Increasing awareness about the importance of having a healthy heart will push up the global specialty fats and oils market growth during the forecast period. Lack of physical exercise, excessive smoking, unhealthy food and dietary regimes, and elevated cholesterol and blood pressure are some of the common causes of chronic heart disorders among people. According to the World Health Organization (WHO), approximately 17 million people die annually because of cardiovascular diseases. In the US, the Centers for Disease Control and Prevention (CDC) estimates, about 46% of adults are suffering from hypertension, a major risk factor for heart diseases. Prevention of heart diseases has, therefore, become top priority for people and this is expected to raise the demand for healthier micronutrient options. This will bode well for the global specialty fats and oils market in the forecast period.
Fortune Business Insights published a new report, titled “Specialty Fats & Oils Market Size, Share & Industry Analysis, By Type (Specialty Oils, Specialty Fats), By Application (Confectionery, Bakery, Dairy, Cosmetics, Others) and Regional Forecast, 2022-2029”, in which it shares a detailed analysis of the trends that are likely to emerge in the market. Along with this analysis, the report also incorporates an in-depth evaluation of the factors and dynamics that will play an influential role in the development of the market in the forecast period.
Specialty fats and oils are essentially intermediate products that were initially developed as substitutes to cocoa butter. However, they have distinct characteristics and possess superior functionality due to the unique crystal structure of the fat molecules comprising them. This allows them to be customized to create different products. Most importantly, not only are these ingredients healthy, but they also retain the flavor of the foodstuff they are put into.
Extensive Application of Palm Oil in the Food Industry to Boost Sales
Palm oil is a commonly used specialty vegetable oil that is known for its almost perfect balance of saturated and unsaturated fatty acids. According to a study published in Food Bioscience, about 90% of palm oil is utilized in the food industry. This is mainly because of the variety of health benefits it offers. For example, it contains a wide range of micronutrients such as tocotrienols, phospholipids, squalene, and carotenoids, especially beta-carotenoid, which is the richest source of Vitamin A. Since food industry is non-dying, the demand for specialty fats and oils from this industry will continue to rise, widening the global specialty fats and oils market revenue. Moreover, the rise in demand for palm oil is particularly seen in the bakery industry. This is because mixing of palm oil in bread dough improves oven spring and loaf volume as the oil strengthens the gluten matrix and allows for more gas retention.
Asia-Pacific to Lead the Pack
Among regions, Asia-Pacific is expected to hold the dominant portion of the global specialty fats and oils market share during the forecast period. The main reasons for this position of the region are increasing demand for specialty oils and fats in confectionaries and bakeries as well as in the dairy industry. Additionally, there is growing awareness, especially among the working population, about the health benefits of these ingredients, which is propelling the demand for these oils and fats. Moreover, rising disposable income in India and China is raising the demand level for specialty products, which cost more than their traditional counterparts.
Increasing Investment in Innovation to Energize Market Competition
Key players are employing different strategies, such as developing innovative products, with a view to strengthen their position in the global specialty fats and oils market. For example, Cargill Foods created the RBDW Corn Oil to be used in bakery products. This oil contains low saturated fatty acids, suitable for cooking purposes. Similarly, the company commercially launched a variant of high oleic canola oil that has the lowest saturation of fatty acids.
Fortune Business Insights covers some of the important competitors in the global specialty fats and oils market, including:
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