Rising Health Concerns to Boost Saudi Arabia Specialty Fats & Oils Market
Increasing
gap between demand and supply of cocoa butter in food industry along with
rising health concerns among people to drive demand for
specialty fats & oils across
Saudi Arabia through 2024
According to TechSci Research report, “Saudi Arabia Specialty Fats & Oils Market By Type, By Form, By Functionality, By Application, Competition, Forecast
& Opportunities, 2024”, Saudi Arabia specialty fats & oils
market is forecast
to reach $ 281 million by
2024. Anticipated growth in the
market can be attributed to increasing use of specialty fats and oils as a
replacement for cocoa butter and other oils that are not healthy for cardiac
health. Cocoa butter is widely used in various food industries such as chocolate,
confectionery and bakery industry for molding, texturing and filling. However, supply
of cocoa butter is constrained in Saudi Arabia along with its higher price,
which is pushing end use industries to opt for cocoa butter alternatives.
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In Saudi Arabia, people are more inclined towards consumption of
non-vegetarian food that requires deep frying, which alters the nutritional
value and flavor of the cooked food. Thus, people are now shifting towards
specialty oils such as palm kernel oil, extra virgin olive oil, etc., that keep
nutritional value and flavor of the food intact. This factor is expected to drive
demand for specialty oils during forecast period. Additionally, chocolate,
confectionery and bakery manufacturers are shifting towards the use of
specialty oils to provide creamy texture and enhance the flavor of end
products. Furthermore, cocoa butter alternatives such as cocoa butter replacer,
cocoa butter substitutes and cocoa butter equivalent are available at
economical prices as compared to cocoa butter, so they are increasingly
becoming a preferred choice in chocolate, confectionery & bakery industry.
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“Central region is the
highest demand generating region for specialty fats and oils in Saudi Arabia.
The region has the capital city Riyadh, which is one of the most populated
cities with high purchasing power. Moreover, central region has better road
connectivity and infrastructure that makes the region suitable for industrial
set ups. This factor is attracting investments from leading food and beverage
companies, which is anticipated to boost demand for specialty fats & oils
across the region over the next five years as well.”
said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Saudi Arabia Specialty
Fats & Oils Market By Type, By Form, By Functionality, By Application, Competition,
Forecast & Opportunities, 2024” has evaluated the future growth potential of Saudi
Arabia specialty fats & oils market and provides statistics and information
on market structure, size, share and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decision. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
present in Saudi Arabia specialty fats & oils market.
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