The specialty fats market was valued at USD 2.13 Billion in 2017, and is projected to reach USD 3.66 Billion by 2023, growing at a CAGR of 9.4%. The specialty oils market was valued at USD 14.67 Billion in 2017, and is projected to reach USD 21.19 Billion by 2023, growing at a CAGR of 6.3%. The key players profiled have a strong presence in the global specialty fats & oils market; these include Cargill (US), Wilmar International (Singapore), Bunge (US), AAK AB (Sweden), and IOI Group (Malaysia).
The key market players adopted various growth strategies such as acquisitions, agreements, collaborations, expansions & investments, new product launches, and joint ventures to cater to the increasing demand for specialty fats & oils. The companies in this market focus on increasing their R&D expenditure to develop new specialty fats & oils and also on expanding their manufacturing capacities.
Expansion of the operations of the company and acquisitions of new and renowned companies to expand their geographical reach were the key strategies adopted by the players in the specialty fats & oils market. Companies mainly focused on expansions to sustain and grow in the market. Agreements, joint ventures, collaborations & partnerships were the second-most adopted strategy. The developments observed in the market are estimated to increase with the increasing regulations regarding specialty fats & oils. In 2016, companies adopted various strategies such as new product launches, expansions & investments, acquisitions, joint ventures, collaborations, partnerships, and agreements to retain their market share and meet the consumer demand, globally.
Request for Customization of the Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=11304130
Cargill has a robust product offering in the specialty fats & oils market and occupies a major share due to its large distribution network, strong geographical presence, and high brand value. The company is engaged in manufacturing products for diversified markets, which helps it minimize business risks and dependency on any particular business and has a robust product portfolio for the specialty fats & oils market. The company operates through four business segments, namely, food ingredients & applications, animal nutrition & protein, origination & processing, and industrial & financial services. It offers specialty fats & oils through its food ingredients & applications division. It has been consistent in strengthening its position in the specialty fats & oils market by engaging in strategic acquisitions. For instance, in May 2014, Cargill acquired Turyað, a Turkish fats & oils company for extending its business and capturing the market share of food ingredients in Turkey.
Wilmar International is one of the leading agribusiness companies. It is involved in the cultivation of palm oil, crushing oilseeds, refining edible oil, milling and refining sugar, and specialty fats. The company operates through four business segments-oilseeds & grains, tropical oils, sugar, and others-of which tropical oils is its prime focus since a major share of its revenue is generated from this segment. It offers its shortenings through the Wilmar specialty fats division, which constitutes a broad portfolio of shortenings such as bakery margarine, bakery shortening, and non-hydrogenated palm-based frying fats in their bakery fats and culinary oils and fats subdivision. Wilmar International has a strong foothold in the emerging economies in Southeast Asia, which has strengthened the company’s global position. The company focuses on its geographic growth through joint ventures. For instance, in November 2016, Wilmar International, along with Archer Daniels Midland, launched Olenex, a joint venture to provide a broad portfolio of refined vegetable oils and fats to cater to the demands of their European customers.