(Food-Beverage-News.Com, June 10, 2021 ) The global specialty fats & oils market size is estimated to be USD 12.6 billion in 2020 and is projected to reach USD 19.8 billion by 2026, at a CAGR of 7.8% during the forecast period. One of the major factors driving the specialty fats & oils industry is the increasing gap between cocoa butter demand & supply. Also the increase in the consumption of confectionery and processed foods and rise in the demand for clean label food products have been driving the growth of this market.
The chocolates & confectionery segment, by application, is projected to dominate the 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 dominate the market. However, according to the International Cocoa Organization (ICCO), there has been a deficit in the demand and supply of cocoa globally. Due to this, there is a rise in the need for substitutes for cocoa butter, which is strongly driving the use of specialty fats & oils in the chocolates & confectionery segment.
The cocoa butter improver segment, by type, is projected to witness the highest growth in the specialty fats market
The cocoa butter improver segment is projected to grow at the highest rate during the forecast period since there are used extensively for improving soft cocoa butter. It also shows compatibility with cocoa butter and shares similar crystallization and melt profiles. Cocoa butter improvers can be used to provide cost reduction as a replacement for cocoa butter at any ratio, with added heat resistance and melting characteristics. Cocoa butter improvers (CBI) are characterized by a high content of StOSt, which helps increase the solid fat content and finally results in the enhancement of melting points while enabling the hardness of the chocolate. Chocolates with CBIs have better resistance to softness and fat bloom at higher ambient temperatures and in countries with tropical climates such as Mexico, Malaysia, and Indonesia, among others.
Asia Pacific is estimated to be the largest market.
The Asia Pacific region is estimated to account for the largest share of the global specialty fats & oils market in 2020. 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. Countries such as China and India recorded the highest vegetable oil consumption. According to the Food and Agriculture Organization (FAO), in 2017, China consumed about 35 million tons of vegetable oil, whereas India consumed about 23.8 million tons.
The major vendors in the global specialty fats and oils market are Cargill Incorporated (US), Wilmar International (Singapore), Bunge Limited (US), Mewah International (Singapore), and AAK AB (Sweden).
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