Market Overview
Increasing cardiac health issues associated with the consumption of conventional oils has uplifted the consumption of specialty oils owing to health benefits associated with the consumption which is driving the growth of specialty oils market. 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 million dollar growth readily 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.
Competitive Landscape
Market players in oil industry have been investing on product development and continuous product improvement to cater the consumer needs. Specialty oils contain ingredients which support improved human health. Omega-3 and Omega-6 fatty acids are common ingredients used in preparation of specialty oils. Manufacturers also rely on palm, soybean, coconut, cottonseed, and rapeseed oils to prepare specialty oils owing to better heart health benefits associated with consumption. The strategic sales plan of specialty oil manufacturers include use of online channels for marketing and distributing the products along with product promotion in exhibitions and other platforms and choosing right marketing strategies which gives out a clear to target audience. Specialty oil manufacturers have collaborated with healthcare and medical advisors to arrange consumer awareness campaigns to help them choose healthier products.
The key players profiled in specialty oils are as La Tourangelle (France), Roland Food (U.S.), Bunge Limited (U.S.), Dr. Adorable (U.S), AFRUE (Spain), Corilanga (Italy), BST International (Turkey), Agro International ltd (Banladesh), Shiv sales corporation (India), Silverline Chemical Ltd (India), Naturalist, LLC (Russia), Cargill (U.S.), BEIDAHUANG GROUP (China), J-OIL MILLS INC.(Japan), The Savola Group (Saudi Arabia )
Market Segmentation
The global specialty oils market has been divided into type, process type, application, and region.
On the Basis of Type: Soybean oil, Cottonseed oil, Palm oil, Coconut oil, Rapeseed oil, Others
On the Basis of Process Type: Hot pressed, Cold pressed and others
On the Basis of Application: Food, Pharmaceuticals, Cosmetics & Personal Care, and others
On the Basis of Region: North America, Europe, Asia Pacific and ROW.
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Regional Analysis
The global specialty oils market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Among the entire region, Asia Pacific is estimated to retain its dominance throughout the forecast period. The Asia-Pacific region comprises developing countries such as India, China, Malaysia, and Indonesia. India is found to be a major consumer of palm oil. Increasing consumption of oils and the demand for palm and soybean oils is driving the market growth in the region. Also, increasing cardiac diseases among the consumers in European countries is also positively influencing the overall sales specialty oils in the review period. Additionally, Europe is also an attractive destination for the specialty oils manufacturers during the forecast period.
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