Innovations targeted at maintaining product quality, taste, and texture of food driving opportunities for manufacturers of PHO- and non-PHO-based oil and fat, says Fact.MR.
ROCKVILLE, Md., June 27, 2024 (GLOBE NEWSWIRE) — According to a recent research report published by Fact.MR, the global PHO And Non-PHO-Based Oil And Fat Market is expected to reach US$ 269.5 billion in 2024 and expand at 5.7% CAGR from 2024 to 2034. By the end of 2034, the market is forecasted to attain US$ 469.2 billion.
The top key factor driving this growth trajectory is the tightening regulations on trans fats. Governments and health organizations are laying down stricter regulations or outright banning partially hydrogenated oils (PHOs), which have long been used in the food industry but are currently being phased out due to their detrimental effects on health, especially cardiovascular health.
Food makers are forced to find substitute fats and oils that do not contain trans fats. This regulatory push has created a sizable market need for oils and fats that are not made from PHO. Food producers are increasingly looking for healthier alternatives to PHOs that possess all of the PHOs’ functional aspects without any of the harmful effects on health.
Together, North America and East Asia are projected to account for close to half of overall global sales of PHO and non-PHO-based oil and fat by the end of 2034. Industrial and commercial applications will account for the bulk of the market revenue over the next ten years.
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Key Takeaways from the Market Study:
- Sales of PHO and non-PHO-based oils and fats in the United States are estimated at US$ 28.7 billion in 2024.
- The South Korea market is projected to reach US$ 25 billion by the end of 2034.
- Demand for PHO and non-PHO-based oils and fats in North America is forecasted to rise at a CAGR of 5.9% from 2024 to 2034.
- China is expected to capture a market share of 48.9% in the East Asia market in 2024.
- Sales of non-partially hydrogenated oils are estimated at US$ 144.2 billion in 2024.
“Consumer awareness of and preference for healthier food options is a key factor contributing to revenue streams in the PHO- and non-PHO-based oil and fat market,” says a Fact.MR analyst.
More Consumers Looking for Eateries Utilizing Healthier Cooking Oils and Fats
Many regions around the world are enacting regulations to restrict the use of PHOs due to their negative health effects. There has been a move toward non-PHO substitutes that either contain much fewer trans fats or none at all because these regulations also apply to commercial food service operators.
Healthy food options are becoming more and more popular among consumers and institutions in the commercial segment. Consumers actively seek out restaurants that use healthier fats and cooking oils as they become more conscious of the risks associated with trans fats.
Leading Players Driving Innovation in the PHO and Non-PHO-Based Oil and Fat Market
Key industry participants like Oleo-Fats Inc., De Wit Specialty Oils, Mewah International Inc., IOI Corporation Berhad, Archer-Daniels-Midland Company, Bunge Ltd., AAK AB, The Hain Celestial Group Inc., Ventura Foods, IFFCO Group, 3F Industries Limited, Musim Mas Holdings, and Fuji Oil Holdings Inc. are driving the PHO and non-PHO-based oil and fat industry.
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PHO and non-PHO-based Oil and Fat Industry News:
Market leaders in PHO-and non-PHO-based oil and fat are offering consumers better options in response to consumer demands for increased nutrition and ingredient transparency.
- To speed up the creation of a sustainable palm supply chain and provide clients with verified goods free of deforestation, Cargill announced plans in June 2021 to build a new $200 million palm oil refinery in Indonesia.
- In May 2021, ADM planned to build its first-ever dedicated soybean crusher and refinery in the United States to meet the quickly growing demand from clients in the food, feed, industrial, and biofuel sectors—including those that manufacture renewable diesel.
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the PHO- and non-PHO-based oil and fat market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the PHO and non-PHO-based oil and fat market based on product type (partially hydrogenated oil, non-partially hydrogenated oil) and application (industrial, commercial, household), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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