Specialty Oils Market Overview:
As per the analysis by Market Research Future (MRFR), the global specialty oils market is estimated to acquire a significant market value, expanding at a notable CAGR by 2032.
The South Korea Specialty Oils Market is experiencing rapid growth, driven by changing consumer lifestyles, culinary trends, and a growing interest in health and wellness. Specialty oils, such as sesame oil, perilla oil, and camellia oil, are deeply ingrained in Korean cuisine and culture, valued for their unique flavors and potential health benefits. South Korean consumers are increasingly incorporating specialty oils into their cooking and skincare routines, drawn by their nutritional properties and versatility. Market players in South Korea are responding to this demand by offering a diverse range of specialty oils, often produced using traditional methods and locally sourced ingredients. Government initiatives promoting healthy eating and sustainability further bolster the specialty oils market in South Korea, driving innovation and consumer awareness. Collaboration between industry stakeholders, research institutions, and government agencies fosters growth and sustainability within the South Korean specialty oils industry, positioning it as a dynamic and resilient sector of the market.
Specialty Oils Market is US $12.6 billion, and it is projected to grow at a significant rate of 7.8% to reach the US $19.8 billion by 2032
The rise in consumption of bakery and processed food products are anticipated to be significant factors driving the specialty oils market. Rising living standards are predicted to increase the specialty oils demand, which can underpin market expansion. Furthermore, the increasing requirement for specialty oils in the food and beverage sector is likely to augment the market during the forecast period. The growing demand for specialty oils in the pharmaceutical industry is another key factor that can significantly boost the market. In addition, the increasing usage of e-commerce portals to buy specialty oil products is expected to strengthen the market in the forecast period.
However, the excessive consumption of specialty oils can increase the risk of thrombosis, which is anticipated to impede market growth. On the contrary, the rise in demand for specialty oils in the cosmetic industry, along with aforementioned factors, are likely to counter the hampering factors and boost the market.
Key Players:
Some of the global Key Specialty Oils Market Companies are Roland Food (U.S.), La Tourangelle (France), Agro International Ltd (Bangladesh), BST International (Turkey), Shiv sales corporation (India), Naturalist, LLC (Russia), and Silverline Chemical Ltd (India).
Regional Analysis:
Based on the region, the global specialty oils market is segmented into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
As per the analysis, the APAC region is anticipated to dominate the global market, followed by North America.
The APAC region is anticipated to be the fastest-growing region during the forecast period. The regional expansion can be attributed to the fast pace urbanization with a rise in population. Furthermore, the presence of developing countries like India and China are likely to strengthen the market.
North America is estimated to acquire a significant market share during the forecast period owing to the growing fast-food sector in the region. The U.S. and Canada are expected to make the most significant contribution due to economic stability. Furthermore, the increasing application of specialty oils in cosmetics and personal industry can augment the demand for the same and grow the market in the coming period.
Europe market is likely to garner significant market value during the forecast period. The regional market expansion can be accredited to the growing aromatherapy and pharmaceutical sectors. France, Italy, and Germany are predicted to make significant contributions that can develop the regional market.
The MEA region is anticipated to acquire the least market share owing to the presence of under-developed economies. The region is likely to lag due to the lack of awareness. However, the market has a scope of growth on the grounds of untapped markets.
Market Segmentations:
The segment analysis of the global Specialty Oils Industry is done by process type, type, and application.
The process type-based segments of the global specialty oils market are hot pressed, cold-pressed, and others. Among all, the cold-pressed segment is predicted to dominate the market during the evaluation period.
The type-based segments of the global specialty oils market are soybean oil, cottonseed oil, palm oil, coconut oil, rapeseed oil, and others. Among all, the palm oil segment is expected to acquire the largest market share during the forecast period.
The application-based segments of the global specialty oils market are food, pharmaceuticals, cosmetics & personal care, and others. Among all, food products is expected to dominate the market during the review period.
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