Latin America Fats and Oils Market was worth USD 19.62 billion in 2022 and estimated to be growing at a CAGR of 4.66%, to reach USD 24.64 billion by 2028.
The relevance of fats in human life lies in their high content of energy, which is efficient storage of energy in the smallest possible amount of food substance. The importance of fats doesn’t stop there as the absorption of certain fat-soluble vitamins would be completely impossible without them. They also provide the body with essential fatty acids that the body is unable to synthesize themselves.
Fats also provide a smooth, creamy consistency to many dishes, which translates into a good mouth-feel. Even though fats are tasteless on their own, when added to food products, the improvement in flavour is the reasons why it is in high demand even today. In addition to being important for human and animal nutrition, fats are in high demand even in the technical market. They represent a source of naturally regenerating raw materials which the chemical and pharmaceutical industries can thrive on.
The major driver of the Latin America fats and oils market is rising demand for it in new pastures like industrial, chemical, personal care, animal feed and pharmaceutical industries. Along with this there is a high demand for fats for consumption due to the population boom in the region. The increased prevalence of canned foods in the region is another factor. Other factors include the growing demand for fast food and convenience food. Inspite of the numerous drivers, the market growth is hampered by the high raw material prices and the regulations regarding food safety prevalent in the region. Increased consumption of fats is proven to lead to heart conditions and obesity. As consumers become more aware of these problems, the market growth is expected to take a hit.
The Latin America 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.
Geographically the Latin America Fats and Oils Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. The region is the second smallest market globally, but due to the high rate of development in the region the market is growing fast. This is evident from the high CAGR for the region which is the second-highest globally and above the global average.
Key Players in the Market:
Major Key Players in the Latin America Fats and Oils Market are
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