Specialty oils are gaining traction and are expected to pave its way across major end-user industries over the next couple of years. According to the assessment presented by Market Research Future (MRFR), the global specialty oils market is expected to mark a moderate CAGR over the review period 2018 to 2023.
The shifts in consumer behavior owing to rising awareness about health have led to an upsurge in demand for specialty oils. It is likely to act as a growth catalyst for market players. Specialty oils have also penetrated the pharmaceutical industry. The growth of the industry is anticipated to boost the future trajectory of the specialty oils market in the foreseeable future. In addition, the increasing penetration of the personal care industry has unleashed a strong potential for growth. It is prognosticated to accelerate the market’s growth pace over the next couple of years.
Based on type, the global specialty oils market has been segmented into cottonseed oil, soybean oil, palm oil, rapeseed oil, coconut oil, and others. Among these, the palm oil segment holds the maximum market share and is likely to retain a significant share of the market in the upcoming years. In addition, the cottonseed oil segment and soybean oil segment are projected to exhibit substantial growth owing to rising applications in the pharmaceutical industry.
On the basis of process type, the Specialty Oils Market benefits has been segmented into cold pressed, hot pressed, and others. The cold pressed segment is anticipated to account for a relatively larger share of the market and maintain its prominence in the foreseeable future. The segment is likely to witness increasing demand owing to its key advantage of obtaining maximum output from the oilseeds.
On the basis of application, the global specialty oils market has been segmented into pharmaceuticals, food, cosmetics & personal care, and others. Among these, the food segment is prognosticated to witness a steeper rise in the growth curve. The growth of the regional segment can be ascribed to the shift in consumer preferences towards healthy alternatives. In addition, the cosmetics & personal care segment is also anticipated to exhibit considerable growth over the next couple of years.
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The geographical evaluation of the global specialty oils market spans across four key regions - North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific held the lion’s share of the global market in 2017. It is expected to maintain its dominance and dictate the growth trajectory of the market in the upcoming years. The growth of the pharmaceutical industry in the region is one of the crucial factors expected to influence the expansion of the specialty oilfield solutions market in the forthcoming years. Also, the rising demand for aromatherapy is anticipated to encourage the growth of the market in the years to come.
North America is poised to witness an excessive demand for specialty oils led by the boom witnessed in the personal care industry. An upsurge in demand is expected over the next couple of years, which is projected to favor revenue generation for the participants of the specialty oils market. Europe is also anticipated to exhibit a substantial rate of expansion in the nearby future. France, Italy, and Germany are the primary country-level markets and are anticipated to contribute substantially to the development of the regional segment in the forthcoming years.
The key players participating in the share analysis of the global specialty oils market are La Tourangelle (France), Bunge Limited (U.S.), Roland Food (U.S.), Dr. Adorable (U.S), Corilanga (Italy), AFRUE (Spain), BST International (Turkey), Shiv sales corporation (India), Agro International Ltd (Bangladesh), BEIDAHUANG GROUP (China), Silverline Chemical Ltd (India), Cargill (U.S.), Naturalist, LLC (Russia), and J-OIL MILLS INC. (Japan).
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