Asia Pacific Fats and Oils Market was worth USD 84.99 billion in 2022 and estimated to be growing at a CAGR of 5.21%, to reach USD 109.56 billion by 2028.
Fats and oils are one of three kinds of substances collectively called as lipids. Fats, just like any other carbohydrate are made up for carbon, hydrogen and oxygen. One molecule of fat is formed by the union of glycerol with 3 units of fatty acids. Pure fats are odourless and tasteless. They are insoluble in hot and cold water and are only soluble in water after undergoing emulsification.
Fats and oils are widely accepted for use in food applications due to their functional properties. Several edible vegetable and animal oils, as well as fats, are used for various household cooking purposes and also food preparation in an industrial scale. They play an important role in food production as they are needed for determining the desired physiochemical and sensory attributes of food products such as a smooth, creamy texture and also giving a milky or creamy appearance. They also find applications in religion, cosmetics, painting, lubrication and as a fuel.
The major driver of the Asia Pacific fats and oils market is the rising disposable incomes, especially in emerging markets. The growing demand for fast food and convenience food is also expected to further bolster the Asia-Pacific fats and oils market. The increase in population in the region, leading to an increased food consumption, and increased demand for high quality edible oil are other factors promoting the growth of the market. As for the restraints of the market, the regulations governing food safety and labelling issues are the main cause along with the high price of raw materials and growing health concerns due to excessive fats and oils consumption.
The Asia Pacific Fats and Oils market is broadly classified into Palm, Sunflower, Olive, Soybean, Rapeseed and others based on product type. Based on application, they are classified as Food, Industrial, Personal Care, Animal Feed and Pharmaceutical. They are further classified into butter, ghee, lard and suet on the basis of animal fats. Based on form they are classified into solid and liquid and based on source they are classified into plants and animals. Based on geography, the Asia-Pacific market is divided into South Korea, India, China, Australia, Japan, Indonesia and rest of APAC. The Asia-Pacific market has the highest market revenue worldwide with it constituting more than a third of the total market share in 2016. The highly developing nature of the market is also evident from the high CAGR for the region since the scope for growth is maximum.
Geographically the Asia Pacific Fats and Oils Market is segmented into India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia. Surprisingly, Indonesia has the highest market share among markets in the region while India and China are expected to have the highest growth rates.
Key Players in the Market:
Major Key Players in the APAC Fats and Oils Market are
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