Edible oils and fats are used as staples in everyday diets. On other hand, inedible ones are largely utilized in several industrial applications. Diet oils and fats are known to be highly concentrated forms of energy that help in encouraging the growth of the cells. Moreover, they are widely consumed to promote the functioning of regulatory hormones and vitamins in the body. Edible oils and fats are good sources of fatty acids including linoleic acids. These are the organic substances that are a vital part of the human diet. Oils are liquid in nature while fats are in solid form at room temperature due to their unique chemical properties.
Consumers having highly educated and informed opinions about the distinctions between unhealthy and healthy fats and oils are among the key factors for the growth of global fats & oils market. A large number of consumers are now expressing willingness for adopting fats and oils extracted from non-traditional sources and in addition, these are non-bioengineered, organic, and sustainable. Nowadays, people are referring to food products that are minimally processed and are free from genetically modified organisms. Owing to the surging health consciousness among consumers, the global fats & oils market will grow exponentially. However, the popularity of plant-based oils is growing manifolds.
Consumers are now demanding expeller, unrefined, and cold-pressed oil. Such characteristics are paramount to the growth of the global market. However, there is a growing demand for oils and fats in a large number of applications in restaurants, hotels, home-prepared foods, and processed food products. However, the growing health-related concerns like cardiac arrest and obesity are likely to accentuate the demand in the market. In addition, in recent years there has been a spike in demand for dark and organic chocolates globally. However, it is expected that there will be a continuous surge in the demand in the forthcoming years. Thereby, specialty oils and fats are being widely used as primary ingredients in the chocolate sector.
The global fats & oils market can be segmented into source, form, application, type, and region.
By source, the market can be segmented into animals and vegetables.
By form, the market can be segmented into solid and liquid.
By application, the market can be segmented into biodiesel, industrial applications, sauces & dressings, processed food, confectionery, bakery, food application, animal feed, and others.
By type, the market can be segmented into grease, butter, fats, olive oil, rapeseed oil, sunflower oil, soybean oil, palm oil, vegetable oil, and others.
North America accounts for the largest share in the global fats & oils market due to the growing health awareness among people in the region. Also, the growing prevalence of various diseases including cardiac arrest and obesity is further likely to accentuate the growth of the regional market in the forthcoming years.
Asia Pacific is expected to be the fastest-growing religion in the global fats & oils market owing to the presence of prominent market leaders along with the growing disposable income of the people in the region.
Some of the significant players in the global fats & oils market are Mewah International Inc., Ajinomoto Co., Inc., Unilever PLC, United Plantations Berhad, Wilmar International Limited, Archer Daniels Midland Company, and Associated British Foods PLC. To cite, Cargill in June 2021 in Indonesia plans to develop a new USD 200 million palm oil refinery to boost its efforts to build a sustainable palm supply chain and offer verified deforestation-free products to customers.
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