North America Speciality Fats and Oils Market was worth USD 350 million in 2021 and estimated to be growing at a CAGR of 9.65%, to reach USD 550 million by 2026. The market is showcasing evident potential in the mentioned forecasting period. The market continues to gain momentum with the increasing development in the industry.
Specialty fats & oils are used extensively in food products owing to their characteristic features and they are very important to provide the required physiochemical and sensory features like smoothness, creamy consistency, milky appearance, and flavour. Thus, specialty fats & oils are considered a major business opportunity.
The major driving factors for the market of Specialty Fats and Oils are the the growing demand, because of the rise in North America demand for chocolate & confectionery products, packaged foods, and focus on reducing processing costs. Food applications of specialty fats & oils hold a major share in terms of usage when compared to other non-food applications like personal care and cosmetics.
The North America Speciality Fats and Oils Market is segmented on the basis of Type into Specialty oil type, Specialty fat type. Speciality oils are segmented as Palm oil, Soybean oil, Coconut oil, Cottonseed oil, Rapeseed oil and others whereas specialty fats are segmented into Cocoa butter equivalents, Cocoa butter substitutes, Cocoa butter replacers, Cocoa butter improvers, Dairy fats replacers, Exotic fats. On the basis of Application, the market is segmented into Chocolate & confectionery, Bakery, Dairy, Processed foods and others. On the basis of Form, the market is segmented into Dry and Liquid.
On the basis of geography, the North America market is analysed under the regions U.S.A and Canada. Developed countries in this region like the U.S have shown significant development in the Specialty Oils and Fats market and will continue to do the same during the forecast period.
Some of the major companies dominating the market are Bunge Limited, International Foodstuff Company Holdings Limited, Wilmar International Limited, and Cargill, Incorporated.
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