Specialty Fats & Oils Market: Opportunities, Trends, and Analysis

The global specialty fats & oils market size is estimated to be USD 12.6 billion in 2020 and is projected to reach USD 19.8 billion by 2026, at a CAGR of 7.8% during the forecast period. The market is primarily driven by factors such as the fluctuation in global cocoa production, increase in the consumption of confectionery and processed foods products and rise in demand for clean label food products.

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One of the major factors driving the specialty fats & oils industry is the increasing gap between cocoa butter demand & supply. Another growth factor can be the increase in the consumption of confectionery and processed foods. However, the several health concerns related to excessive consumption of fats & oils are expected to restrict the growth of the specialty fats & oils market in the long run. Confectionery fats are one of the major food sources of trans-fat. The consumption of trans-fatty acids is strongly associated with an increased risk of cardiovascular diseases and cancer. As a result, there are more regulations on the usage of liquid oils used directly in sweet goods and icings.

The cocoa butter equivalents segment is estimated to account for the largest share inspecialty fats during the forecast period, since these includes compounds such as Coberine, Choclin, Veberine which are vegetable, non-hydrogenated products containing the same fatty acids and triglycerides as are present in typical cocoa butter. These blend easily with cocoa butter and act as perfect substitutes with no change of taste. Companies such as Cargill, Incorporated; Bunge Limited; Wilmar International, and Mehwah International are key manufacturers and suppliers of cocoa butter equivalents for chocolate coatings/fillings and bakery products manufacturers. These provide economic benefits pertaining to lower costs over the use of cocoa butter, along with enhanced qualities such as gloss, snap, heat stability, moth feel, flavor release, and shelf life.

The liquid form segment is dominated by the specialty oils products, which 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. High stability oils, in their liquid forms, help in the efficient, fast, and smooth manufacturing of confectionery and bakery products. With the growing consumption of fast food, the use of liquid specialty fats & oils is increasing.

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The Asia Pacific region is estimated to account for the largest share of the global specialty fats & oils market in 2020 in terms of value. The rising income, purchasing power, rapid growth of the middle-class population, and consumer demand for processed products present promising prospects for growth and diversification in the region’s specialty fats & oils sector. The application of specialty fats is estimated to increase at a higher rate due to the demand from the chocolate & confectionery industry. Countries such as China and India recorded the highest vegetable oil consumption. According to the Food and Agriculture Organization (FAO), in 2017, China consumed about 35 million tons of vegetable oil, whereas India consumed about 23.8 million tons.

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