Normal & Specialty Fats Market Analysis, Size, Growth, Share, Outlook & Forecast to 2027
The global normal & specialty fats market size is anticipated to reach USD 51.4 billion by 2027, registering a CAGR of 7.4% during the forecast period, according to a new report by Grand View Research, Inc. Consumption of various bakery products such as bread, rolls, cookies, pies, pastries, and muffins is expected to play an important role in rising demand for fats in various bakery formulations. Dairy foods are expected to register steady rise in demand. Rapid urbanization and improving consumer lifestyle have led to increased consumption of dairy products such as cheese, ice creams, yogurt, and dips among others. This is expected to fuel the demand for fats in dairy products. Normal and specialty fats are mainly extracted from vegetable oils such as palm, soybean, rapeseed, and sunflower oils. Among these, palm oil is prominently used for fat production. Indonesia and Malaysia are the major palm oil producers and accounted for nearly 80% of the global palm oil production, followed by Brazil. Willmar International, a key player which uses palm oil for specialty fats production, mainly sources its oil from Indonesia. ADM, a prominent manufacturer in the market sources its palm oil from Brazil and has undertaken a palm plantation program, which includes 267 family farmers with whom the company has entered into a sourcing contract for palm and palm kernels seed for oil production. The normal & specialty fats market is fragmented with presence of long term and wellestablished industry players such as Cargill, Incorporated, Intercontinental Specialty Fats Sdn.