Global specialty fats and oils market is expected to expand beyond USD XXX billion in terms of value and xxx kilo tons in terms of volume by the end of 2023. Specialty fats are special group of vegetable fats that are used as substitutes for other types of fats in a wide variety of products including chocolate, confectionery, compound coatings, fillings and spreads, ice cream, dairy products, infant formula, and cosmetics. Specialty oils on the other hands are the class of oils that are used as dietary supplements or as oils with limited application in cooking and finds exclusivity amidst commodity oils.
The major driving factor for the specialty fat is the constrained supply of cocoa butter and rising demand of chocolates and confectionary worldwide. The increasing gap between demand and supply of cocoa butter in the confectionery and chocolate industry is met by production of specialty fat. Moreover, rising awareness about the benefits of consumption of good fatty acids is a key driver for growth of specialty fats and oils market. Moreover, growing consumer preferences for products that are natural in origin is also resulting rising demand of specialty fats in application industries.
The report segments the global specialty fats & oils market by ingredients: palm oil, palm kernel oil, soybean oil, nut based oil, exotic fats and oils (majorly tropical tree seed oils), others (as specialty oils or feedstock for specialty fats). On the basis of type: confectionary fats, bakery oil/fat, culinary oil/fat, and functional oil/fat. On the basis of form: liquid, dry (solid/semisolid). On the basis of application: chocolate & confectionary, bakery, dairy, frying/cooking retail consumption, cosmetics, others (baby food etc.)
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. Scope for growth of specialty fats is highest in Asia-pacific due to lower affordability of cocoa based products. Moreover the bakery and biscuits market is growing rapidly in such countries as inter cultural foods are getting integrated in daily eating habits. In developed markets such as The U.S. in North America and Germany and United Kingdom in Europe limited supplies of cocoa butter has necessitated rising demand of specialty fats and oils. Globally, the segments such as milk fat replacers, cosmetics and specialty oils are experiencing promising growth in most of the regions of the world; as a result the demand for specialty fats and oils is expected to grow at a substantial rate over the forecast period.
- Cargill Inc.,
- Wilmar International Limited,
- Bunge Limited,
- AAK AB,
- IOI Loders Croklaan and Nisshin OilliO,
- International Foodstuff Company Holdings Limited,
- Musim Mas Holdings,
- Intercontinental Specialty Fats SDN BHD,
- 3F Industries