Global Specialty Fats and Oils Market is expected to foresee significant growth during the forecast period. North America to witness the highest growth

Global Specialty Fats and Oils Market was valued at US$ ~12 Billion in 2020 and is anticipated to reach more than US$ 20 Billion by 2027 displaying an elevated CAGR of ~8% over the forecast period (2021-2027). Specialty fats & oils are the integral components in a wide range of products such as margarine, shortenings, dressings, confectionery products, baked goods, snack foods, infant formulas, and non-dairy creamers. Specialty fats & oils feature several important functionalities as a filling, coating, stabilizing as well as texturing, which play a pivotal role in various food processing. The growth in food processing couple with the rising end-users awareness is acting as a growth catalyst to the industry. As per Deloitte, 57% of global consumers say they are now more concerned about their immunity because of Covid-19. Also, 28% of consumers will switch to a frozen or processed alternative when faced with a stockout of the fresh item they intended to purchase.

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On account of the growing health concerns of the customers, leading food manufacturers are opting for good fatty acids as an important ingredient in food products. Food manufacturers are utilizing specialty oil and fats for producing a range of confectioneries for health-conscious customers. The growing demand for chocolates is acting as a growth catalyst to the industry. As per Statista, Chocolate consumption continues to grow around the world year after year. In 2019, total consumption is expected to reach 7.7 million metric tons.

Furthermore, the growing demand for infant nutrition for several reasons is leading to the growing g demand for products with healthy content. As per Office for National Statistics (ONS), the number of mothers in the labor market had grown substantially over the last two decades, globally. Moreover, in the United Kingdom around 66.2% of mothers were in employment in 2000, which rose to 75.1% by 2019.

As per The International Food Information Council’s 2020 Food & Health Survey, 54% of all consumers, and 63% of those 50+, care more about the healthfulness of their food and beverage choices in 2020 than did in 2010; healthfulness is the biggest mover, more so than taste and price. Therefore, the awareness about healthy eating during COVID has increased and the demand for specialty fats and Oils witnessed a sharp rise.

Based on the Type, the market is fragmented into Speciality fats and Specialty Oils. The Speciality fats grabbed XX% market share in 20202 and gathers USD XX Mn. Moreover, the market of this segment is expected to reach USD XX MN by 2027 by growing at a CAGR of XX% during 2021-27. However, specialty oil is expected to witness a considerable share during the forecast period.

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Based on the Form, the market is fragmented into Dry and Liquid. The Liquid segment grabbed the major market share and dominated the market. The segment captured XX% market share in 2020. The demand for the liquid form segment is attributed to the growing demand for the processed food, packaged food, confectionery, etc., as this form of specialty fats & oils plays a major role in products such as ready to eat, processed food, etc.

Additionally, the report provides detailed initiatives that are being taken in the field of Specialty Fats and Oils. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America region dominated the market with US$ XX million in 2020. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period on account of rising disposable income and demand for processed and packaged food in the countries such as China, India, and Japan.

Global Specialty Fats and Oils MarketSegmentation

Market Insight, by Type

• Specialty Fats
  • Cocoa Butter Equivalents
  • Cocoa Butter Substitute
  • Cocoa Butter Replacer
  • Cocoa Butter Improvers
  • Dairy Fat Replacers
  • Other Specialty Fats
• Specialty Oils
  • Palm Oil
  • Soyabean Oil
  • Coconut Oil
  • Sunflower Oil
  • Rapeseed Oil
  • Other Specialty Oil

Market Insight, by Form

• Dry
• Liquid

Market Insight, by Application

• Chocolate & Confectionery
• Bakery Product
• Processed Food
• Animal Nutrition
• Dairy Product
• Infant Nutrition
• Other Application

Market Insight, by Functionality

• Molding
• Filling
• Coating
• Stabilizing
• Texturing
• Other Functions

Market Insight, by Region

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • France
  • Germany
  • Spain
  • Italy
  • United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• Cargill Incorporated
• Wilmar International
• Bunge Limited
• Mewah International
• Aak Ab
• International Foodstuff Company Limited (Iffco)
• Musim Mas
• Fuji Oil
• Manildra Group
• Bako Wales