According to the current analysis of Reports and Data, the global Specialty Fats market was valued at USD 2.30 Billion in 2018 and is expected to reach USD 4.63 Billion by year 2026, growing at a CAGR of 9.1%. The global Specialty Oils market was valued at USD 15.33 Billion in 2018 and is expected to reach USD 24.63 Billion by year 2026, at a CAGR of 6.1%.
Specialty fats and oils have
witnessed a huge demand growth due to their readily useful properties such as
the ability to provide viscosity for filling, coating and moulding purposes in
various applications of food industry. While these products help as useful
substitutes of cocoa butter and as dairy fat replacer, specialty oils find
application in cooking and processing purposes. The market is very well
developed in Asia Pacific due to the huge demand for cooking oil and processed
foods. Globally, the market is also getting a boost from the growth in the
confectionery and dairy segments respectively.
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The benefits of specialty
lipids have surpassed owing to their wide scale application as coating agents,
cocoa butter substitute, ice cream fats among others. They impart a creamy
texture and enhance the flavour of the final processed food products. They
enable manufacturer to create quality baked products such as Danish puff
pastry, croissant, viennoiseries among others. These products impart bloom-stable
properties to chocolates, emulsifying properties, and viscosity to other
processed products. These products are majorly preferred than their substitutes
mainly due to the associated health benefits. These products also have
applications in the manufacturing of personal care products.
For
the purpose of this report, Reports and Data has segmented the market on the
basis of type, form, functionality, application, end-user, and region:
Type (Revenue, USD Million; 2016–2026)
- Specialty Fats
- Cocoa Butter Substitutes
- Lauric Fats
- Creaming Fats
- Creaming Fats
- Anhydrous Milk Fats
- Butter
- Margarine
- Shortenings
- Others
- Specialty Oils
- Palm Oil
- Soybean Oil
- Coconut Oil
- Cotton Seed Oil
- Rapeseed Oil
- Sunflower Oil
- Olive Oil
- Other Specialty Oils
Form (Revenue, USD Million; 2016–2026)
- Dry
- Liquid
Functionality (Revenue, USD Million;
2016–2026)
- Molding
- Filling
- Coating
- Stabilizing
- Texturing
- Health
- Other Functions
Application (Revenue, USD Million; 2016–2026)
- Chocolates & Confectioneries
- Bakery Products
- Processed Foods
- Dairy Products
- Other Applications
End Use (Revenue, USD Million; 2016–2026)
- Industrial
- Food and Beverages
- Personal and Cosmetic Care
- Others
- Household Purposes
Regional Outlook (Revenue in USD Million;
2016–2026)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East and Africa
- Latin America
- Brazil
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Further
key findings from the report suggest-
- By oil type, the palm oil segment holds the
largest share in the global market. Despite the huge market share, there
are rising concerns about environmental degradation due to palm oil
production, in the form of greenhouse gas emissions. This factor is
expected to hinder the market growth during the forecast period.
- Soybean oil holds the second largest share
globally. It is one of the most extensively consumer cooking oils. Its
processed counterpart is used for oil paints and printing inks.
- Sunflower and olive oil are also expected to
register a significant CAGR as these oils have many associated health
benefits. While sunflower oil has ample usage in frying applications and
cosmetic formulations, olive oil is registering an increasing demand on
account of its health benefits.
- By end use, the food and beverages segment hold
the largest share in the global market. These products are used as
ingredients in a vast variety of food applications.
- These specialty lipids have an important role
as a health additive and fat replacer in various foods. As food
manufacturers are embracing healthy fats and oils, these products are
witnessing an increased applicability in the food industry.
- Coating and texturing are other important
functionalities of these products. It is because of such capabilities that
these specialty lipids also find ready application in the cosmetic care
and other industrial segments.
- By region, the Asia Pacific region hold the
largest share and are also expected to witness the highest CAGR. The
increased consumer spending on food purchases and growing demand for
processed foods is the major defining factor behind the growth.
- The growing number of health concerns about the
amount of fats and oils contained in these products is hampering the
growth. Moreover, uncertain weather conditions are degrading the quality
of crop yield, which in turn is hitting the supply of these products,
ultimately inflating the raw material prices.
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Regional
Coverage:
For
a detailed understanding of the competitive landscape, a thorough regional
analysis covering North America, Europe,
Asia Pacific, Latin America, and Middle East & Africa is offered in the
report. It studies the market size, market share, revenue contribution,
production and consumption patterns, supply and demand ratio, import/export,
and the operations of the key players located in those regions. Furthermore,
the report also covers a country-wise analysis of the industry.
Industry
Trends:
The
report offers an extensive analysis of the current and emerging trends in the Specialty
Fats market. It offers insights into the trends and their impact on the growth
of the industry. Market trends relating to technological developments, product
advancements, competitive landscape, and regulatory framework, among others,
are covered in the report.
Market
Scenario, Size, and Forecast:
The
report covers macro and micro-economic factors that are anticipated to affect
market growth and dynamics. Along with this, the report also offers insights
into the social, political, economic, and legal aspects that are anticipated to
influence the growth of the market. Moreover, the report provides a thorough
analysis of the size in terms of value and volume and offers an accurate
forecast of the market growth and expansion till 2027.
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