(Food-Beverage-News.Com, October 28, 2019 ) The specialty fats market was valued at USD 2.13 billion in 2017, and is projected to reach USD 3.66 billion by 2023, growing at a CAGR of 9.4%. The specialty oils market was valued at USD 14.67 billion in 2017, and is projected to reach USD 21.19 billion by 2023, growing at a CAGR of 6.3%. The market is primarily driven by factors such as the increasing gap between cocoa butter demand & supply. Another growth factor can be the increase in the consumption of confectionery and processed foods. However, the several health concerns related to excessive consumption of fats & oils are expected to restrict the growth of the specialty fats & oils market in the long run. Confectionery fats are one of the major food sources of trans-fat. 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 used directly in sweet goods and icings.
“The chocolates & confectioneries segment is projected to grow at the highest rate for the specialty fats market during the forecast period.”
One of the driving factors for the increasing use of specialty fats is their enhanced rheological properties such as viscosity, which facilitates efficient production of confectionery products. Thus, specialty fats & oils contribute significantly to the overall acceptance of confectionery products, which has led to their increased popularity in chocolate & confectionery products. Owing to the wide functionalities of specialty fats & oils in chocolates & confectioneries, this segment is projected to growth at the highest CAGR.
“On the basis of form, the liquid segment is projected to grow at a higher rate in the specialty oils market during the forecast period.”
Based on the form of the specialty fats & oils, the liquid form of specialty fats & oils is projected to grow at a higher rate. High stability oils in the liquid form help in the efficient, fast, and smooth manufacturing of confectionery and bakery products. Products such as liquid shortenings provide excellent moisture retention in baked products such as cakes. These factors contribute to the popularity of the liquid form of specialty fats & oils.
“The Asia Pacific accounted for the largest share in 2016 and is projected to register the highest growth rate for both specialty fats & oils during the forecast period.” The Asia Pacific dominated the specialty fats & oils market in 2016 and is projected to be the fastest-growing market over the next seven years. The rising income, purchasing power, rapid growth of the middle-class population, and consumer demand for processed products present promising prospects for growth and diversification in the region’s specialty fats & oils sector. The application of specialty fats is estimated to increase at a higher rate due to the demand from the chocolate & confectionery industry.
The key players profiled in this report are as follows: • 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) • The Nisshin Oillio Group (Japan)