Fats & Oils Market to Reach $320.4 Billion by 2030: The Brainy Insights
NEWARK, N.J., Feb. 22, 2022 /PRNewswire/ -- The Brainy Insights launched a study titled Fats & Oils Market Size by Type (Fats (Butter, Lard, Tallow, and Specialty Fats) and Oils (Vegetable oil, Soybean Oil, Palm Oil, Rapeseed Oil, Coconut Oil, Cotton Seed Oil, Olive Oil, Sunflower Seed Oil, and Others)), Applications (Industrial, Food, and Animal Feed), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2030
The global fats & oils market is expected to grow from USD 216.45 billion in 2020 to USD 320.4 billion by 2030, at a CAGR of 4.0% during the forecast period 2021-2030. Cosmetics and beauty products contain a wide range of hazardous chemicals and dangerous substances. Nearly 90% of the over 13,000 chemicals used in cosmetics are not approved by the FDA. Consumers are increasingly turning to natural alternatives to avoid using conventional cosmetics, which has successfully increased demand for products made with natural components, including specialty fats such as cocoa and shea butter, which have high emollient characteristics.
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The butter sub-segment is expected to account for the largest market share in the fats and oils market over the forecast period.
The type segment is divided into fats and oils. The fats segment includes lard, butter, tallow, and specialty fats. The butter sub-segment is expected to account for the largest market share during the forecast period. Butter has been shown to improve immunity, regulate hormones, protect vision, boost metabolism, enhance brain function, lower the risk of heart disease and blood pressure, protect against cancer and gastrointestinal diseases, and act as a powerful antioxidant. The oils segment is subdivided into soybean oil, palm oil, rapeseed oil, vegetable oil, coconut oil, cotton seed oil, olive oil, sunflower seed oil, and others. Palm oil is expected to be the largest sub-segment throughout the forecast period owing to its easy availability and cost-effectiveness.
The food segment is projected to observe the fastest CAGR of around 4.7% in the fats and oils market over the forecast period.
The application segment is divided into industrial, food, and animal feed. The food segment is projected to observe the fastest CAGR of around 4.7% in the fats and oils market over the forecast period. Fats and oils are used in a variety of items in the food industry, including chocolates and confectioneries, bakery products, processed foods, and dairy products. They impart desirable characteristics to a variety of dishes and contribute to the tenderness of the shortened cake. Fats also help to build texture in cakes by aerating the dough. As a result, they are expected to have a larger market share than industrial applications.
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Regional Segmentation Analysis:
The market is analyzed based on five regions namely North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Among all segments, Asia Pacific is expected to grow at the highest CAGR of around 4.5% over the forecast period. Malaysia and Indonesia, two major palm oil and palmist producing countries, and China and India, two major fat and oil-consuming countries are driving the market in this region. This is one of the main reasons why the Asia-Pacific region has the largest and fastest-growing fats and oils market.
Competitive Analysis:
The major players of the market include AAK International, Bunge Limited, Ajinomoto Co., Inc., Gemini Edibles & Fats India Pvt. Ltd., Archer Daniels Midland Company, International Foodstuff Company Holdings Limited (IFFCO), Associated British Foods Plc, Cargill, Incorporated, CSM Ingredients, Fuji Oil Co., Ltd., Goodhope Asia Holdings Ltd., United Plantations Berhad, KS Oils, Mewah International Inc., Oleo Fats, Inc., Wilmar International Limited, Richardson International Limited, Unilever Plc, Vega Foods, Welch, Holme & Clark Co., Inc. among others.
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The Brainy Insights has segmented the global fats & oils market on the basis of type, application, and region:
Global Fats & Oils Market by Type:
- Fats
- Oils
Global Fats & Oils Market by Application:
- Industrial
- Food
- Animal Feed
Global Fats & Oils Market by Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
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