According to the latest report published by Credence Research, Inc. “Global Specialty Fats and Oils Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global specialty fats and oils market accounted for US$ 15,202 Mn in 2017, expanding at a CAGR of 6.3% from 2018 to 2026.
The global market for specialty fats and oils was pegged at US$ 15,202 Mn in 2017 growing with a CAGR of 6.3% during the forecast period from 2018 to 2026. Specialty fats and oils are designed to meet the demand of various end-use industries such as bakery, food and beverages etc. Specialty fats and oils are manufactured under extensive hygienic food safety and selective process conditions. Specialty fats and oils provide excellent elasticity, gloss retention, and fat crystallization at lower viscosities and used as an alternative to saturated fats. Growing concern over the use of healthy fats and oils as an ingredient has stimulated the bakery and confectionery product manufacturers to search for healthy alternatives to integrate it into their products. Also, changing tastes and preferences of consumers in developing nations has led manufacturers to expand their product portfolio and provide innovative products at lesser prices.
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Rising demand for specialty fats in confectionary and bakery products owing to factors such as increasing consumption of chocolate products, growing popularity of dark chocolates, as well as fluctuating prices of cocoa due to the volatilizing production cost has led to the development of cocoa alternatives. Rising prices of cocoa butter has significantly driven the demand for its alternatives such as cocoa butter substitutes (CBS). Cocoa butter alternatives such as CBS are fats mixed with cocoa butter in limited concentrations and does not alter its melting, rheological, and processing properties. Specialty fats developed from the palm and palm kernel fractions such as cocoa butter substitutes (CBS) provides a creamy, smooth caramel texture to confectionery products such as fillings of cookies that provides significant opportunities for the development of cocoa butter substitutes over its counterparts. Also, increased acceptance of liquid shortenings owing to its property of retaining moisture in baked products supplement the growth of liquid form in the near future.
Based on the geography, Asia-Pacific held a significant share in the global specialty fats and oils market in 2017 with a market share of over 50% in terms of value and volume. Rapid population expansion, rising disposable income along with enhanced demand for processed food products are some of the major factors for growth of Asia-Pacific specialty fats and oils market. Moreover, specialty oil such as palm oil is widely grown and consumed in Asia-Pacific countries, which is used for manufacturing certain types of shortenings such as cake and solid shortenings. As per the statistics provided by Green Palm, Malaysia and Indonesia are the major producers and exporters of palm oil. Apart from this, palm oil being the key ingredient in the production of shortening and India is a major consumer of shortenings and margarines, leads to high demand for palm oil from convenience food, thus driving the overall market. Furthermore, rapid expansion of applications of specialty fats and oils has resulted in the growth of the specialty fats and oils market in this region.
Key market players in the global specialty fats and oils market include The Nisshin Oillio Group, Cargill Inc., Bunge Limited, IOI Group, International Foodstuff Company Limited (IFFCO), AAK AB, Musim Mas, Fuji Oil, Mewah International, Wilmar International.
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