Specialty Oils and Vinegars Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMFB2627 | Last Updated On: Sep 27 2022 | Available Formats

> Global Specialty Oils and Vinegars Market Expected to reach a high of 6.43% CAGR By 2029: DataM Intelligence

Global Specialty Oils and Vinegars Market is segmented By Type (Specialty Oils, Vinegar), By Application (Food & Beverages, Pharmaceuticals, Personal Care, Agriculture, Others), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, Others), By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022 - 2029

 

Market Overview

[150 Pages Report] The Global Specialty Oils and Vinegars Market is expected to grow at a  CAGR of 6.43% during the forecasting period (2022 - 2029).

Specialty Oils and Vinegars Market - Strategic Insights

Metrics

Details

Market CAGR

6.43%

Segments Covered

By Type, By Application, By Distribution Channel and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Specialty oils and vinegars are vital in many industries, especially in food and beverages, fragrance and flavor, cosmetics, personal care, pharmaceuticals, and aromatherapy.  Each type of oil contains unique functional properties that provide the human body with numerous health benefits. Due to the rise in health benefits associated with the consumption of specialty oils and vinegar, consumers’ interest in the inclusion of vinegar and specialty oils in cooking gourmet and ethnic food has increased, thereby prompting the sales of specialty oils and vinegar.

Market Dynamics

Increasing demand for specialty oils and vinegars owing to its various health benefits

Global economic growth has led to an increase in disposable incomes and busy lifestyles, which in turn has led to increase in demand for specialty oils and vinegars. In addition, the growing public interest for proper nutrition has led to higher consumer inclination towards specialty oils and vinegars, as they provide various health and nutritional benefits. Due to the increasing awareness of consumers and the inclusion of vinegar as a key ingredient in various food applications, demand for vinegar has increased worldwide. The countries with the highest levels of vinegar per capita consumption in 2018 were the Netherlands (3,108 litres per 1000 persons), Germany (2,828 litres per 1000 persons) and France (2,800 litres per 1000 persons). Traditionally developed organic forms of vinegar, such as apple cider vinegar and Asia-Pacific coconut vinegar, are gaining worldwide enormous popularity. Various health benefits associated with the vinegar consumption which led to its inclusion as an ingredient. It may have a long-term, preventative effect, with an array of cardiovascular diseases, including, artery disease, heart disease, high blood pressure and stroke. It also improves the digestion and immune system. In addition, specialty oils are one such alternative with low-calorie and cholesterol contents, superior gloss retention, and excellent flavor releasing properties.

However, excessive consumption of hydrogenated oils increases the level of LDLs (low-density lipoproteins) and decreases the level of HDLs (high-density lipoproteins) in the blood, thereby increasing the risk of thrombosis. Vegetable oils that are high in polyunsaturated fatty acids (PUFA) may cause inflammation of cells and lead to an imbalance in the digestive system. Moreover, excessive consumption of vinegars can also have various side effects. For instance, excessive consumption of apple cider vinegar leads to delayed stomach emptying, digestive side effects, low potassium levels and bone loss, erosion of tooth enamel, throat burns and others. Thus, these factors may hinder the specialty oils and vinegars market.

Market Segmentation

Black vinegar has been witnessing significant utilization across wide array of vinegars

Black vinegar was first popularized in East Asia, especially in South China. It is prepared with black glutinous rice, although millet or sorghum may also be used. Demand for black vinegar is expected to be driven by its high medicinal properties. Some of its medicinal properties includes its ability to lower blood pressure and cholesterol levels. It also possesses anti-cancer properties. Black vinegar is popular as a health tonic or drink in China and Japan, and is reputed to have a range of health benefits, similar to apple cider vinegar and other vinegars. Moreover, black vinegar is driven by its wide applications in the food & beverage industry. It is considered as one of the essential components in salad dressing, sauces and soups, and food preservatives.

The market is also segmented by type of specialty oils. The cottonseed oil and soybean oil segments are expected to show significant growth among others like palm oil, coconut oil and rapeseed oil. This is due to their high usage in pharmaceutical industries.

Geographical Penetration

Asia Pacific evolved as the largest market for specialty oils and vinegars and is contributing significantly its production during the forecast period.

By geography, Asia Pacific is expected to dominate the specialty oils and vinegars market. The Asia-Pacific demand for specialty oils and vinegars is expected to be driven primarily by changing consumer habits and preferences. Japan and China remain among the top seven countries exporting vinegar to the other countries. Traditionally produced organic kinds of vinegar, such as apple cider vinegar and coconut vinegar from the Asia-Pacific countries are gaining huge popularity, worldwide. Premium-priced products, such as aged vinegar is exported at a higher volume, compared to regular vinegar, as it imparts a unique flavor to the end product. Hence, this increases the export value of different types of vinegar from the Asia-Pacific region is leading to an increase in revenue and thus driving the overall market in Asia-Pacific. Moreover, surge in the use of wood vinegar in Asia-Pacific for various applications, such as agricultural practices to improve seed germination, enrich the soil and stimulate root growth is driving the market in this region.

Competitive Landscape

The global specialty oils and vinegars market is fragmented in nature with the presence of many formulators. The market is highly competitive in terms of product price and new product developments. This is further intensifying the market competition. However, HJ Heinz Company LP, Borges Branded Foods, Australian Vinegar, and Mizkan Holdings Co. Ltd., are the major players in the market. Other key players in the market are Fuji Oil Co. Ltd, Wilmar International Ltd, and AAK AB. These companies have used various strategies such as expansions, new product launches, agreements, partnerships, joint ventures, acquisitions, and others to increase their footprints in this market. For instance, AAK acquired a Dutch vegetable oil refinery in February 2019, to increase its production capacity, support existing production facilities, and enable the continued growth of vegetable oils for food industry. Bunge Loders Croklaan opened its new edible oil processing facility in China in July 2019. This expansion helped the company to cater to the increasing demand for plant based specialty oils and fats ingredients for the food and foodservice industry in China.

COVID-19 Impact: Pandemic had a dual impact on global specialty oils and vinegars market

As this virus continues to spread rapidly at a global level, countries across the globe are trying to prevent further contagion by taking measures, such as social distancing, contact tracing, self-quarantining, surveillance, communication, and testing. The supply and demand for specialty oils and vinegars in the global market has shifted as a response to the coronavirus crisis, with an increasing uncertainty related to prices. Palm oil, which is the largest type of oil produced globally, faced the impact as demand dropped across the world, trade was disrupted, and production got hampered in Indonesia and Malaysia, according to the top producers of the vegetable oils such as Wilmar International and Mehwah Group that operate in the region.

On the other hand, the demand for specialty oils and vinegars in food and beverages industries has been increased as pandemic led to panic purchasing among the consumers and the stockpiling of food products with a long shelf life. Stockpiling among the consumers has also resulted in creating immense pressure on supermarkets & hypermarkets, convenience stores, and food suppliers globally, which is rapidly accelerating the transition to e-commerce.

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