The global fats and oils market is prophesied to climb the growth ladder with the inflating demand for palm oil, on the grounds of neutral taste, low cost, and elevated need in the bakery and processed foods industry, finds a report by Transparency Market Research (TMR), titled “Fats & Oils Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”
The growth of the international fats and oils market is expected to be nourished by the shift to edible oil consumption as bakery items continue the usage of harmful hydrogenated fats during production. Besides the changing eating habits of fat and oil consumers, the demand for best quality edible fats and oils will ride on the back of increasing consumption of animal food products. The list of growth drivers for the market does not end here. The leap in the requirement of substitute biodiesel fuel in the transportation sphere and rise in the overall worldwide population are also anticipated to contribute to the expansion of the global market.
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However, surging environmental concerns, rigorous government regulations pertaining to food safety, and spiraling health risks related to overconsumption of fats and oils, such as heart diseases and obesity, may trim down the growth of the global fats and oils market.
Nevertheless, fats and oils are predicted to secure a good future in the foods industry, owing to the significant role of dietary fats in supporting cell growth, regulating vitamins, developing hormones, and protecting the important organs of the body. Moreover, fats and oils possess a high caloric value and energy density compared to proteins and carbohydrates.
Asia Pacific is envisioned to lead the fats and oil market on account of a swelling population base, magnified health awareness, and hiked up disposable income. Following Asia Pacific, North America, Europe, and Japan are foreseen to be the dominating geographical segments in view of the increased animal products consumption and high standard of living.
On the basis of application, the global fats and oils market could be classified into food, industrial, personal care, animal feed, and pharmaceutical segments. Based on type, the classification could follow as palm, sunflower, olive, soybean, and rapeseed. By animal fats, butter, ghee, lard, and suet could be the key segments. The market is also segmented based on forms and sources.
The global fats and oils market report envisages Archer Daniels Midland Company, Cargill, Inc., Ajinomoto Co. Inc., Wilmar International Limited, International Foodstuff Company Holdings Ltd., Associated British Food Plc., Unilever Plc., United Plantations Berhad, and Bunge Limited as the dominating players.
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