The global Specialty fats & oils market is estimated to be USD 12.6 Billion in 2020 and is projected to reach USD 19.8 Billion by 2026.
Specialty fats & oils are the integral components in a wide range of products such as margarine, shortenings, dressings, confectionery products, baked goods, snack foods, infant formulas, and non-dairy creamers. Specialty fats & oils feature several important functionalities as a filling, coating, stabilizing as well as texturing, which play a pivotal role in various food processing. With the fluctuation in global cocoa production as well as variation in prices, over the past couple of years, there has been imbalance in the supply-demand graph. This one factor has led to the rise in demand for cocoa butter alternatives, which is one of the types of specialty fats. The Asia Pacific market is experiencing a surge in consumption rate for bakery as well as confectionery products, a rise in demand for functional food products, and a rise in awareness about the health benefits associated with the consumption of clean label food products among the consumers.
By type, the specialty oils subtype is projected to account for the fastest market growth in the specialty fats and oils market during the forecast period.
Specialty oils are oils with special dietary or functional properties and are used in supplements, special culinary applications, and cosmetics. All kinds of specialty oils, such as peanut, sunflower, soybean, rapeseed, and palm, find their applications in special applications such as cosmetics and pharmaceutically produced topical soft gels and liquid orals. In foods their key applications include frying oils, liquid butter alternatives, butter oil substitutes, filling fats, cake oils, salad oils, non-dairy creamers, and confectionery coatings, for which maintenance of their liquidity is necessary.
By application, the chocolates and confectionery subtype is projected to be the fastest growing segment in the Specialty fats & oils market during the forecast period.
The world is experiencing a steady rise in the demand for confectionaries, especially chocolates. However, according to the International Cocoa Organization (ICCO), there has been a deficit in the demand and supply of cocoa globally. In 2018-2019, the deficit accounted for 52 thousand tonnes, while in 2019-2020, it is estimated to go up to 80 thousand tonnes. Due to this, there is a rise in the need for substitutes for cocoa butter, which is strongly driving the use of specialty fats & oils in the chocolates & confectionery segment.
By form, the liquid sub-segment is projected to obtain the fastest growth rate in the Specialty fats & oils market during the forecast period.
Specialty oils products are largely used in their liquid forms for different applications such as frying, blending, cooking, and greasing. Their key applications include frying oils, liquid butter alternatives, butter oil substitutes, filling fats, cake oils, salad oils, non-dairy creamers, and confectionery coatings, for which maintenance of their liquidity is necessary. Also, the basic nature of oils is modified so that they can withstand higher oxidizing levels, and also maintain their liquidity in regions with colder temperatures.
Break-up of Primaries
- By Value Chain:Supply Side- 57%, Demand Side- 43%
- By Designation:CXO’s - 29%, Managers- 21%, and Executives – 50%
- By Region:North America – 34%, Europe – 37%, Asia Pacific –16%, Rest of the World (RoW)* – 13%.
*RoW includes South America, Africa, and Middle East.
Leading players profiled in this report
- Cargill, Incorporated (US)
- Wilmar International (Singapore)
- Bunge Limited (US)
- AAK AB (Sweden)
- Mehwah International (Singapore
- Manildra (Australia)
- Fuji Oil (Japan)
- Musim Mas (Singapore)
- IFFCO (UAE)
- Bako Wales (UK)
- Premium Vegetable Oils Sdn Bhd (Malaysia)
- PT Ingredients Partner Indonesia (Indonesia)
- Tristar Global (Malaysia)
- Universal modern Industries Co. (Jordan)
- Pan Oleo (India)
- Peerless Holdings Pyt Ltd (Australia)
- Wildoils Pvt ltd (India)
- Florin AG (Switzerland)
- Golden Agri Resources Ltd (Singapore)
This report segments the Specialty fats & oils market on the basis of type, application, form, functionality and region. In terms of insights, this research report focuses on various levels of analyses?competitive landscape, end-use analysis, and company profiles?which together comprise and discuss the basic views on the emerging & high-growth segments of the Specialty fats & oils market, the high-growth regions, countries, government initiatives, market disruption, drivers, restraints, opportunities, and challenges.
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