Global Specialty Fats Market 2017-2021
About Specialty Fats
Specialty fats have a good viscosity; hence, they can be used for filling, coating, and molding, and find a wide variety of applications. These fats include cocoa butter equivalents, cocoa butter replacers, cocoa butter substitutes, filling fats, coating and cream fats, milk fat replacers, shortenings, and frying fats. These are widely used for confectionery and bakery applications as they improve the sensory and textural properties of confectionery and bakery products.
Technavio’s analysts forecast the global specialty fats market to grow at a CAGR of 9.37% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global specialty fats market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of specialty fats globally in the bakery, confectionery, dairy products, and the non-food applications such as pharmaceutical, cosmetics, and personal care.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Specialty Fats Market 2017-2021
Technavio recognizes the following companies as the key players in the global specialty fats market: Bunge, Cargill, IFFCO, IOI Loders Croklaan, and Wilmar International.
Other Prominent Vendors in the market are: AAK, BMB Margarine, FUJI OIL HOLDINGS, INTERCONTINENTAL SPECIALTY FATS, Mewah Group, Musim Mas Holdings, Olenex, Pranav Agro Industries, and Premium Vegetable Oils.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increase in strategic alliances. Manufacturers of specialty fats are investing extensively in joint ventures and acquisitions to acquire a major share of the global market and expand their presence in new regions. The alliances of these manufacturers have helped them in successfully launching their joint ventures.”
According to the report, one driver in the market is rising consumption of chocolate. The increased consumption of chocolates has led to the increased use of specialty fats in the preparation of chocolates. Chocolate, in the last couple of years, is increasingly being perceived as a better-for-you product owing to extended research that has associated cocoa’s antioxidant content to improved brain function, heart health, and reduced cancer risk. Due to the shortage of cocoa, many chocolate manufacturers include more of specialty fats in the preparation of chocolates.
Further, the report states that one challenge in the market is fluctuations in the price of raw materials. Raw materials used for manufacturing products such as confectioneries are palm kernels (palm oil) and other vegetable oils. Due to the lower production or yield of cocoa, there was a surge in the price of cocoa. This created opportunities for the alternatives of cocoa butter such as palm, shea, and other vegetable oils. Specialty fats that used in food and non-food applications are prepared from these sources. Thus, the prices of the raw materials that are used by manufacturers of specialty fats affect the production costs of specialty fats.
Bunge, Cargill, IFFCO, IOI Loders Croklaan, Wilmar International, AAK, BMB Margarine, FUJI OIL HOLDINGS, INTERCONTINENTAL SPECIALTY FATS, Mewah Group, Musim Mas Holdings, Olenex, Pranav Agro Industries, and Premium Vegetable Oils.
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