The amount of obese population and diseases such as hypertension, high blood cholesterol and other heart diseases due to high fat intake is increasing rapidly, which is a great concern among the growing population. This has intensified the demand for specialty oils and low-fat alternatives from several industries such as dairy, bakery, snacks & beverages and others. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on ‘Global Specialty Oils Market Research Report- Forecast to 2023’ that the market will demonstrate an exceptional CAGR % while achieving good growth rapidly in the forecast period.
Leading edible oil companies are focusing more on R&D in terms of product innovations and introducing active key ingredients to edible oil having better functionality. Specialty oils are alternative to conventional edible oils which have extra fat and lipid content. Innovations and upgrading technology have been principle of the research wing. Through extensive research and techniques, the companies are developing functional oils with aided health benefits. Extensive investments are made in research and advanced technologies to enhance product range, and simultaneously provide new hybrids to meet the expanding market needs. Increasing popularity of functional food and specialty ingredients in diet among the population is likely to surge the global specialty oils market owing to high consumption of low-fat oil in diet.
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Key Players Strategy
The major players in the oil industry have been continuously investing on the products R&D to improve the quality of the product and to satisfy the consumer needs. Specialty oils contain ingredients that support improved human health. Common ingredients such as Omega-3 and Omega-6 fatty acids are majorly used in specialty oils. Dependency of manufacturers on coconut, palm, cottonseed, soybean, and rapeseed oils for the preparation of is getting traction. The planned sales of specialty oil manufacturers include online channels for marketing and distributing the products. Additionally, product promotion in exhibitions and other platforms is found to be the major strategies to sustain in the market.
The key players profiled in Specialty Oils Market report are
- AFRUE (Spain),
- Agro International ltd (Banladesh),
- Shiv sales corporation (India),
- Corilanga (Italy),
- BST International (Turkey),
- La Tourangelle (France),
- Roland Food (U.S.),
- Bunge Limited (U.S.),
- Dr. Adorable (U.S),
- Silverline Chemical Ltd (India),
- Naturalist, LLC (Russia),
- Cargill (U.S.),
- BEIDAHUANG GROUP (China),
- J-OIL MILLS INC.(Japan)
- The Savola Group (Saudi Arabia)
Latest Industry Updates
Nov-2017 NutriGold launched its new product fish oil plant gels. The product is vegan soft gel made of tapioca to the VMS aisle. Strategic product launches will help in strengthening company’s base and also bring up with new products.
Mar 2017 Landec Corporation a leading innovator of diversified health and wellness solutions within the packaged food and biomaterial markets went through a definitive agreement to purchase O Olive Oil, Inc. This merger will help the company to foster its business segment in specialty oils segment.
Nov 2017 BASF Newtrition Launched accelon Omega-3 Absorption Technology. The company is highly inclined towards R&D activities. This step by the company will help to improve the quality of product line. Additionally, it is also supporting the company to come up with high quality specialized oils.
May 2017 Catalent Pharma Solutions, the leading global provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products, announced its new product launch, fish oil thin shell Easy Burst Chewables. This product is rich in omega-3 fatty acids. The company is targeting more towards new product launch in near future to expand its business segment.
Specialty Oils Market has been divided into type, process type, application, and region.
Based on Type: Soybean oil, Cottonseed oil, Palm oil, Coconut oil, Rapeseed oil, and Others
Based on Process Type: Hot pressed, Cold pressed, and Others
Based on Application: Food, Pharmaceuticals, Cosmetics & Personal Care, and Others
Based on Region: North America, Europe, Asia Pacific, and ROW.
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The specialty oils market is segmented into Europe, North America, APAC, and Rest of the World. Among all the regions, Asia Pacific is predictable to hold its dominance throughout the forecast period. The Asia-Pacific region comprises developing countries such as India, China, Malaysia, and Indonesia are found to be a major consumer of specialty oils, owing to increasing cardiac diseases among the consumers. Additionally, in the European countries is also positively influencing the overall sales specialty oils in the review period. Europe is also considered as an attractive destination for the specialty oils manufacturers.
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