The global normal and specialty fats market is worth US$ 39.5 Billion as of now and is expected to reach US$ 74.15 Billion by the year 2033 at a CAGR of 6.5% between 2023 and 2033.
The bakery and confectionery vertical constitutes a noteworthy consumer base regarding normal and specialty fats; which, in turn, are seen in polishing of confectionery products, candy preparations, and likewise. Plants and animals are the two basic sources used to develop fats used to develop these formulations.
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The animal fats prominently used are inclusive of lard oils and edible beef tallow. The vegetable oils enclose oils like rapeseed, palm, sunflower, and soy. Commercial and industrial applications include lubricants and soaps.
However, there is a growing awareness amongst consumers regarding healthy lifestyle, which calls for keeping high cholesterol and obesity at bay. On these grounds, carrageenan is getting used in the form of fat substitute; which does curtail the calories with rendering the same advantages as that of fats. Cargill, Inc. does distribute and develop carrageenan as an alternative to fat for manufacturing of food products. These factors may restrain the normal and specialty fats market in the forecast period.
Future Market Insights has walked through these facts with future prospects in its latest market study entitled ‘Normal and Specialty Fats Market’. It has its team of analysts and consultants to execute using a bottom-up approach along its macros and micros.
“With food processing sector flourishing, the normal and specialty fats market is expected to grow on an unstoppable note in the years to come”, says an analyst from Future Market Insights.
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Key Takeaways from Normal and Specialty Fats Market
- North America holds a significant market share with the US being subject to innovative methods for using specialty fats and oils in the goods. The specialty fats and oils in the US culinary goods include palm oil, coconut oil, canola oil, and olive oil. The application areas include cooking, baking, salad dressings, and likewise.
- Europe is led by Germany, due to it being home to specialty oils produced from nuts like peanut, walnut, and coconut. As the end-consumers are more into natural products, demand for cold-pressed coconut oil, rapeseed oil, virgin olive oil, and the other oils has increased on a dramatic note in the last few years and the status quo is expected to remain the same even going forward.
- The Asia-Pacific is expected to grow at a rapid pace in the normal and specialty fats market in the forecast period. This could be attributed to growing demand from consumers for convenience foodstuff. The chocolate and confectionery verticals are more into usage of normal and specialty fats. Consumers are also increasingly spending on ready-to-eat products.
Competitive Facts
- Fonterra came up with a novel carbon-zero-certified organic butter in March 2021 to cater to the growing need for organic dairy products.
- Sweetolin was introduced in 2020 as a patent-pending total fat system by Bunge Loders Croklaan (BLC). It is well-suited in fillings and coatings for confectionery that could reduce sugar in finished product by close to 50%.
- BASF Nutrition & Health, in the year 2020, did launch an omega-3 fatty acid product for helping patients in the management of NAFLD (Non-alcoholic Fatty Liver Disease). This was something that continental Europe witnessed for the very first time.
- AAK, in 2020, did develop a plethora of cutting-edge plant-based fat & oil solutions for IFT2.
- Cargill, along with 9 other prominent producers of palm oil (Modelez International, Sime Darby Plantation, PepsiCo, Nestle, Wilmar, Unilever, Musim Mas, Golden Agri Resources, and Bunge Limited), in December 2019, did announce collaborating for supporting and funding novel radar-based forest monitoring systems to aid companies in improving sustainability in the commodity supply chains (apart from detecting deforestation).
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What does the Report state?
- The research study is based on type (normal and specialty fats, shortenings, spread fat, margarine, cocoa butter equivalent, and other types), by application (bakery, convenience food, confectionery, dairy, and others), and by end-use (industrial, commercial, and household).
- With rising demand for confectionery and bakery products, the global normal and specialty fats market is bound to grow on a substantial note in the near future.
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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