Specialty Fats & Oils Market Is Expected To Grow At A CAGR from 2019-2028

Specialty fats are a group of fats which requires special fractionation techniques. The fats are applied in a whole range of special foods where specific physical properties are required. They are applied in combination with other ingredients like cocoa powder, milk products, sugar, flavours and a whole range of other additives, and are mostly consumed as such. Specialty oils on the other hand, are the class of oils that are used as dietary supplements and finds exclusivity amidst commodity oils.

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SPECIALTY FATS & OILS MARKET OUTLOOK

Specialty oils and fats have an increasing number of applications in the food industry, due to growing consumer interest in clean label functional foods and the emerging markets in free-from and specialist foods.  The specialty oil & fat market is driven by factors such as the growing gap between cocoa butter demand & supply and an upsurge in the consumption of confectionery and processed foods. The major companies in the food industry are investing in R&D activities to expand their specialty fats & oils product portfolios and attract more consumers by providing advanced products.

SPECIALTY FATS & OILS MARKET SEGMENTAL OVERVIEW

The report analyses the global specialty fats & oils market based on product, form, functionality, end user and geography. The various products studied in the market include specialty oils and specialty fats. Specialty oils include palm oil, soya oil, peanut oil, coconut oil, rapeseed oil, sunflower oil, olive oil and others. Specialty fats are accessible as cocoa butter substitutes, cocoa butter equivalent (CBE), cocoa butter improver (CBI) and cocoa butter replacer (CBR), dairy fat replacers (DFRs) and others. These products are offered in several forms including dry and liquid. The specialty fats & oils offers various functionality such as, molding, filling, coating, stabilizing, texturing, health and other functions. The end users of the market are industrial (food and beverages industry (chocolates & confectioneries, bakery products, processed foods, dairy products and others), personal care and cosmetics and others), commercial (hotel/restaurant/café) and household.

SPECIALTY FATS & OILS MARKET BY GEOGRAPHY

By geography, the global specialty fats & oils market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world. The Asia Pacific accounted for the largest market share in 2019 of the global specialty fats and oils market. Asia-Pacific region comprises of economies such as India, and China that are leading consumers of specialty fats and oils. The region has also witnessed a rapid expansion in the application spectrum of specialty oils and fats like personal care, cosmetics, and animal feed among others. The specialty fats & oils market is consolidated in the Asia Pacific and dominated by a few companies such as the Nisshin Oillio Group, IOI Loders Croklaan, Manildra, D&L Industries, Fuji Oil, Musim Mas, Mewah International, and Wilmar International.

SPECIALTY FATS & OILS MARKET KEY PLAYERS

The major companies operating in the specialty fats & oils market include Cargill (United States), Wilmar International (Singapore), Bunge (United States), AAK AB (Sweden), Manildra (Australia), D&L Industries (Philippines), Fuji Oil (Japan), Musim Mas (Singapore), Mewah International (Singapore), IFFCO (UAE), and The Nisshin Oillio Group (Japan). 

SPECIALTY FATS & OILS MARKET HIGHLIGHTS

  • The specialty oils segment accounted for the largest market share in global specialty fats and oils market in 2019. Various oils are attributing the growth of specialty oils segment such as the palm oils are majorly used to produce specialty oils & fats due to their compositions and wide availability.
  • The stabilizing functionality dominated the specialty fats & oils market in 2019. The use of stabilizing agents delays the deterioration in quality of the product due to oxidation, thereby prolonging shelf life while also enhancing the end product’s quality.
  • Asia Pacific stands distinctly with a significant market share in 2019 and is anticipated to grow at a fastest growth rate during the forecast period, owing to rising disposable income, purchasing power, growing middle class population, and changing dietary habits.

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