Specialty Fats and Oils Market: Current Analysis and Forecast (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.

Furthermore, due to 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.

Based on the Type, the market is fragmented into Speciality facts and Specialty Oils. Further, the Speciality fats are segregated into Cocoa Butter Equivalents, Cocoa Butter Substitute, Cocoa Butter Replacer, Cocoa Butter Improvers, Dairy Fat Replacers, and Other Specialty Fats. Also, the Specialty Oils are segregated into Palm Oil, Soyabean Oil, Coconut Oil, Sunflower Oil, Rapeseed Oil, and Other Specialty oils. The specialty fats grabbed XX% market share and Dominated the market in 2020. Moreover, the segment would witness a growth of XX% during the forthcoming years to reach a market valuation of USCD XX Mn by 2027.

Based on the Form type, the market is fragmented into Dry and Liquid. The Liquid form grabbed major market share and captured XX% market revenue in 2020. However, the dry form segment would emerge in the forecast period and would witness the considerable CAGR during the forthcoming period as well to reach USD XX Mn by 2027

Based on the application, the market is segmented into Bakery Products, Processed Food, Animal Nutrition, Dairy products, Infant Nutrition, and Other Application. The bakery products segment grabbed XX% market share and gathered USD XX Mn in 2027. Moreover, this segment is expected to reach USD XX Mn by 2027 with a growth of XX% CAGR during 2021-2027

Based on the functionality, the market is fragmented into Molding, Filling, Coating, Stabilizing, Texturing, and Other Functions. The molding segment grabbed XX% market share in 2020. Moreover, the segment is expected to witness a growth of XX% during 2021-27 to reach a market valuation of USD XX Mn by 2027. However, the Texturing segment would register a considerable CAGR in the forthcoming years.

For a better understanding of the market adoption of the Specialty Fats & Oils Market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of APAC), and Rest of World. North America constitutes a major market for the Specialty Fats & Oils Market industry and generated revenue of USD XX Million in 2020 owing to the increase in the demand for high-quality processed food

Some of the major players operating in the market are Cargill Incorporated, Wilmar International, Bunge Limited, Mewah International, Aak Ab International Foodstuff Company Limited (Iffco), Musim Mas, Fuji Oil, Manildra Group and Bako Wales, etc. Several M&As along with partnerships have been undertaken by these players to develop Specialty Fats & Oils Market