Specialty Fats & Oils Market

Specialty Fats & Oils Market registered a revenue of USD 13.1 billion in 2021 and is projected to reach USD 22.0 billion in 2029, growing at a CAGR of 6.7% during the forecast period from 2022-2029

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Market Dynamic

Key Drivers and Emerging Trends

The key drivers that are contributing to the growth of the specialty fats & oils market share include the increasing consumption of bakery and processed food products along with the rising demand for nutritional food products across the globe. Cocoa beans is the main ingredient for the production of chocolate. However, due to the significant shift in the climatic conditions, the total production of cocoa has been hampered at a large scale. Thus, the manufacturers have started using specialty fats such as cocoa butter equivalents and coca butter replacers as a substitute for cocoa beans. Moreover, the increasing preference for natural products as compared to artificial chemicals in the beauty and personal care sector is further boosting the market growth. The rising millennial population, followed by the rising awareness towards sustainable and environmentally-friendly products, has supported the growing demand for organic cosmetics and personal care products.

Restraints in the Global Specialty Fats & Oils Market

On the other hand, the growing health concerns related to the excessive consumption of fats and oils is a major factor that is hampering the growth of the specialty fats & oils market size during the forecast period. The excessive consumption of hydrogenated fats & oils surged the levels of LDLs (low-density lipoproteins) and reduced the level of HDLs (high-density lipoproteins) in the blood, therefore raising the risk of thrombosis.

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Type – Segment Analysis

Based on the type, the specialty oils is anticipated to grow at a higher CAGR during the forecast period. The specialty oils are extracted from different sources such as coconuts, palm, sunflower, and other sources. All these oils have exceptional properties, which is a major reason for their increased application in non-edible and industrial applications. With the growing demand for vegetable oils in the bakery & confectionery sector, there has been an increase in the demand for palm, coconut, and sunflower oils. Sunflower oil is used for the preparation of food products such as frozen pre-fried food products. Moreover, the emerging trend of using vegetable oils for cooking and other household purposes is further boosting the market growth.

Application – Segment Analysis

Based on the application, the infant nutrition is projected to grow at a higher CAGR during the forecast period. This is mainly due to the rising emphasis on feeding infants with infant formulas and infant food lipids, which are similar to the mother’s milk. The mother’s milk varies due to different diet patterns across various region in the world. This factor has led to a challenge to form an optimal level of nutrition, which has encouraged the manufacturers to use specialty fats and oils for the right formation of fatty acid composition. AAK AB, one of the leading supplier of value-adding specialty fats extracted from natural and vegetable sources, is offering various healthy specialty fats & oils that focuses on infants health. For example, Akonino is a customized designed product range for infant nutrition with natural composition and exceptional benefits.

Form – Segment Analysis

Based on the form type, the dry form of fats & oils is projected to dominate the market during the forecast period. The growing awareness related to the various benefits offered by the dry form, such as it facilitates the preservation of the product structure for a longer time and other benefits, are surging the growth of the segment in the market. The dry form of specialty oils & fats plays a crucial role in the production of various products such as chocolates, confectionaries, and other types of butter.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is expected to witness a faster CAGR during the forecast period. The rising demand for highly functional specialty fats and oils, particularly for the production of chocolate, is a key driver that is responsible for the regional market growth. Furthermore, the region is experiencing an increase in the demand for these fats and oils in the bakery, confectionery, and dairy sectors. China is increasingly using palm oil in place of hydrogenated oils. The confectioners are using cocoa butter equivalent (CBE) instead of cocoa butter with an aim to decrease cost, enhance functionality and sustainability.

Top Market Players

Various notable players operating in the market include Cargill, Incorporated, Wilmar International Ltd., Bunge Limited, Mewah Group, AAK AB, IFFCO, BASF SE, FUJI OIL CO., LTD., Manildra Group, and BAKO WALES, among others. 

Key Developments:

• • In 2019, BASF SE, Cargill, Incorporated, Procter & Gamble, and other firms entered into an agreement to develop PPP, a program which aims to build a certified coconut oil supply chain and enhance the livelihood of coconut farmers in the Philippines and Indonesia.
  • In 2019, AKK AB acquired Dutch Company, MassRefinery B.V., a major oilseeds refinery to surge the production capacity and support the existing production facilities and improve continued growth.

Segments covered in the Report:

The global specialty fats & oils market has been segmented on the basis of type, application, form, functionality, and regions. Based on type, the market is segmented into specialty fats and specialty oils. Based on application, the market is segmented into chocolates & confectionery, bakery products, processed foods, animal nutrition, dairy products, infant nutrition, and others. Based on Form, the market is segmented into Dry and Liquid. Based on functionality the market is segmented into molding, filling, coating, stabilizing, texturing, and others. 

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Key questions answered in this research report:

• • At what pace is the global specialty fats & oils market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global specialty fats & oils market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global specialty fats & oils market?
  • Which type generated maximum revenues in 2021 and identify the most promising type during the forecast period?
  • What are the various application areas of global specialty fats & oils market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Specialty Fats & Oils Market by Type

• • Specialty Fats
    • Cocoa Butter Equivalents
    • Cocoa Butter Substitutes
    • Cocoa Butter Replacers
    • Cocoa Butter Improvers
    • Dairy Fat Replacers
    • Others
  • Specialty Oils
    • Palm Oil
    • Soybean Oil
    • Coconut Oil
    • Rapeseed Oil
    • Others

Global Specialty Fats & Oils Market by Application

• • Chocolates & Confectionery
  • Bakery Products
  • Processed Foods
  • Animal Nutrition
  • Dairy products
  • Infant Nutrition
  • Others

Global Specialty Fats & Oils Market by Form

• • Dry
  • Liquid

Global Specialty Fats & Oils Market by Functionality

• • Molding
  • Filling
  • Coating
  • Stabilizing
  • Texturing
  • Others

Global Specialty Fats & Oils Market by Region

• • North America Specialty Fats & Oils Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Form
    • By Functionality
    • US Market All-Up
    • Canada Market All-Up
  • Europe Specialty Fats & Oils Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Form
    • By Functionality
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Specialty Fats & Oils Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Form
    • By Functionality
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Specialty Fats & Oils Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Application
    • By Form
    • By Functionality
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Specialty Fats & Oils (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cargill, Incorporated
  • Wilmar International Ltd.
  • Bunge Limited
  • Mewah Group
  • AAK AB
  • IFFCO
  • BASF SE
  • FUJI OIL CO., LTD.
  • Manildra Group
  • BAKO WALES