The purpose of the report is to illustrate the state of the market of Specialty Fats and Oils, to present actual information about the volumes of production, exports, imports, consumption and the state of the market, the changes that took place in 2017, and also, to build a forecast for the growth of the industry in the medium term until 2026.
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The global market for specialty fats and oils was pegged at US$ 15,202 Mn in 2017 growing with a CAGR of 6.3% during the forecast period from 2018 to 2026. Specialty fats and oils are designed to meet the demand of various end-use industries such as bakery, food and beverages etc. Specialty fats and oils are manufactured under extensive hygienic food safety and selective process conditions. Specialty fats and oils provide excellent elasticity, gloss retention, and fat crystallization at lower viscosities and used as an alternative to saturated fats. Growing concern over the use of healthy fats and oils as an ingredient has stimulated the bakery and confectionery product manufacturers to search for healthy alternatives to integrate it into their products. Also, changing tastes and preferences of consumers in developing nations has led manufacturers to expand their product portfolio and provide innovative products at lesser prices.
Rising demand for specialty fats in confectionary and bakery products owing to factors such as increasing consumption of chocolate products, growing popularity of dark chocolates, as well as fluctuating prices of cocoa due to the volatilizing production cost has led to the development of cocoa alternatives. Rising prices of cocoa butter has significantly driven the demand for its alternatives such as cocoa butter substitutes (CBS). Cocoa butter alternatives such as CBS are fats mixed with cocoa butter in limited concentrations and does not alter its melting, rheological, and processing properties. Specialty fats developed from the palm and palm kernel fractions such as cocoa butter substitutes (CBS) provides a creamy, smooth caramel texture to confectionery products such as fillings of cookies that provides significant opportunities for the development of cocoa butter substitutes over its counterparts. Also, increased acceptance of liquid shortenings owing to its property of retaining moisture in baked products supplement the growth of liquid form in the near future.
Based on the geography, Asia-Pacific held a significant share in the global specialty fats and oils market in 2017 with a market share of over 50% in terms of value and volume. Rapid population expansion, rising disposable income along with enhanced demand for processed food products are some of the major factors for growth of Asia-Pacific specialty fats and oils market. Moreover, specialty oil such as palm oil is widely grown and consumed in Asia-Pacific countries, which is used for manufacturing certain types of shortenings such as cake and solid shortenings. As per the statistics provided by Green Palm, Malaysia and Indonesia are the major producers and exporters of palm oil. Apart from this, palm oil being the key ingredient in the production of shortening and India is a major consumer of shortenings and margarines, leads to high demand for palm oil from convenience food, thus driving the overall market. Furthermore, rapid expansion of applications of specialty fats and oils has resulted in the growth of the specialty fats and oils market in this region.
Key market players in the global specialty fats and oils market include The Nisshin Oillio Group, Cargill Inc., Bunge Limited, IOI Group, International Foodstuff Company Limited (IFFCO), AAK AB, Musim Mas, Fuji Oil, Mewah International, Wilmar International.
Why was the report written?
This report is the result of an extensive survey drawn from Credence Research’s exclusive panel of leading global market industry executives; it provides data and analysis on buyer investment, acquisition, and developments within the global market research. It includes key topics such as global Specialty Fats and Oils buyer expenditure and procurement behaviors and strategies and recognizes the threats and possibilities within the industry, economic outlook trends, and business confidence within global industry executives. Most secondary research reports are based on general industry drivers and do not understand the industry executives’ attitude and changing behaviors, creating a gap in presenting the business outlook of the industry; in an effort to bridge this gap, Credence Research created this primary research-based report by gathering the opinions of multiple stakeholders in the value chain of the global industry.
What is the current market landscape and what is changing?
Executives from the global industry anticipate an increase in levels of consolidation, with 55% of respondents projecting an increase in merger and acquisition (M&A) activities in 2017.
The report on the market of Specialty Fats and Oils contains:
Analysis and forecast of Specialty Fats and Oils market dynamics;
Analysis of domestic production, market shares of the main market players;
Analysis of exports and imports;
Analysis of factors, leading the development of the Specialty Fats and Oils market;
Assessment and forecast of Specialty Fats and Oils market development;
Financial and business profiles of the leading companies in the Specialty Fats and Oils industry.
– Up to date working Specialty Fats and Oils data by major regions in the world, the forecast of planned capacity additions by 2026
– The annual breakdown of capital expenditure spending on proposed Specialty Fats and Oils for the period 2018 to 2026
– Planned Specialty Fats and Oils additions and capital expenditure spending by key countries and companies across the world
– Planned capital expenditure spending on new Specialty Fats and Oils projects by region, key countries, and companies
– Details of major planned Specialty Fats and Oils projects in the world up to 2026
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