Changing consumer dietary habits is projected to positively influence the global fats & oils market over the forecast period. Increasing processed food consumption coupled with high quality edible oil demand is expected to have a positive impact on the global fats & oils market. Growing health awareness and rising disposable income in emerging markets are presumed to further bolster the global market. Growing fast food and convenience food consumption is expected to fuel fats & oils demand over the forecast period. Food industry dominated the fats & oils applications while a shift towards industrial, chemical, personal care, animal feed and pharmaceutical applications is expected to gain momentum over the future. Increasing health concerns owing to excessive fats & oils consumption are anticipated to hamper the global market growth. Regulations governing food safety and labeling issues are presumed to further retard the market growth. High raw material prices are expected to negatively influence market growth prospects. Increasing R&D to develop trans fat substitutes and innovative applications such as bio-diesel production promise ample opportunities for the market participants.
Asia Pacific dominated the regional fats & oil market and is presumed to witness rapid growth over the next six years. Emerging economies such as China, India, Indonesia and Malaysia are characterized by rising disposable incomes, higher processed food & edible oil consumption and growing consumer awareness regarding health & wellness. North America and Latin America have witnessed a major shift towards alternative industrial applications of fats & oils in the recent past. Biodiesel production from fats & oils, along with other chemical and pharmaceutical applications are widespread in countries such as Brazil, Argentina and the U.S.
Prominent industry participants are expected to engage in strategic alliances, joint ventures and acquisitions to garner a larger market share and increase profitability. Huge investments in R&D to meet consumer demand by introducing newer products and gain competitive edge offers vast opportunities to industry participants. Key fats & oils industry participants include Archer Daniels Midland Company, Associated British Food Plc, Cargill Incorporated, Unilever Plc, Conagra Food Inc., United Plantations Berhad, International Foodstuff Company Holdings Ltd., Bunge Limited and Ajinomoto Co. Inc.