The global specialty fats and oils market was valued at USD 14.12 billion in 2023 and is projected to reach USD 23.78 billion by 2030, growing at a CAGR of 7.4% from 2024 to 2030. Market growth is driven by rising demand for nutritional and functional food products, increased consumption of bakery and processed foods, ongoing technological advancements, and continuous innovation within the global food industry.
A key factor supporting market expansion is the growing health consciousness among consumers and the increasing preference for foods with enhanced nutritional value. As consumers become more attentive to health and wellness, food manufacturers are responding by developing products that align with evolving dietary preferences, such as low-trans-fat, clean-label, and functional fat solutions. This trend is expected to sustain innovation and broaden the application scope of specialty fats and oils across food and beverage categories.
Rising awareness regarding early childhood nutrition and development has also significantly contributed to market growth. Specialty fats and oils are critical ingredients in infant formula, baby food, and other infant nutrition products, as they help replicate the lipid composition required for healthy growth and development. In January 2021, Bunge Loders Croklaan (BLC) launched a high-quality lipid ingredient designed to more closely replicate the nutritional profile of human milk fat, supporting manufacturers in developing premium infant nutrition solutions.
Key Market Trends & Insights
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Market Size & Forecast
Competitive Landscape
The specialty fats and oils market is highly competitive, with the presence of several multinational and regional players contributing to innovation and market growth. Key companies are leveraging strategies such as strategic partnerships, capacity expansions, technology upgrades, and long-term supply agreements to strengthen their market position and meet evolving consumer demand.
Prominent market participants include Cargill, Liberty Oil Mills Ltd., Wilmar International Limited, Henry Lamotte Oils GmbH, and the Savola Group, among others, which continue to play a vital role in shaping product innovation and market dynamics.
Key Specialty Fats and Oils Companies
The following companies are among the leading players in the global specialty fats and oils market and collectively command a significant share of industry revenue:
Recent Developments
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Conclusion
The specialty fats and oils market is expected to experience steady growth as demand for nutritious, functional, and application-specific fat solutions continues to rise. Increasing health awareness, expanding infant nutrition applications, and continuous innovation by key industry players are anticipated to support long-term market expansion. As manufacturers focus on clean-label formulations and cost-effective alternatives, specialty fats and oils will remain integral to the evolving global food and nutrition landscape.