Specialty Fats & Oils Market by Oil Type (Palm, Soybean, Rapeseed, Coconut, Cottonseed), Fat Type (CBE, CBR, CBS, CBI, Dairy Fat Replacers), Application (Chocolate & Confectionery, Bakery, Dairy), Form, and Region - Global Forecast to 2022
“Specialty fats market is projected to grow at a CAGR of 9.7%, whereas the specialty oils market is projected to grow at a CAGR of 6.4% in terms of value.”
The specialty fats market is projected to grow at a CAGR of 9.7% to reach USD 3.45 billion and specialty oils market is projected to grow at a CAGR of 6.4% to reach 20.15 billion by 2022. The demand for specialty fats & oils is projected to grow, owing to the increase in global demand for chocolate & confectionery, processed foods, and focus on cutting processing costs. Food applications of specialty fats & oils account for a major share in terms of consumption as compared to other non-food applications such as personal care and cosmetics.
“Cocoa butter equivalents is projected to be the fastest growing segment in the specialty fats market.”
Cocoa butter alternatives are derived from a wide range of vegetable fats & oil, which are available in the industry to substitute cocoa butter in food and industrial applications. Cocoa butter alternatives are classified into cocoa butter equivalents/improvers (CBE/CBI) and cocoa butter replacers (CBR). According to Mintec Limited (U.K.), the price of cocoa butter increased by 65% from 2013 to 2014. The increasing price of cocoa butter has resulted in the increase in use of cocoa butter alternatives in the chocolate & confectionery industry. In terms of value, the cocoa butter equivalents segment is projected to grow at the highest CAGR between 2017 and 2022, CBEs are majorly used in the chocolate industry due to their bloom-stable properties; they also reduce the manufacturing cost of end products.
“Asia-Pacific projected to be the fastest-growing region in the market.”
The Asia-Pacific region is estimated to account for the largest share, in terms of both value and volume, in the global specialty fats & oils market, in 2016. This region comprises developing economies such as China and India, which are the largest consumers of specialty fats & oils in the world owing to the factors such as increased income, and the growing demand for fats & oils in the number of non-food industries such as personal care, cosmetics, and animal feed.
Break-up of primaries:
By Company Type: Tier 1 – 50 %, Tier 2 – 22%, and Tier 3 – 28%
By Designation: C level – 28%, Director level – 22%, and Others – 50%
By Region: North America - 59%, Europe – 11%, Asia-Pacific – 22%, and RoW – 08%
The specialty fats & oils market is dominated by key players such as Bunge Limited (U.S.), International Foodstuff Company Holdings Limited (UAE), Wilmar International Limited (Singapore), and Cargill, Incorporated (U.S.). Other players in this segment include AarhusKarlshamn (Sweden), IOI Group (Malaysia), Olenex (Switzerland), Musim Mas Holdings Pte. Ltd (Singapore), and Mewah Group (Singapore).
The report provides a picture on the specialty fats & oils market across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as specialty oils type, specialty fats type, application, form, industry verticals, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall specialty fats & oils market and the subsegments. This report will help stakeholders to better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.