Saudi Arabia Specialty Fats & Oils Market is projected to reach $281 million by 2024

Saudi Arabia Specialty Fats & Oils Market stood at $177 million in 2017 and is projected to reach $281 million by 2024 on account of uncertainty in the availability of cocoa butter along with its higher price. This factor is pushing chocolate manufacturers, confectionaries and bakeries to opt for cocoa butter alternatives. Moreover, specialty fats and oils have enhanced viscosity, which is the reason for them being highly preferred in manufacturing of confectionery products.

Additionally, people are now becoming more conscious about their health and are shifting towards a healthy diet to reduce the risk of cholesterol and cardiac diseases, which is further likely to propel demand for specialty fats and oils across Saudi Arabia over the coming years. Some of the major players operating in Saudi Arabia specialty fats & oils market include Delmon Products Limited (IFFCO), Cargill, Inc, Areej Vegetable Oils & Derivatives S.A.O.C, Wilmar International Limited, Arab Malaysian Vegetable Oil Products Company Limited, Pacific Oils & Fats Industry Sdn Bhd, Mewah International Group, Parisons Group, AAK Kamani Private Limited, Fuji Oil Asia PTE. Limited, etc.

Source: Research and Markets