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Specialty Oils Market is Estimated to Reach USD 26.7 Billion by 2032, Grow at a CAGR 7.8% between 2022-2032
Published : April 2022

According to a market report, published by Sheer Analytics and Insights, the total specialty oils market wwas 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. Due to the COVID-19 crisis, the supply and demand for the specialty oils decreased across the global market at the early stage of the pandemic. However, later the supply chain has increased the demand and it is expected to have the largest market share over the forecast period. Palm oil is the largest type of oil that is produced and supplied globally. The demand for this oil also faced challenges and dropped its market growth at the early stage of COVID-19. Therefore, the production of palm oil got hindered in countries such as Malaysia and Indonesia. Industries such as bakery and confectionary faced a spike in trading and sales during complete lockdowns.  

Countries from Asia and Europe import a larger scale of palm oils from Indonesia and Malaysia because this oil is used in making confectionery products to meet the rising demand in India and countries from Europe. Coconut, soybeans, palm, sunflower, olive oil, and other oils are the main sources of specialty oils. These oils are essential in non-edible and industrial applications. The market share of palm, coconut, and sunflower oils is increasing rapidly with the growing demand for vegetable oils that are used in the bakery and confectionary business. Sunflower oil is used as cooking oil for household food and restaurant. It is also used in other industries for making food products. Therefore the demand for sunflower oil is growing especially in developing countries in Asia and the Middle East. In these regions, high growth has been observed and it is projected to have profitable growth during the forecast period.

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China is also the largest growing producer of specialty oils. In Chinese restaurants, specialty oils are used for making foods that are rising in demand day by day. Therefore, the specialty oils market is expected to grow across the country in the upcoming years. Demand for coconut oil is reducing in the U.S market. Consumers from North America are becoming health conscious at present days. Therefore, consumption of coconut oil is decreasing in the region and it is responsible for hampering the overall growth of the specialty oils market. Thus, it is expected to reduce the market growth during the projected period across the North American region.        

The specialty oils market is becoming highly competitive across the globe. Key players such as Bunge Limited, Cargill Incorporated, Fuji Oil Corporation Limited, Wilmar International Limited, AAK AB, Mehwah International, and IOI Loders Croklaan among others are dominating the market. The major players are trying to implement various business strategies such as business expansion, new product launches, partnerships, agreements, new joint ventures, and acquisitions to stay ahead in the competitive market. These major companies are also investing in R&D activities to expand their specialty oil products.

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

Click full report at https://www.sheeranalyticsandinsights.com/market-report-research/specialty-oils-market-21

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Sheer Analytics and Insights

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