of things is increasing, thereby posing further cybersecurity challenges in the global trading market.

Statistics available shows that 43% of cyber attacks are targeted at small businesses. Sadly, over 60% of these small businesses go out of business within six months of the attack.

What’s The Way Forward?

As we gradually move from the third into the fourth industrial revolution, we expect that some of these cybersecurity challenges will reduce. Each industrial era comes with its pros and cons. However, the higher we go, the better we get – and the global trading market isn’t left out.

Already, technological advancements like Artificial Intelligence (AI), are with us. We are getting ready for an industrial revolution that will completely alter the way we live and do business. Industries are shaping up for what is coming with this technological revolution.

One sure thing is that the global economy will improve and life will be better for many people all over the world. Most bottlenecks in living standards and business opportunities will disappear to a large extent.

We envisage an era where technology will make life a lot easier. Trading platforms like crypto will make massive inroads into the global market systems. It’s a progressive world, and all we can do is get ready for the imminent.

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Anna is a specialist in different types of writing. She graduated from the Interpreters Department, but creative writing became her favorite type of work. Now she improves her skills while working as a freelance writer for Pick The Writer, Writing Judge to assist a lot of students all over the world and has free time for another work, as well. Always she does her best in the posts and articles.

Global Specialty Fats and Oils Market to Generate Revenue of US$ 25,970.3 Million by 2030