Dublin, July 15, 2024 (GLOBE NEWSWIRE) -- The "Global Normal and Specialty Fats Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2024 to 2032" report has been added to ResearchAndMarkets.com's offering.
The market is expected to grow at a CAGR of 7.8% during the forecast period of 2024 to 2032. While the demand for healthier fats and the influence of convenience foods drive growth, sustainability concerns pose challenges that the industry is actively addressing.
The 'normal and specialty fats market' is a critical component of the food industry, providing versatility in applications ranging from confectionery to convenience foods. The normal and specialty fats market is at the intersection of evolving consumer preferences, industry trends, and sustainability challenges.
Market dynamics vary across fat types, applications, and regions, reflecting the adaptability and innovation within the industry. As major players continue to navigate these trends, the Normal and specialty Fats market is poised to play a pivotal role in shaping the future of food production, ensuring a delicate balance between taste, health, and environmental responsibility.
Growing Consumer Preference for Healthy Fats
The increasing focus on health and wellness has driven a shift in consumer preferences towards healthier fat alternatives. Olive oil, avocado oil, and other specialty fats have gained popularity as consumers seek heart-healthy options. Major players like Cargill and Bunge have responded by expanding their portfolios to include healthier fat alternatives. The evidence lies in the rising sales of healthier fat products, with consumers actively seeking labels such as 'low in saturated fats' and 'rich in unsaturated fats.'
Expanding Applications in Bakery and Confectionery
The bakery and confectionery industry's robust growth has been a key driver for the normal and specialty fats market. As consumers indulge in bakery treats and confectionery products, there is an increased demand for fats that enhance texture, flavor, and shelf life. Specialty fats like cocoa butter equivalents and replacers have become essential ingredients for chocolate and confectionery production. Evidence of this driver is evident in the continued expansion of bakery and confectionery businesses globally, with major players like Barry Callebaut and IOI LodersCroklaan leading innovation in specialty fats.
Rising Demand for Convenience Foods
The global trend towards convenience foods and ready-to-eat meals has propelled the demand for specialty fats. Palm oil, a versatile specialty fat, is extensively used in the production of convenience foods due to its stability and texture-enhancing properties. Companies like Wilmar International and Archer Daniels Midland have capitalized on this trend, supplying specialty fats for various convenience food applications. The evidence lies in the increasing market share of convenience foods globally and the integration of specialty fats to meet consumer expectations for taste and texture in such products.
Restraint
Despite the positive momentum, a significant restraint in the Normal and specialty Fats market is the challenge posed by environmental and sustainability concerns. In 2023, as awareness of the environmental impact of palm oil production increased, there was a growing push for sustainable and eco-friendly alternatives. Evidence of this restraint is reflected in consumer activism, with demands for transparency in the supply chain and sourcing of raw materials. Major players in the industry, such as Nestle and Unilever, have responded by pledging to use sustainably sourced fats in their products.
Market Segmentation by Type - Cocoa Butter Equivalent Dominates the Market
The market can be segmented based on types of fats, including cocoa butter equivalents, replacers, substitutes, filling fats, milk-fat replacers, spread fats, frying fats, margarine, shortenings, butter, and others. In 2023, the highest revenue and CAGR were observed in the cocoa butter equivalent segment, driven by its versatile applications in the chocolate and confectionery industry. However, during the forecast period of 2024 to 2032, the highest CAGR is anticipated in the spread fats segment, reflecting the increasing demand for healthier alternatives in the spreadable fat category.
Market Segmentation by Application - Bakery Segment Dominates the Market
Segmenting the market by applications includes bakery, confectionery, convenience food, dairy, and others. In 2023, the highest revenue was generated in the bakery segment, as fats play a crucial role in achieving desirable textures and flavors in baked goods. However, during the forecast period of 2024 to 2032, the highest CAGR is expected in the convenience food segment, underscoring the growing influence of specialty fats in the production of ready-to-eat and on-the-go meals.
Europe Remains the Global Leader
Geographically, the normal and specialty fats market exhibited diverse trends. In 2023, Europe led in both revenue and CAGR, driven by the strong presence of chocolate and confectionery manufacturers. However, the Asia-Pacific region is expected to experience the highest CAGR during the forecast period, fueled by the increasing consumption of bakery and convenience food products in emerging markets.
Market Competition to Intensify during the Forecast Period
Top players in the Normal and specialty Fats market include Cargill, Bunge, Barry Callebaut, IOI LodersCroklaan, Wilmar International, Archer Daniels Midland, Nestle, Unilever, Intercontinental Specialty Fats Sdn. Bhd., and Musim Mas Holdings Pte. Ltd. These companies deploy diverse strategies, including sustainability initiatives, product innovation, and global expansion, to maintain their competitive edge. In 2023, their revenues reflected market leadership, with expectations of sustained growth during the forecast period.
Historical & Forecast Period
This study represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. It presents a Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Key Questions Answered
- What are the key micro and macro environmental factors that are impacting the growth of Normal and Specialty Fats market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Normal and Specialty Fats market?
- Which is the largest regional market for Normal and Specialty Fats market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Normal and Specialty Fats market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Normal and Specialty Fats market worldwide?
Company Profile: Company Overview, Financial Performance, Product Portfolio, Strategic Initiatives
- Cargill
- Bunge
- Barry Callebaut
- IOI LodersCroklaan
- Wilmar International
- Archer Daniels Midland
- Nestle
- Unilever
- Intercontinental Specialty Fats Sdn. Bhd.
- Musim Mas Holdings Pte. Ltd.
Market Segmentation
Type
- Cocoa Butter Equivalent
- Cocoa Butter Replacer
- Cocoa Butter Substitute
- Filling Fats
- Milk-Fat Replacers
- Spread Fat
- Frying Fats
- Margarine
- Shortenings
- Butter
- Others
Application
- Bakery
- Confectionery
- Convenience Food
- Dairy
- Others
Distribution Channel
- B2B
- B2C
End-Use
- Household
- Commercial
- Industrial
For more information about this report visit https://www.researchandmarkets.com/r/ugcmhy
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
