Global fats and oils market is touted to witness significant growth owing to the increasing processed foods demand across the globe. Fats and oils market has been segmented on the basis of applications and products. Major products include coco butter, vegetable oils, shortening, animal fats and margarine.
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Constant change in consumer dietary habits is anticipated to enhance the global fats and oils market growth. Consumer’s preference shift towards processed food is estimated to augment the global fats and oils market. Increase in demand for high quality cooking oil is projected to positively influence the global fats and oils market growth over the next seven years. Rising health concerns and awareness is anticipated to have positive influence on the overall market growth. Personal care industry has witnessed brisk growth over the past few years and is further expected to grow over the forecast period. This trend is highly likely to enhance the global fats and oils market growth. Many personal care products incorporate various fats and oils in them. Fats and oils are also used in manufacturing medicines. Growing pharmaceutical industry is further slated aid the global fats and oils market over the forecast period. R&D initiatives for healthier substitutes are predicted to enhance the global market growth. Growing innovations such as bio diesel production, which will help in reducing the production costs, are slated to assist the global fats and oils market growth. Rising disposable income in emerging regions is expected to further aid the global market growth over the next seven years. Stringent regulations concerning food safety and labeling related issues are anticipated to hinder the global fats and oils market growth. Rising health issues related to excess fats and oil consumption is touted to hamper the global market growth over the forecast period.
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Asia Pacific was the largest fats and oils regional market in 2013 owing to rise in disposable income and change in lifestyle. Countries such as India, Malaysia, Indonesia, China and Japan have dominated the regional market growth. North America is expected to witness brisk growth over the next seven years due to rise in processed foods consumption. Countries such as Argentina and Brazil have dominated the bio diesel production from fats and oils.
Prominent global fats and oils industry participants include Archer Daniels Midland Company, Ajinomoto Co. Inc., Associated British Foods PLC, International Foodstuff Company Holdings Ltd. and Conagra Food Inc. Major industry participants have engaged in joint ventures and strategic alliances in order to reduce the overall costs and augment the profitability.
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