Specialty Oils Market, (By Type - Palm Oil, Coconut Oil, Soybean Oil, Sunflower Oil, And Others. By Applications - Bakery Products, Processed Foods, Infant Nutrition and Others. By Region - North America, Europe, Asia Pacific, and LAMEA) - Global Industry Insights, Market Analysis, Trends, and Forecast 2022-2032

The global specialty oils market was valued at $11.7 billion in 2021 and it is expected to reach $26.7 billion at a CAGR of 7.8% between 2022 and 2032. COVID-19 had negatively impacted the market at the early stage of the pandemic. However, later the demand for specialty oils has driven the growth of the market across the globe. Therefore, it is expected to gain its share again over the forecast period.

Asia-Pacific region is dominating the specialty oils market with a maximum share for the past few years.

There are a few types of specialty oils such as soybean oil, palm oil, rapeseed oil, coconut oil, olive oil, and other oils. These oils are easily available in countries such as India, China, Indonesia, and Malaysia. The rising demand for specialty oils has driven the market growth across the Asia-Pacific region, especially in countries such as India and China. After the COVID-19 situation industries are producing more specialty oils product to reach the maximum profit margin across the globe. However, this article further involves the analysis of various regions such as Europe, North America, the Middle East, Asia-Pacific, and other provinces. 

Source: SAI Research

Over the last few years, the global specialty oils growth has been increased owing to the rising consumption of specialty oils in several foods industry across the region. Global specialty oils are characterized by a large and small number of local and regional players. Approximately 40% to 50% of the share is accounted for by local companies. The demand for specialty oils is increasing in the regions such as Asia-Pacific and Western Europe. Countries such as China, India, Malaysia, and Indonesia are the largest producer of specialty oils and these countries are also the fastest-growing market across the Asia-Pacific region. However, in the U.S market, demand for specialty oils is decreasing due to the healthy lifestyle of consumers who have become concerned about their family’s health. This has stopped the growth of specialty oils such as coconut oil, palm oil, and other oils. In addition, due to the bad weather condition and political issues, the prices of specialty oils have been decreased over the last few years. Further, this has impacted the oil crops growers, which is preventing the supply chain of oil, and therefore, manufacturing companies are not getting enough oil supplies.

In Asia-Pacific, land availability is witnessing a rapid decline. Therefore, the production of specialty oils is getting limited across the region. This factor is generally affecting the growth of the specialty oils market. However, in China, palm oil is being used in making processed foods, bakeries, and confectionery at households and restaurants. Specialty oils play a vital role as it is used to produce food products to balance the overall fatty acids compositions.       

Key players such as Bunge Limited, Cargill Incorporated, Fuji Oil Corporation Limited, Wilmar International Limited, AAK AB, Mehwah International, IOI Loders Croklaan, Musim Mas, IFFCO, D&L Industries, and others are dominating the specialty oils market across the globe. The major companies are increasing their business growth by implementing new business strategies, partnerships with other companies, producing innovative products and developing relationships with other industries, and expanding their geographical expansion.    

Scope of the Report:

The Global Specialty Oils Market Has Been Segmented Into:

The Global Specialty Oils Market – by Type:

• Palm Oil
• Coconut Oil
• Soybean Oil
• Sunflower Oil
• And Others

The Global Specialty Oils Market – by Applications:

• Bakery Products
• Processed Foods
• Infant Nutrition
• And Others

The Global Specialty Oils Market – by Region:

North America

• U.S.
• Canada
• Mexico

Europe

• Germany
• France
• Italy
• U.K.
• Russia
• Rest of Europe Countries

Asia-Pacific

• India
• China
• Japan
• South Korea
• North Korea
• Rest of Asian Countries

LAMEA

• Brazil
• Saudi Arabia
• Rest of LAMEA