Report Overview

Increasing consumer demand for healthier and functional food products, rising awareness of the health benefits associated with specialty fats and oils, and growing applications in the food processing, bakery, confectionery, and dairy industries are propelling the growth of the Australia Specialty Fats and Oils Market during the forecast period between 2023 and 2029.

Australia Specialty Fats and Oils Market – Trends & Forecast Report, 2029

Australia specialty fats and oils market size was estimated at USD 20.94 million in 2022. During the forecast period between 2023 and 2029, the size of Australia specialty fats and oils market is projected to grow at a CAGR of 9.47% reaching a value of USD 40.91 million by 2029. Major factor driving the growth of Australia specialty fats and oils market is a growing demand for healthier and sustainable options, leading to an increased preference for plant-based oils and fats. Also, consumers are seeking products with cleaner labels, free from artificial additives and preservatives. The market has also experienced a rise in the popularity of functional oils, such as omega-3 fortified oils, due to their perceived health benefits. Further, there has been an emphasis on local sourcing and production, as consumers show a preference for supporting domestic brands. The food service sector has been a significant driver of growth, as restaurants and cafes seek high-quality oils for culinary purposes.

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.

Growth Drivers

Growing Awareness about Health and Wellbeing

With increasing awareness about the crucial role of diet in maintaining optimal health, Australia's fats and oils market experiences a significant growth driver. As health-conscious consumers actively seek out healthier options, the demand for functional and nutritious fats and oils has skyrocketed. Australians are increasingly embracing healthier cooking oils, such as olive oil and avocado oil, known for their heart-healthy benefits. Additionally, the rising popularity of plant-based diets and the demand for alternative sources of fats have fueled the market further. To cater to this trend, manufacturers are introducing innovative products like omega-3 rich oils and low-fat spreads, capitalizing on the growing consumer preference for healthier choices.

Restraints

Stringent Regulations

Australia fats and oils market faces several notable constraints, hindering its growth and stability. Also, stringent regulatory requirements and standards imposed by food safety authorities pose challenges for industry players in terms of compliance and quality control, leading to increased costs and complexity. Further, fluctuating international prices of key raw materials, such as palm oil and soybean oil, significantly impact the profitability and competitiveness of local manufacturers. Increasing consumer demand for healthier alternatives and plant-based options puts pressure on traditional fats and oils, necessitating innovation and product diversification. Environmental concerns and sustainability expectations necessitate sustainable sourcing and production practices, adding another layer of complexity to the industry. These restraints collectively shape the landscape of Australia's fats and oils market and require proactive strategies for sustainable growth.

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

Segmental Coverage

Australia Specialty Fats and Oils Market – By Product

On the basis of product, Australia specialty fats and oils market is divided into Specialty Oils and Specialty Fats segments. The specialty oils segment is further sub-segmented into Corn oil, Sunflower Oil, Soybean Oil, Palm Oil, Cottonseed Oil, Coconut Oil, and Rapeseed Oil. The specialty fats segment is further sub-segmented into Cocoa Butter Substitute, Cocoa Butter Equivalent, Cocoa Butter Replacers, Synthetic Cocoa Butter Fat, Human Milk Eat Substitute, Butter Oil Substitute. The specialty oils segment is a larger product segment in the Australia specialty fats and oils market.

Australia Specialty Fats and Oils Market – By Application

Based on application, Australia specialty fats and oils market is divided into Chocolate & Confectionery, Bakery, Processed Food, Dairy, Cosmetics, and Baby Food. Processed food is the largest application segment, as it caters to a wide range of food products that undergo various processing techniques before reaching consumers. Processed food is a significant part of the Australian diet, and the demand for specialty fats and oils in this segment is driven by factors such as convenience, taste enhancement, and functional properties. With a diverse range of processed food products available in the market, the processed food segment holds a prominent position in the Australian specialty fats and oils market.

Australia Specialty Fats and Oils Market – By Form

On the basis of form, Australia specialty fats and oils market is split into Solid and Liquid Semi-liquid segments. The solid segment is a larger form segment. 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.

Competitive Landscape

Major players in the Australia specialty fats and oils 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. To expand their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In 2020 - AAK AB expanded its portfolio of plant-based specialty fats and oils with the launch of its new brand “Akoflexx”. The portfolio includes solutions for various applications, such as chocolate, confectionery, and bakery, and aims to meet the growing demand for plant-based and sustainable products.

• In 2020 - IOI Group launched its new portfolio of natural, sustainable, and versatile specialty fats and oils, branded under the name “Sustaina”. The portfolio includes products for various applications, such as confectionery, bakery, and dairy, and aims to meet the growing demand for clean labels and sustainable products.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period – 2023–2029
Facts Covered	Revenue in USD Million
Market Coverage	Australia
Product/ Service Segmentation	Product, Application, Form
Key Players	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), 3F Industries Limited

 

By Product

• Specialty Oils

1. Corn oil

2. Sunflower Oil

3. Soybean Oil

4. Palm Oil

5. Cottonseed Oil

6. Coconut Oil

7. Rapeseed Oil

• Specialty Fats

1. Cocoa Butter Substitute

2. Cocoa Butter Equivalent

3. Cocoa Butter Replacers

4. Synthetic Cocoa Butter Fat

5. Human Milk Eat Substitute

6. Butter Oil Substitute

By Application

• Chocolate & Confectionery

• Bakery

• Processed Food

• Dairy

• Cosmetics

• Baby Food

By Form

• Solid

• Liquid Semi-liquid

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Australia Specialty Fats and Oils Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising demand in the food industry
         2. Increasing awareness of sustainable sourcing
      2. Restraints
         1. High cost products
      3.  Opportunities
         1. Advancement in technology
      4. Challenges
         1. Stringent government regulations
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Australia Specialty Fats and Oils Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
         1. Specialty Oils
            1. Corn oil
            2. Sunflower Oil
            3. Soybean Oil
            4. Palm Oil
            5. Cottonseed Oil
            6. Coconut Oil
            7. Rapeseed Oil
         2. Specialty Fats
            1. Cocoa Butter Substitute
            2. Cocoa Butter Equivalent
            3. Cocoa Butter Replacers
            4. Synthetic Cocoa Butter Fat
            5. Human Milk Eat Substitute
            6. Butter Oil Substitute
      2. By Application
         1. Chocolate & Confectionery
         2. Bakery
         3. Processed Food
         4. Dairy
         5. Cosmetics
         6. Baby Food
      3. By Form
         1. Solid
         2. Liquid Semi-liquid
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Australia Specialty Fats and Oils Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Australia Specialty Fats and Oils Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. AAK AB
   2. Bunge Limited
   3. Cargill, Incorporated
   4. IOI Corporation Berhad
   5. Wilmar International Limited
   6. Musim Mas Holdings Pte. Ltd.
   7. Archer Daniels Midland Company (ADM)
   8. Fuji Oil Holdings Inc.
   9. Premium Vegetable Oils Sdn Bhd (PVO)
   10. 3F Industries Limited
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1.  Qualitative Research
      1.  Primary & Secondary Research
   2.  Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.  Breakdown of Primary Research Respondents, By Region
   5.  Assumptions & Limitations

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

 

List of Figures

 

Figure 1       Australia Specialty Fats and Oils Segmentation                

Figure 2       Australia Specialty Fats and Oils Market Value Chain Analysis              

Figure 3       Company Market Share Analysis, 2022         

Figure 4       Australia Specialty Fats and Oils Market Size, By Value (USD Million), 2019–2029                  

Figure 5       Australia Specialty Fats and Oils Market Share, By Product, By Value, 2019–2029                  

Figure 6       Australia Specialty Fats and Oils Market Share, By Application, By Value, 2019–2029          

Figure 7       Australia Specialty Fats and Oils Market Share, By Form, By Value, 2019–2029                  

 

List of Tables

 

Table 1        Australia Specialty Fats and Oils Market Size, By Value (USD Million), 2019–2029         

Table 2        Australia Specialty Fats and Oils Market Size, By Product, By Value, 2019–2029         

Table 3        Australia Specialty Fats and Oils Market Size, By Application, By Value, 2019–2029 

Table 4        Australia Specialty Fats and Oils Market Size, By Form, By Value, 2019–2029

Table 5        AAK AB Company Overview

Table 6        AAK AB Financial Overview

Table 7        Bunge Limited Company Overview

Table 8        Bunge Limited Financial Overview

Table 9        Cargill, Incorporated Company Overview

Table 10      Cargill, Incorporated Financial Overview

Table 11      IOI Corporation Berhad Company Overview

Table 12      IOI Corporation Berhad Financial Overview

Table 13      Wilmar International Limited Company Overview

Table 14      Wilmar International Limited Financial Overview

Table 15      Musim Mas Holdings Pte. Ltd. Company Overview

Table 16      Musim Mas Holdings Pte. Ltd. Financial Overview

Table 17      Archer Daniels Midland Company (ADM) Company Overview

Table 18      Archer Daniels Midland Company (ADM) Financial Overview

Table 19      Fuji Oil Holdings Inc. Company Overview

Table 20      Fuji Oil Holdings Inc. Financial Overview

Table 21      Premium Vegetable Oils Sdn Bhd (PVO) Company Overview

Table 22      Premium Vegetable Oils Sdn Bhd (PVO) Financial Overview

Table 23      3F Industries Limited Company Overview

Table 24      3F Industries Limited Financial Overview