JERSEY CITY, NJ, July 3, 2024 /PRNewswire/ — InsightAce Analytic Pvt. Ltd. announces the publication of a market assessment report on the “Global Oil and Fat Substitutes Market– (By type (carbohydrate-based, protein-based, lipid-based), by form (powder, liquid), by source (vegetable, animal), by application (processed meat, bakery & confectionery, beverages, ready meals, others)), by region, trends, industry competitive analysis, sales and forecast to 2031.
According to the latest research from InsightAce Analytic, the Global Oil and Fat Substitutes Market is appreciated on US$2.35 billion until 2023and it is expected to rise to US$3.74 billion by 2031, with a CAGR of 6.1% during the forecast period of 2024-2031.
Oil and fat substitutes are crucial ingredients in modern food production, aimed at replacing traditional oils and fats, while offering lower calorie and fat content without compromising taste or texture. This innovation has seen significant adoption in sectors such as bakery, confectionery and meat processing industries, where manufacturers strive to meet the demands of health-conscious consumers.
The market growth is fueled by rising concerns over obesity, heart disease, and high cholesterol, which are driving consumers to seek healthier food options. In response, manufacturers are diversifying their offerings with a range of substitutes derived from plants, animals, and other sources. These alternatives replicate the functionalities of traditional fats while minimizing the associated health risks, thereby improving the nutritional profile of food products.
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Furthermore, the development of oil and fat substitutes underscores the continued advancements in food technology and research. Techniques such as plant-based extraction methods and innovative formulations are improving the substitutes’ ability to mimic the sensory characteristics of fats, thereby contributing positively to taste, texture and overall quality. As consumer preferences continue to evolve toward healthier lifestyles, the market for these substitutes is expected to continue to grow, driven by both regulatory pressure and consumer demand for transparent ingredient labeling and sustainable manufacturing practices.
List of Prominent Players in the Oil and Grease Substitutes Market:
- Cargill, founded
- ADM
- Kerry Group
- No palm oil ingredients
- Ingredient
- Ashland Inc.
- CP Kelco
- Core Tec
- Corbion
- Fiberstar, Inc
- Mission Sanding
- Perfat technologies
- Terviva
- Checkerspot Inc
- C16 Biosciences Inc.
- CP Kelco
Oil and Grease Substitutes Market Report:
|
Report feature |
Specifications |
|
Market value in 2023 |
USD 2.35 billion |
|
Sales forecast in 2031 |
USD 3.74 billion |
|
Growth Rate CAGR |
CAGR of 6.1% from 2024 to 2031 |
|
Quantitative units |
View of Revenue in US$ Billions and CAGR from 2024 to 2031 |
|
Historic year |
2019 to 2023 |
|
Forecast year |
2024-2031 |
|
Reporting coverage |
The forecast of sales, the company’s position, the competitive market structure, growth prospects and trends |
|
Segments covered |
By type, by form, by source, by application and by region |
|
Regional reach |
North America; Europe; Asia Pacific; Latin America; Middle East and Africa |
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Market dynamics:
Drivers:
Increasing health awareness among consumers, combined with a growing preference for low-fat and low-calorie food products, is driving the demand for oil and fat substitutes. The rising prevalence of obesity, heart disease and related health problems underscores this shift towards healthier food choices. A notable trend is the increasing popularity of plant-based and sustainable alternatives, driven by consumer acceptance of plant-based diets and increased awareness of environmental impact. Manufacturers are responding with innovative plant-based and fungus-based fat substitutes to effectively meet these preferences.
In addition, plant-based and carbohydrate-based substitutes are more attractive to food manufacturers because they are more cost-effective than animal-based or synthetic alternatives, which is why they are more widely accepted in the industry.
Challenges:
Navigating the global oil and grease substitutes market presents multifaceted challenges for manufacturers. Intense competition characterizes the landscape, with a diverse range of players offering various substitute options. To remain competitive, continuous innovation and product differentiation are necessary, taking into account changing consumer preferences and regulatory requirements that vary by region.
Obtaining regulatory approvals is another hurdle, requiring strict adherence to various guidelines. Economic factors such as price dynamics and supply chain disruptions have a significant impact on the acceptance rate compared to traditional oils and fats. To convince consumers to make the switch, taste and texture perceptions must be overcome through effective education on the nutritional benefits of substitutes.
Regional trends:
The North American oil and fat substitutes market is being sustained by several key factors that are contributing to its robust growth. Rising health consciousness among consumers is driving demand for low-fat and low-calorie food options, fueling interest in alternative oil and fat ingredients. The region benefits from a concentration of major food and beverage companies that are at the forefront of developing and integrating substitutes into product formulations, leveraging the well-established food processing infrastructure for adoption and innovation.
High disposable incomes allow North American consumers to purchase premium-priced products containing these substitutes, reinforcing market dominance. A favorable regulatory environment, particularly in the United Statessupports market expansion through strict guidelines and labeling requirements that encourage the use of alternative ingredients.
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Recent developments:
- In January 2024Cargill is the first global supplier to ensure that all of its edible oils worldwide meet the World Health Organization’s recommended maximum tolerance level for industrially produced trans fatty acids (iTFA), which limits iTFA content to a maximum of two grams per 100 grams of fats and oils. This achievement means that every Cargill food customer worldwide can now be confident that the fats and oils they use meet these strict health standards, even in regions without specific regulatory requirements.
- In March 2023Kerry launches SucculencePB, a revolutionary plant-based meat alternative solution. It creates the juicy, meaty taste consumers crave while delivering impressive nutritional benefits. These include up to 74% reduction in fat, 97% reduction in saturated fat and up to 69% reduction in calories compared to traditional meat products.
Segmentation of the oil and fat substitutes market
By type
- Carbohydrate based
- Protein based
- Lipid based
On form
By source
On request
- Processed meat
- Bakery and pastry shop
- Drinks
- Convenience foods
- Others
Per region-
North America–
Europe–
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific–
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America–
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa–
- GCC countries
- South Africa
- Rest of Middle East And Africa
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Why should you buy this report:
- To receive a comprehensive analysis of the outlook for the global oil and fat substitutes market
- To receive an industry overview and future trends of the global oil and grease substitutes market
- To analyze the market drivers and challenges for oil and grease substitutes
- To get information about Oil and Fat Substitutes Market size forecast (in US$ million) till 2031
- Major investments, mergers and acquisitions in the global oil and grease substitutes industry
Other related reports published by InsightAce Analytic:
Vegetable protein market
Bioactive Proteins and Peptides Market
Market for targeted protein breakdown
Market for alternative proteins with fermentation capabilities
About us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competitive technologies, segmenting potential markets, and repositioning products. Our expertise lies in delivering syndicated and customized market intelligence reports that provide in-depth analysis with key market insights in a timely and cost-effective manner.
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