CHICAGO, August 16, 2021 / PRNewswire / – According to new research report, Fats & Oils Market by Type (Vegetable Oils (Palm, Soy, Canola, Sunflower, and Olive), Fats (Butter, Tallow, and Lard)), Application (Food and Industrial), Source (Vegetables and Animals), Form, and Region – Global Forecast to 2026, “published by MarketsandMarkets ™, the market size is estimated at $ 236.7 billion in 2021. It is forecast to be achieved $ 285.2 billion by 2026 with a CAGR of 3.8% in the forecast period. The market has promising growth potential due to several factors including increased consumption of processed and baked foods; and a shift towards healthier alternatives such as plant-based fats and oil products by consumers.
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In addition to food, vegetable fats and oils are increasingly being used for industrial applications such as soaps, detergents, paints, oleochemicals, including biodiesel in particular. The market for fats and oils is growing steadily in industrialized and emerging countries such as the USA, Brazil, China, India, and Indonesia.
The vegetable source segment is expected to have a large share of the market in the forecast period
Benefits associated with consuming vegetable oils such as heart disease prevention, lower blood pressure, lower triglycerides, and reduced need for corticosteroid medication are some of the driving factors behind the vegetable-based oils on the market.
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The liquid segment is expected to have a large share of the market in the forecast period
As the demand for animal fats dwindles due to the presence of saturated fat, transacids and cholesterol, the demand for liquid oils has increased recently. The renouncement of animal fats by the vegan population and the growing concern for animal welfare are the main drivers for the increasing demand for liquid oils.
The food applications segment is expected to have a large share of the market in the forecast period
The market for fats and oils will mainly be used in food applications in 2020. As disposable income rises in emerging markets and consumer awareness rises to use healthier food alternatives such as vegetable oils; the food uses of fats and oils have increased.
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Asia Pacific is expected to be the fastest growing region in the fat and oil market.
That Asia Pacific The region is said to be the fastest growing market for fats and oils. The region is home to two major countries that produce palm and palm kernel oil, viz Malaysia, and Indonesia: and two main consumer countries of fats and oils, namely China, and India. This is one of the essential factors in ensuring that Asia The Pacific is the largest and fastest growing market for fats and oils.
This report contains a study of the marketing and development strategies as well as the product portfolios of leading companies. It consists of profiles from leading companies such as Associated British Foods PLC (UK), Archer Daniels Midland Company (USA), Bunge Limited (USA), Wilmar International Limited (Singapore), United Plantations Berhad (Malaysia), Unilever PLC (Great Britain), Ajinomoto Co., Inc. (Japan), Luxury International Inc. (Singapore), Cargill, Incorporated (USA), Richardson International Limited (Canada), International Foodstuff Company (UAE), Goodhope Asia Holdings Ltd. (Singapore), Vega foods (Singapore), Welch, Holme & Clark Co., Inc. (USA), Oleo Fats (Philippines), CSM Ingredients (USA), AAK International (UK), Fuji Oil Co., Ltd. (Japan), Gemini Edible & Fats India Pvt Ltd. (India) and KS oils (Singapore)
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Specialty Fats & Oils Market by Type (Specialty Fats & Oils), Application (Chocolate & Confectionery, Baked Goods, Processed Food, Animal Nutrition, Dairy & Infant Formula), Shape (Dry & Liquid), and Region – Global Forecast to 2026
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