Specialty Oils Market Growth | Key Vendors, Drivers, Trends and Forecast to 2023
The global specialty oils market is eyeing for a favorable growth at an astounding CAGR over the forecast period (2018-2023). The growing number of obese population and the diseases resulting from high intake of fat such as high blood cholesterol, hypertension and other heart ailments has gone up rapidly thereby making it a big concern for the growing population. Specialty oil is utilized as a key ingredient in different industries particularly aromatherapy, pharmaceuticals, personal care, cosmetics, fragrance and flavor. These oils are a substitute to conventional edible oils that has extra lipid and fat content. Owing to its alluring features and wonderful benefits, specialty oils are widely used in various industries such as snacks and beverages, bakery, dairy and others. Specialty oils is not limited to just one variety. It includes different sources such as rapeseed oil, coconut oil, palm oil, cottonseed oil, soybean oil and others. The oil is perfectly extracted from the source utilizing one amid the varied defined processes. These oils have various uses right from adding direct flavor to the food, for cooking, as solvents for injections or oral suspensions or carrier systems for hard/soft gels and capsules, or in skin and hair products.
Right from eating right, having a sound sleep to staying active, there is enough a person can do for living a hale and hearty life. And this includes using the best oil both in cooking as well as application such as specialty oils. With regards to food a good specialty oil will take the flavor of the food to an altogether new level while in case of cosmetics it will amp up one’s hair, skin and also overall health. The different factors that accounts for the soaring demand for Specialty Oils Market Growth as per the MRFR (Market Research Future) report include rising cardiac health problems, multiple health benefits, product innovations, introduction of active key ingredients, upgrading technology and innovations, huge investments in advanced and research technologies, rising popularity of specialty ingredients and functional food, high acceptance of green label products and natural ingredients, consumer awareness campaigns, rise in obese population, and diseases occurring from high fat consumption.
Regional Analysis
Based on region, the global specialty oils market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, the specialty oils market in the APAC region will stay at the forefront. India is the largest consumer of palm oil. Demand for soybean and palm oil and growing consumption of oils will boost the growth of the market in this region. Rising cardiac ailments among consumers in the European countries will positively influence the sales of specialty oils during the forecast period. Besides, Europe is an attractive destination for manufacturers of specialty oils.
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Market Segmentation
According to the MRFR report, the specialty oils market is segmented into type, process type and application.
Based on type, it is segmented into rapeseed oil, coconut oil, palm oil, cottonseed oil, soybean oil and others. Of these, palm oil will have the maximum share in the specialty oils market. Soybean and cottonseed oil are likely to show extraordinary growth due to its increasing use in the pharmaceutical industry.
Based on process type, the specialty oils market is segmented into cold pressed, hot pressed and others. Of these, cold pressed will lead the market as this process is simpler and yields maximum oil from the seeds.
Based on application, the specialty oils market is segmented into cosmetics and personal care, pharmaceuticals, food and others. Of these, the food segment is likely to hold its dominance due to growing awareness of consumers about personal health coupled with increasing use of specialty oils in cosmetics and personal care products.
Key Players
Leading players profiled in the specialty oils market include The Savola Group (Saudi Arabia), J-OIL MILLS INC.(Japan), BEIDAHUANG GROUP (China), Cargill (U.S.), Naturalist, LLC (Russia), Silverline Chemical Ltd (India), Shiv Sales Corporation (India), Agro International ltd (Bangladesh), BST International (Turkey), Corilanga (Italy), AFRUE (Spain), Dr. Adorable (U.S), Bunge Limited (U.S.), Roland Food (U.S.), and La Tourangelle (France).
Nov 2018- HollyFrontier Corp., Dallas refiner is buying Sonneborn U.S. Holdings, the specialty oils producer for $655 million. This deal will include specialty oil manufacturing facilities both in the Netherlands and Pennsylvania to HollyFrontier. Sonneborn’s products are utilized in food grade mineral oils, industrial applications and beauty products.
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