Australia Specialty Fats and Oils Market Size Set to Reach USD 40.91 Million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Australia specialty fats and oils market size at USD 20.94 million in 2022. During the forecast period between 2023 and 2029, Australia specialty fats and oils market size is to grow at a steady CAGR of 9.47% reaching a value of USD 40.91 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Australia specialty fats and oils market size at USD 20.94 million in 2022. During the forecast period between 2023 and 2029, Australia specialty fats and oils market size is to grow at a steady CAGR of 9.47% reaching a value of USD 40.91 million by 2029. Growing consumer choice for healthier and more environmentally friendly solutions, which results in a preference for plant-based oils and fats, is a major element fueling the expansion of Australia's specialty fats and oils industry. People are looking for goods without artificial preservatives and additives on the labels. Due to the purported health advantages of functional oils, such as omega-3 fortified oils, the industry has also seen an increase in their appeal. Local sourcing and production have also received more attention as customers have shown a preference for homegrown products. As restaurants and cafés look for high-quality oils for culinary uses, the food service industry has been a big driver of growth.
Australia Specialty Fats and Oils Market – Overview
Specialty fats and oils refer to a diverse range of lipid-based products designed to meet specific application requirements in the food and non-food industries. These fats and oils are tailored for unique functionalities such as improving texture, stability, and taste, as well as providing health benefits. They find applications in various sectors including confectionery, bakery, dairy, cosmetics, and pharmaceuticals. Specialty fats and oils are produced through processes like fractionation, interesterification, and hydrogenation to modify their physical and chemical properties. With their versatility and customization options, specialty fats and oils play a vital role in enhancing product quality, innovation, and consumer satisfaction in a wide range of industries.
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Impact of COVID-19 on Australia Specialty Fats and Oils Market
The COVID-19 pandemic significantly impacted the fats and oils market in Australia, causing disruptions and reshaping consumption patterns. The implementation of lockdown measures and social distancing restrictions resulted in changes in consumer behavior and preferences. With increased time spent at home, there was a surge in home cooking and baking, leading to a higher demand for cooking oils and fats. However, the closure of restaurants, cafes, and hotels resulted in a decline in the commercial sector's consumption. The industry also faced logistical challenges due to supply chain disruptions, affecting the availability and distribution of fats and oils across the country. Overall, COVID-19 has brought about a fundamental shift in the Australia fats and oils market, necessitating adaptation and flexibility.
Australia Specialty Fats and Oils Market – By Form
On the basis of form, Australia specialty fats and oils market is divided into Solid and Liquid Semi-liquid segments. The solid form is a larger segment in Australia specialty fats and oils market. The popularity and demand for specialty fats and oils in solid form, along with the various applications it offers in the food and industrial sectors, contribute to its dominant position. The liquid semi-liquid segment, though significant, holds a relatively small market share compared to the solid segment. The market's division allows for targeted strategies and product offerings to cater to the specific needs of each segment.
Competitive Landscape
Australia specialty fats and oils market is fiercely competitive. Major companies in the market include AAK AB, Bunge Limited, Cargill, Incorporated, IOI Corporation Berhad, Wilmar International Limited, Musim Mas Holdings Pte. Ltd., Archer Daniels Midland Company (ADM), Fuji Oil Holdings Inc., Premium Vegetable Oils Sdn Bhd (PVO), and 3F Industries Limited. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Australia specialty fats and oils market.
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