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Specialty Oils Market information by type (soybean oil, cottonseed oil, palm oil, coconut oil, rapeseed oil), process type (hot pressed, cold pressed), application (food, pharmaceuticals, cosmetics & personal care), and region - forecast till 2028

ID: MRFR/F-B & N/1305-HCR | 110 Pages | Author: Varsha More| May 2024

Global Specialty Oils Market Overview

 The term specialty oils especially refer to the commodity oils that have special dietary and functional properties. They are derived from the sources like palms, coconuts, soybeans, sunflower, rapeseed, peanuts, and olive oils.

In 2021, the estimated value of the specialty oils market is US $12.6 billion, and it is projected to grow at a significant rate of 7.8% to reach the US $19.8 billion by 2028. This number will increase day by day due to the growing demand for bakery, processed food, and nutritious food products. This growing market of specialty oils is helping to raise the living standards of a large segment of the population, especially developing the markets that trigger demand for a variety of edible fats and oils.

COVID-19 Analysis

During COVID-19, the supply and demands of specialty oils faced stringent measures. The global Specialty Oils Market shifted due to the coronavirus response with an increasing uncertainty regarding the prices of these commodities. Palm Oil, the largest type of globally produced oil, also faced the same impact and has been hit hard by declining demand amid price uncertainty. According to top producers of vegetable oil markets such as Wilmar International and Mahwah Group, in Indonesia and Malaysia, the epidemic has disrupted the palm oil trade and disrupted their production. But the bakeries and confectionery industries noticed an increase in sales as people stocked these products during the lockdown.


 Specialty Oils Market by Segmentation.png

Market Dynamics


The main drivers of the specialty oils are algae oil, avocado oil, butter oil, coconut oil fish oil, flax oil, hemp seed oil, tree nut oil, and sesame seed oil. These oils not only have unique properties that make them desirable in industrial and non-edible applications but also are marketed for their health-promoting properties.


 As the saying goes, anything excess is poison. Similarly, excessive consumption of these specialty oils can be harmful to human health as well. They increase the level of low-density lipoproteins and decrease the level of high-density lipoproteins in the blood, which increases the risk of thrombosis. This is due to the PUFA in vegetable oil which oxidizes automatically during food processing, resulting in inflammatory peroxides and hydroperoxides.


The main challenge in this Specialty Oils Market is the gap between the demand and supply of oilseed products, like edible oils, due to their limited availability. India and European countries import large quantities of palm oil from Indonesia and Malaysia, which are the top producers due to their favorable climatic conditions.


For many years the preference for natural products has been growing significantly over synthetic chemicals in the beauty and personal care industry. Particularly in the Asia-Pacific region, the ultimate causes to drive the market for organic cosmetics and personal care products are the millennial population growth, online presence, and internet usage, and increasing per capita income for sustainable and growing awareness of environmentally friendly products. This resulted in an increase in demand for the specialty oils market in recent days. 

Growth Analysis

The continued growth of the specialty oils market is due to its wide range of uses for cosmetic manufacturing and personal care products, as well as its high adaptability for food processing (e.g., extraction), where it can be used as an enhancer or bio-fuel additive.

The specialty oils market is growing at a significant rate. With new innovations in technology, the market is seeing more and more people switching to specialty oils. There are multiple benefits of utilizing higher-quality oils, such as cost reduction, safety, and environmental safety.

While there are some risks associated with the usage of Specialty Oils Market due to the newness of the industry, there is potential for high growth in this market in the future. The concentration process will be done by a specialized company that will be working on a joint venture basis with a food manufacturer or a food product manufacturer.



Specialty Oils Market get benefits from the recent advancement in seed breeding, extraction technology, functionality improvement, and competition in the billion-dollar field. High-oleic / high-omega-9s continue to bring success along the lines of soy, canola, and sunflower oils that originally redefined the edible oil industry a few years ago with the help of conventional breeding practices versus genetic modification. Not only that, material technologists are focusing on extending the shelf life of oils without compromising on clean label conditions.

Application Areas

Specialty oils are applied in various fields of our daily lives. In highly developed and rapidly urbanizing countries, there is a growing focus on the emerging trend of feeding infants with infant formula and infant food lipids, which are primarily imitated based on the composition of mother's milk. To balance the overall fatty acid composition in mother's milk, specialty fats and oils play a crucial role. Not only that, they are used for different edible oils like butter oils, avocado oils, sunflower oils, and many more.

Regional Analysis

The growing use of fast and processed foods in the North American region is responsible for the region's high Specialty Oils Market share. This region includes highly developed countries such as the United States and Canada with high-income populations. The American diet consists of more than 60% processed fruits which led to the use of specialty oils.

Competitive Landscape

Due to constant competition in the specialty oils market, there is constant progress in their technology for processing foods. The main players with a CAGR of 10.1% in this field are:

  •  Manildra Group,

  •  Mewah International,

  •  Muslim Mas,

  •  The Nisshin Oillio Group,

  •  Wilmar International,

  •  AAK AB,

  •  Bunge,

  •  Cargill,

  •  D&L Industries,

  •  Fuji Oil,

  •  International Foodstuff Company Limited (IFFCO),

  •  IOI Group,

  •  Elonex,

  •  Intercontinental Specialty Fats SDN BHD,

  •  3F Industries,

  •  Golden Agri-Resources (GAR),

  •  Liberty Oil Mills Ltd.,

  •  Gold Coast Commodities,

  •  MOI International,

  •  Oleofats, Inc.,

  •  Kala Gostaran Sabz Andish Co., Ltd.,

  •  Premium Nutrients Berhad,


  •  Nine Stars Worldwide (M) SDN BHD

  •  Intercontinental Specialty Fats Sdn. Bhd.,


Recent Trends

  • Consumers are increasingly demanding healthy and indulgent food products. This is driving specialty oil companies to develop and launch oils with specific health benefits. For instance, Cargill introduced a low-saturated fat, high oleic canola oil targeted at health-conscious food businesses.

  • Companies are looking to expand their market share through acquisitions and partnerships. For example, in January 2024, Johor Plantations signed a deal with Fuji Oil Asia to develop a specialty oils and fats refinery, aiming to strengthen their presence in the market.

Recent Developments

January 2024- Johor Plantations Group Bhd has signed a venture agreement with a subsidiary of Japan's Fuji Oil Group, Fuji Oil Asia Pte Ltd, to build a specialty oils and fats refinery operating on renewable energy. The plantation group, which is scheduled for a Main Market listing on the local bourse, stated that deliberate collaboration gets together the expertise and commitment of two industry leaders and allies, along with both corporations' commitment to environmental responsibility and innovation. As per the group, Fuji Oil Group is an established global food ingredient maker. Mohd Faris Adli Shukery, the Johor Plantations managing director, said that their partnership with Fuji Oil, a global leader in food ingredients, underlines their aspiration to become an incorporated palm oil player by functioning with international partners to generate sustainable and responsible essentials for humanity. He further added that these movements also show their commitment to dealing with their country's socioeconomic requirements via innovative business ventures while guaranteeing that product traceability and integrity remain fundamental to their business. In the interim, Fuji Oil Asia MD Kunihiko Ogata stated palm oil is prime raw material for Fuji Oil Group, and the establishment believes targeting sustainable palm oil to be its societal responsibility. He further said that Fuji Oil Group and Fuji Oil Asia would vigorously engage in the supply of sustainable and traceable palm oil to influence to society by working to solve the world's food and health challenges. With the foundation of this specialty oils and fats refinery, Johor Plantations will assist the production of higher-value and quality palm oil derivatives and specialty products to improve the market competitiveness for both Johor Plantations and Fuji Oil. The extra revenue streams across the complete value chain will also assist in cushioning the plantation group against probable gambles, bolster resilience in the dynamic market environment, and enable higher margins for the company's palm oil products.

To establish a certified coconut oil supply chain, to improve the livelihood of coconut farmers in the Philippines and Indonesia, and to strengthen the company's supplies for coconut oil, BASF (Germany), Cargill, Procter & Gamble (P&G) (US), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH (Germany) entered in a partnership under the development PPP (Public-Private Partnership), in November 2019.

Cargill and nine other prominent palm oil producers—Bunge Limited, Golden Agri Resources, Musim Mas, Unilever, Wilmar, Nestlé, PepsiCo, Sime Darby Plantation, and Mondelez International— announces a partnership to support and fund the new radar-based forest surveillance system, which will not only help identify deforestation but also help companies improve product chain sustainability on December 2019.

Report Outlook

This is a market research report on the specialty oils market. It provides an in-depth analysis of the global market size along with insights into various segments within it.

  • Historical Period: 2015

  • Base Year: 2019

  • Forecast Period: 2020-2026

Market Segmentation

 By Type

  • Palm Oil

  • Coconut Oil

  • Soybean Oil

  • Sunflower Oil

  • Rapeseed Oil

  • Olive and Peanut.

 By Application

  •  Processed foods

  • Animal nutrition

  • Dairy products

  • Infant nutrition

 By Geography

 North America:

  •  United States

  • Canada

  • Mexico


  •  United Kingdom

  • Germany

  • France

  • Italy

  • Russia

Asia Pacific

  • China

  • Japan

  • India

  • Australia

 South America

  • Middle East

  • Africa

Frequently Asked Questions (FAQ) :

Based on type, the palm oil segment, based on process, the cold pressed segment, and based on application, the food products segment, holds majority shares in the Global Specialty Oils Market.

Rising awareness among consumers about the health benefits and augmenting demand in pharmaceutical applications, are major tailwinds pushing the growth of the Global Specialty Oils Market.

Asia Pacific holds the largest share in the Global Specialty Oils Market, followed by North America and Europe, respectively.

La Tourangelle (France), Beidahuang Group (China), Roland Food (U.S.), AFRUE (Spain), J-OIL Mills Inc.(Japan), Bunge Limited (U.S.), Corilanga (Italy), Sales Corporation (India), Dr. Adorable (U.S), Naturalist, LLC (Russia), Shiv Silverline Chemical Ltd (India), Cargill (U.S.), Agro International ltd (Bangladesh), BST International (Turkey), and The Savola Group (Saudi Arabia), are some of the top players operating in the Global Specialty Oils Market.

Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global specialty oils market adopt to gain a larger competitive advantage.

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