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Growing health concerns to boost specialty fats & oils market in Saudi
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Tuesday, 05 February, 2019, 08 : 00 AM [IST]
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Riyadh
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The specialty fats and oils market in Saudi Arabia is forecast to reach $281 million by 2024. The anticipated growth in the market can be attributed to the increasing use of specialty fats and oils as a replacement for cocoa butter and other oils that are not healthy for cardiac health.
This was among the findings of a report by research-based global management consulting firm TechSci Research, which was titled Saudi Arabia Specialty Fats and Oils Market By Type, By Form, By Functionality, By Application, Competition, Forecast & Opportunities, 2024.
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.
In the Middle-Eastern nation, people are more inclined towards consumption of non-vegetarian food that requires deep frying, which alters the nutritional value and flavour 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 the demand for specialty oils during the forecast period.
Additionally, chocolate, confectionery and bakery manufacturers are shifting towards the use of specialty oils to provide a creamy texture and enhance the flavour 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 and bakery industry.
“The 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,” said Karan Chechi, research director, TechSci Research.
“Moreover, the Central region has better road connectivity and infrastructure, which 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 and oils across the region over the next five years as well,” he added.
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 the country’s specialty fats and oils market and provided 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 decisions. Besides, it has also identified and analysed the emerging trends along with essential drivers, challenges and opportunities present in the Saudi Arabia specialty fats and oils market.
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