The global Fats and oils form an essential part of the food and nutrition cycle. The rise in demand for such processed food products is boosting the global fats and oils market, predicts Fortune Business Insights in their new study. The study is titled, “Fats & Oils Market Size, Share and Global Trend by Source (Vegetable, Animal), By Oil Type (Soybean, Palm, Sunflower, Olive, Rapeseed), By Animal Fats (Tallow, Butter, Lard), By Application (Food, Pharmaceutical, Personal Care, Industrial), and Geography Forecast till 2029.”
Each type pf fat behaves differently inside the body of different individuals. The current scenario of the food and beverage industry depicts the story of high demand for processed food with good amount of edible oils and fats in them.
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Vegetable Oils to Dominate Market Owing to their Wide Application in Food Industry
According to the study, the market is anticipated to be dominated by the vegetable oil segment based on source. This is due to the surging demand for essential vegetable oils such as palm oil, soybean oil, sunflower oil, rapeseed or canola oil, corn oil, safflower oil, and others in the food industry. Owing to the wide application of palm oil in baked and confectionary products, there has been a significant increase in demand for palm oil in the past few years. Palm oil is affordable as compared to the other vegetable oils, and has an enhanced taste, so much that will further help the vegetable oil segment gain more revenue in the forecast period.
Similarly, the application of fats and oils in the market is witnessed to be the highest in the food segment. This is owing to the flavor, texture, and taste enhancing feature of the fats and oils that makes it apt for cooking purpose.
Surging Demand for Alternative Biodiesel Fuel is Propelling Growth
The rise in demand for convenience food and fried food products is increasing by the day. This increase is directly affecting the growth of the oil and fats market. In addition, the increasing consumption of animal products is helping to increase the demand for fats and oil products on one hand and processed food on the other. Besides this, the change in eating habits of consumers is also affecting the market in positive light and further increasing the demand for fats and oils in food segment. Additionally, the rise in population and surging demand for alternative biodiesel fuel in the transportation sectors are foreseen to boost the global market for fats and oils in the near future.
On the flipside, the market may face challenges in terms of rise in health concern among people and increasing number of diseases such as obesity, cholesterol levels, and heart problems. These may act as a barrier between immense revenue generation market players and cause hindrance to the overall growth of the market.
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Accelerating Consumption of Processed Food to Help Asia Pacific Market Emerge Dominant
Geographically, the global market for oils and fats is anticipated to be dominated by Asia Pacific and likely to continue dominating in the coming years. This is attributable to the rising demand for quality fats and oils especially from emerging economies such as India, Malaysia, and China. The surge in disposable income of people, coupled with, increased consumption of processed food in the region, are factors boosting the Asia Pacific market for fats and oils. Moreover, the presence of large companies operating in the fats oils market such as Fuji Oil Co. Ltd., Kao Corporation, and others are presumed to help the market remain dominant in the coming years as well.
Some companies functioning in the global fats and oils market are Bunge Limited (US), Unilever Plc (UK), Wilmar International Limited (Singapore), International Foodstuff Company Limited, ConAgra Foods Inc. (USA), Archer-Daniels-Midland Company (USA), Cargill Incorporated (USA), Ajinomoto Co. Inc. (Japan), United Plantations Berhad (Malaysia), Fuji Oil Co. Ltd (Japan), Associated British Foods plc (UK), and others.
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