Global Specialty Fats and Oils Market
Global Specialty Fats and Oils Market was valued US$80.6 Bn in 2017 and is expected to reach US$142.1 Bn by 2026, at a CAGR of 7.35 % during a forecast period.
The specialty fats & oils market is segmented into product type, form, functionality, application, and region.
In terms of product type, specialty fats & oils market is segmented into specialty oils and specialty fats.
Based on form segment, specialty fats & oils market is classified into dry, and liquid. Further functionality, specialty fats & oils market are divided into the molding, texturing, filling, coating, health, and others. In terms of application, specialty fats & oils market is classified into chocolates & confectioneries, processed foods, bakery products, dairy products, and others.
Based on regions, the global specialty fats & oils market is divided into five main regions are North America, Europe, Asia-pacific, Latin America and Middle East & Africa.
Global Specialty Fats and Oils Market
Based on application, bakery products segment dominated the market due to increased production and consumption of ultra-processed food, mainly bakery products such as bread, pastries, cakes, and cookies.
On the basis of product types, the specialty fats & oils market is segmented into specialty oils, and specialty fats. Specialty oils is further sub-divided into corn oil, sun flower oil, blend oil, soybean oil, palm oil, cottonseed oil, coconut oil, rapeseed oil, and others and specialty fats is classified into cocoa butter substitute, cocoa butter equivalent, cocoa butter replacers, synthetic cocoa butter fat, human milk butter substitute, butter oil substitute, spray oil, dairy fat replacers, and others. The palm oil segment accounted for the largest share, followed by the soybean segment due to their compositions and wide availability. Palm oil is refined, bleached, and deodorized to obtain specialty fat.
In terms of form, dry segment accounted for a larger market share followed by the liquid segment. Dry oils provide optimum fat content and maintain the palatability & quality of food product, thereby stimulating the market demand for dry oil.
Increasing health awareness by a consumer to reduce body cholesterol level, enhancing the nutritive value of a product, customers are started following strict health norms in order to enhance the quality of their life are a major driving factor for the expansion of the specialty fats and oils market. Additionally, global specialty fats & oils market are projected to reach highest CAGR during the forecast period, due to rising income, growing purchasing power, growing demand for processed food and growing middle-class population.
The major restraining factor for global specialty fats & oils market are rising health concerns related to excessive consumption of fats & oils, consumption of trans-fatty acids is strongly associated with an increased risk of cardiovascular diseases and cancer. More regulations on the usage of liquid oils used directly in sweet goods and icings. These factors are expected to hamper the growth of the specialty fats & oils market.
According to a region, Asia Pacific region is predictable to the fastest-growing market, and it also accounted for the largest share in the market due to rising purchasing power, a rapid growth of the middle-class population, and consumer demand for processed products.
The key market players of the global specialty fats & oils market are Cargill Inc., Wilmar International Limited, Intercontinental Specialty Fats, Puratos Group NV, IFFCO Group, 3F GROUP, Musim Mas Group, Fuji Oil USA, Oleo-Fats Inc, De Wit Specialty Oils, Mewah Group, IOI Corporation Berhad, Archer Daniels Midland Company, Bunge Limited, AAK AB, The Hain Celestial Group Inc., Ventura Foods, Apical Group Ltd, Liberty Oil Mills Ltd, Adams Group, and PRESCO PLC.
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Scope of Global Specialty Fats & Oils Market:
Global Specialty Fats & Oils Market, By Product Type:
- Specialty Fats
- Cocoa Butter Equivalents
- Cocoa Butter Substitutes
- Cocoa Butter Replacers
- Cocoa Butter Improvers
- Dairy Fat Replacers
- Other Specialty Fats
- Specialty Oils
- Palm Oil
- Soybean Oil
- Coconut Oil
- Cotton Seed Oil
- Rapeseed Oil
- Other Specialty Oils
Global Specialty Fats & Oils Market, By Form:
- Dry
- Liquid
Global Specialty Fats & Oils Market, By Functionality:
- Molding
- Texturing
- Filling
- Coating
- Health
- Others
Global Specialty Fats & Oils Market, By Application:
- Chocolates & Confectioneries
- Processed Foods
- Bakery Products
- Dairy Products
- Others
Global Specialty Fats & Oils Market, By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Key Players Operating In Global Specialty Fats & Oils Market:
- Cargill Inc.
- Wilmar International Limited
- Intercontinental Specialty Fats
- Puratos Group NV
- IFFCO Group
- 3F GROUP
- Musim Mas Group
- Fuji Oil USA
- Oleo-Fats Inc
- De Wit Specialty Oils
- Mewah Group
- IOI Corporation Berhad
- Archer Daniels Midland Company
- Bunge Limited
- AAK AB
- The Hain Celestial Group Inc.
- Ventura Foods
- Apical Group Ltd
- Liberty Oil Mills Ltd
- Adams Group
- PRESCO PLC
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