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Specialty Fats & Oils Market Analysis, Size, Share, Growth, Trends, and Forecast – 2023

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Specialty Fats & Oils Market Analysis, Size, Share, Growth, Trends, and Forecast – 2023

November 05
18:17 2019
Specialty Fats & Oils Market Analysis, Size, Share, Growth, Trends, and Forecast - 2023

MarketsandMarkets™
The specialty fats market is projected to reach USD 3.66 Billion by 2023, growing at a CAGR of 9.4%. The specialty oils market is projected to reach USD 21.19 Billion by 2023, growing at a CAGR of 6.3%.

The report “Specialty Fats & Oils Market by Oil Type (Palm, Soybean, Rapeseed, Coconut), Fat Type (CBE, CBR, CBS, CBI), Application (Chocolates & Confectioneries, Bakery, Dairy Products), Form (Dry, Liquid), and Region – Global Forecast to 2023″, The markets for specialty fats and oils were valued at USD 2.13 Billion and USD 14.67 billion in 2017 and are projected to reach USD 3.66 Billion and USD 21.19 Billion by 2023, at CAGRs of 9.4% and 6.3%, respectively. The market is driven by factors such as the increasing gap between cocoa butter demand & supply and an increase in the consumption of confectionery and processed foods. The major players in the food industry are investing in R&D activities to expand their specialty fats & oils product portfolios and attract more consumers by providing innovative products.

Specialty Fats & Oils Market

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Growth in the consumption of confectionery and processed foods

Global economic growth has led to an increase in disposable incomes and busy lifestyles, which in turn has led to an increase in the demand for processed food and confectionery products. In emerging economies such as India and China, the growing urban population with changing food habits is driving the demand for processed food, fueling the demand for specialty fats & oils.

The demand for confectionery and chocolates across the globe is influencing the specialty fats & oils market to a large extent. As per the Statistical Bulletin of CAOBISCO (Association of the Chocolate, Biscuit & Confectionery Industries of the EU) the biscuits, confectionery, and chocolate industry contributed majorly towards the European economy. It stated that the production in Europe reached nearly 1,736.98 metric tonnes in 2015, increasing at a rate of 2.3% from 2014. As per a recent report from CBI Trade Statistics, Switzerland accounted for a per capita consumption of 9 kg of chocolate, followed by Germany with 79 kg, Austria with 7.8 kg, and Ireland and the UK with 6.6 kg in 2015. Consumption of confectionery food products is expected to see growth in future as well. This will act as a catalyst for the growth of the specialty fats & oils market.

Health concerns related to excessive consumption of fats & oils

Excessive consumption of hydrogenated fats & oils increases the level of LDLs (low-density lipoproteins) and decreases the level of HDLs (high-density lipoproteins) in the blood, thereby increasing the risk of thrombosis. Vegetable oils that are high in polyunsaturated fatty acids (PUFA) may cause inflammation of cells and lead to an imbalance in the digestive system. This is because the PUFA in vegetable oils oxidize automatically during food processing, resulting in the production of inflammatory peroxides and hydroperoxides. The total calories that various fats & oils contain lie between 80 cal and 124 cal. Hence, the consumption of fats & oils in the diet should be limited. Coconut and palm kernel oils should be used or consumed sparingly. The calories and total fat content in butter and margarine is comparatively less than in other types of oils.

Confectionery fats are one of the major food sources of trans-fat. Trans-fatty acids occur naturally in small amounts in foods produced from ruminant animals. However, most trans-fatty acids in the diet are produced during the process of partial hydrogenation (hardening) of vegetable oils into semi-solid fats. Therefore, they are found in hard margarine, partially hydrogenated oils, and in some confectionery products. The consumption of trans-fatty acids is strongly associated with an increased risk of cardiovascular diseases and cancer. As a result, there are more regulations on the usage of liquid oils directly in sweet goods and icings. Thus, awareness about the negative health effects of trans-fatty acids is affecting the confectionery fats & shortenings market, and in turn, the confectionery ingredients market.

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The Asia Pacific dominated the specialty fats & oils market in 2016.

The Asia Pacific accounted for the largest market share in 2016. The specialty fats & oils market is consolidated in the Asia Pacific and dominated by a few companies such as The Nisshin Oillio Group, IOI Loders Croklaan, Manildra, D&L Industries, Fuji Oil, Musim Mas, Mewah International, and Wilmar International. In Asia Pacific countries such as China and Indonesia, the specialty fats & oils market is driven by the rising preferences for bakery products, chocolates, and confectioneries. Also, Malaysia and Indonesia are the world’s largest producers and exporters of palm oil. These factors have fueled the growth of the specialty fats & oils market in the Asia Pacific region.

This report includes a study of the marketing and development strategies, along with the product portfolios of the leading companies. It includes the profiles of leading companies such as Cargill (US), Wilmar International (Singapore), Bunge (US), AAK AB (Sweden), IOI Group (Malaysia), Manildra (Australia), D&L Industries (Philippines), Fuji Oil (Japan), Musim Mas (Singapore), Mewah International (Singapore), IFFCO (UAE), and The Nisshin Oillio Group (Japan).

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