LONDON--(BUSINESS WIRE)--As awareness about the consequences of using particular oils on human health and the environment continues to rise, the market will see a radical shift in the types of fats and oils that consumers prefer and use. Consumers are overwhelmingly choosing healthier and more environmentally-friendly products, and are also increasing their use of edible oils as part of a healthy lifestyle. According to Infiniti Research, the global oils and fats market is expected to be valued at over USD 170 billion by 2020; APAC will account for a share of more than 50% of the market.
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Thanks to social media and the internet, consumers are rapidly becoming more aware of the environmental and health impacts of the products that they are using. This is especially true for food products as healthy food and lifestyle trends are continuing to grow in popularity worldwide. Due to this increased awareness, the global oils and fats market is undergoing a shift from conventionally popular products to more niche or exotic oils and fats that are healthier and have less of a negative impact on the environment, such as coconut oil, macadamia nut oil, and avocado oil.
Palm oil is one product that has recently come under fire and is experiencing a decline in popularity. Palm oil is commonly used as a healthy alternative to potentially dangerous trans fats, and can be found in many foods, including peanut butter, spreads, and commercial baked goods. However, recent findings from the European Food Safety Authority suggest that palm oil can actually be harmful to human health and has the potential to cause cancer due to the substances it produces when it is processed at high temperatures. Though these findings have yet to be confirmed, the association between palm oil and cancer is driving consumers towards alternatives. Additionally, according to the World Wildlife Fund, the harvesting of the oil palm tree is causing deforestation and ruining the natural habitats of a huge number of plants and animal species in regions like Malaysia and Indonesia. This too is turning consumers away from purchasing palm oil and other products that contain it, and is encouraging the growth of healthier fats and oils that can be harvested and produced in an ethical and environmentally-friendly manner.
Because of the large number of products available in the global oils and fats market and their varying popularity across different regions and consumer groups, market intelligence is essential for vendors looking to gain a competitive edge in this dynamic space. Market intelligence analysts from Infiniti Research recently completed an assessment of the market potential for confectionary oils and fats applications in the food industry. In just 12 weeks, the client - a leading global agribusiness and food company with integrated operations from the farm field to the retail shelf, gained a thorough understanding of the confectionery oil and fats segment and was able to quantify potential market opportunities for its products in the food industry.
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