Wilmington, Delaware, United States, Transparency Market Research, Inc. , Sept. 11, 2024 (GLOBE NEWSWIRE) -- The global specialty oils market was projected to attain US$ 259.4 billion in 2022. It is anticipated to garner a 5.4% CAGR from 2023 to 2031, and by 2031, the market is likely to attain US$ 414.7 billion.
These oils are full of health benefits for the consumers. Both monounsaturated and polyunsaturated fatty acids can be found in almond oil. When they take the place of saturated fats in the diet, they have positive health effects. Vitamin E, an antioxidant and essential crucial for sustaining brain health, reproduction, and eyesight, may be found in almond oil.
Sunflower is abundant in fatty acids and low in saturated fat. Due to its anti-inflammatory qualities, sunflower oil may be able to prevent some chronic inflammatory conditions including rheumatoid arthritis and bronchial asthma. Zinc included in sunflower oil strengthens the body's defenses against illness. Vitamin E is also present.
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Key Findings of the Market Report
Specialty oils are used in pharmaceutical and cosmetic goods as coadjuvants, skin moisturizing agents, excipients, and transdermal transporters. Avocado oil's rapid skin absorption and ability to function as a sunscreen make it a popular ingredient in skincare products. Avocado oil is used in soap formulations, massage and muscle lotions, and treatments for psoriasis and dandruff.Certain specialty oils are used to lubricate machinery or metalworking surfaces when high pressure or temperatures are present, hence minimizing wear and friction.Since they can dissolve and remove impurities, dirt, and grease without harming the sensitive surfaces, they are employed in industrial equipment cleaning as well as effective heat transfer fluids in a variety of industrial processes.
Market Trends for Specialty Oils
Corn oil, sunflower oil, blend oil, soybean oil, palm oil, cottonseed oil, coconut oil, rapeseed oil, and others (peanut oil, olive oil, etc.) are included in the specialty oils market segmentation based on product type.The market is dominated by the palm oil category, according the study on specialty oils. Many food items, including butter, peanut butter, Nutella, margarine, cakes, biscuits, ice cream, breads, pizzas, candies, chips, and chocolates, include palm oil.Ready-to-eat and frozen food items include palm oil. It can be found in cleaning supplies, dental pastes, deodorants, and makeup. Palm oil is a feedstock used in some nations to make biofuels.The most popular specialty oil in the world is palm oil. Antioxidants like vitamin E are present in it. Vitamin E is necessary to maintain the health of the immune system and to facilitate intercellular communication in the human body.
Global Market for Specialty Oils: Regional Outlook
The market is dominated by Asia Pacific. Specialty oils are thought to offer certain health benefits if people embrace healthier eating habits. Customers are adopting specialized oils in place of conventional cooking oils due to the alarming rise in obesity cases in Asia Pacific.The rise of the specialty oils companies is fueled by the increasing popularity of Western cuisine in the region, which encourages customers to purchase the oils used in the dish. In addition, olive oil is becoming more widely accepted in the area.Cooking may be improved by using specialty oils with distinctive tastes and a high smoking point. Many different culinary traditions with an emphasis on certain specialty oils may be found throughout Asia Pacific.
Global Specialty Oils Market: Competitive Landscape
Numerous small to medium-sized firms compete with both major corporations and one another in the specialty oils market. Companies are concentrating on implementing improved extraction technology and developing new products.
According to the research of the specialty oils market, significant players including ADM, Cargill Inc., Bunge Limited, and Wilmar International have chosen sustainability as one of their primary objectives, along with enhancing product portfolios via the implementation of sophisticated extraction methods. The following companies are well-known participants in the global specialty oils market:
ADMCargill Inc.Bunge LimitedWilmar InternationalAAK ABOleo Fats Inc.Fuji Oil Co. LtdKLK BerhadMewah GroupMusim MasOthers
Key developments by the players in this market are:
Novozymes introduced Quara LowP on November 9, 2023, for completely degumming vegetable oils in order to boost oil output and get rid of phosphorous contaminants.In order to enhance its current supply chain and increase its presence in the area, Cargill Inc. invested US$ 35 million on November 30, 2021, in the Krishnapatnam Port Oil Refinery in South India. This expansion increased the refinery's ability to produce specialty oils.On November 13, 2019, Cargill and its partners successfully launched the Sustainable Certified Coconut Oil (SCNO) supply chain, which benefits all parties involved by guaranteeing social responsibility, environmental integrity, and economic viability.
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Global Specialty Oils Market Segmentation
Product Type
Corn OilSunflower OilBlend OilSoybean OilPalm OilCottonseed OilCoconut OilRapeseed OilOthers (Peanut Oil, Olive Oil etc.)
Application
Chocolate and ConfectionaryBakeryProcessed FoodDairyCosmeticsBaby FoodOthers
Region
North AmericaLatin AmericaEuropeAsia PacificMiddle East & Africa
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