The global specialty oils and fats market is characterized by the innovative business strategies introduced by the top market players over the past decade. The market for specialty fats and oils is highly fragmented due to the presence of a number of small, medium, and large-scale players. However, the existence of a huge number of small and medium-sized players has not affected the strongholds of the leading market players. These leading players continue to exercise tremendous control over the market through their business acumen and prowess. It is anticipated that the top market players would son capture the market share of the local players that are on the brink of collapsing. The market share of the small and medium-sized players is enough to sustain these players in the market. Besides this, these medium-sized players are expected to form strategic alliances in order to counter the stiff competition from larger players.
The global market for specialty fats and oils does not have any significant barriers to the entry of new players; however, the performance of the new entrants is a key to their sustenance in the market. Some of the leading market players in the global market specialty fats and oils are Cargill Incorporated, Willmar International Limited, IFFCO, The Savola Group, and United Foods Company. These leading market players are anticipated to keep recalibrating their extrinsic and intrinsic business strategies in order to cater to the demands of the customers.
Transparency Market Research (TMR) published a report depicting the growth pattern of the global market for specialty fats and oils over the period between 2018 and 2026. The foresighted analysis of the researchers reveals that the global market is expected to expand at a sturdy CAGR of 6.6% over the aforementioned forecast period. Furthermore, the global market for specialty fats and oils is projected to accumulate revenues worth US$ 142.1 Bn by 2026.
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Health Conscious Customers to Drive Demand
The customers have started following strict health norms in order to enhance the quality o their life. In this quest, people have reduced their intake of cholesterol which has mellowed down the popularity of traditional cooking oils. Hence, the demand within the global market for specialty oils and fats has reached new heights over the past few years. The confectionery industry has also played a part in accelerating the growth of the global market and is expected to further contribute to market growth. The nutritional value served by specialty oils and fats is also significantly higher than other forms of oil, which further popularises the former.
Asia Pacific to Emerge as Leading Segment
The food and beverages industry across Asia Pacific has grown by leaps and bounds in recent times. This has directly contributed to the growth of the market for specialty oils and fats across the region. Furthermore, the high population of the region calls for a greater supply of food, drinks, and other consumable items. In order to maintain the standards of packaged food while meeting the exponential demand from the rising population, the manufacturers have also begun using specialty fats and oils across the region.