Specialty fats and oils are designed for customized end use application for processing of product with unique specialization. These products are designed to meet the demand of various individual and application end user. The product design may vary according to the application of work to be perform. The global demand for specialty fats and oils is anticipated to drive the growth in the market during the forecast period. Moreover, Increasing health awareness by consumer to reduce body cholesterol level, enhancing nutritive value of product and useful to have uniform blending of ingredients in processing of product by end user application are major driving force for the expansion of the Specialty fats and oils market. The global Specialty fats and oils market was valued at US$ 80.6 Bn in 2017 and is forecasted to expand at a CAGR of 6.6% from 2018 to 2026. It is estimated to reach a value of US$ 142.1 Bn by 2025.
Over the last few years, organizations have changed their business models in order to incorporate the changes in demand and regulations. Major companies are focusing on product innovation and increasing distribution channel to expand their business. Major Specialty fats and oils market players profiled in the report include Cargill Incorporated, IFFCO, Willmar International Limited, United Foods Company and The Savola Group.
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The global specialty fats and oils market has been segmented on the basis of product type, application, by form and geography. On the basis of product type, the market is segmented into specialty oils and specialty oils. Specialty oils has been further sub-divided into Corn Oil, Sun Flower Oil, Blend Oil, Soybean Oil, Palm Oil, Cottonseed Oil, Coconut Oil, Rapeseed Oil, and Others. The specialty fats has been sub-divided into Cocoa Butter Substitute, Cocoa Butter equivalent, Cocoa Butter Replacers, Synthetic Cocoa Butter Fat, Human Milk Butter Substitute, Butter Oil Substitute, Spray Oil, Dairy Fat Replacers, and Others. The global specialty fats and oils market by product type is expected to be attractive for specialty fats during the forecast period.
In terms of application, the market is classified into Chocolate and Confectionary, Bakery, Processed Food, Dairy, Cosmetics, Baby Food and Others. Cocoa Butter Equivalent was the largest segment of the specialty fats and oils market in 2017. On the basis of by form type, the market is divided into Solid, Semi Solid and liquid. According to geography, the market is segmented into five regions namely North America, Europe, Asia Pacific, Middle East and Africa and South America.
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Asia Pacific led the specialty fats and oils market in 2017. The Asia Pacific is expected to grow at a CAGR of 7.1 % throughout the forecast period from 2018 to 2026. The primary drivers for the growth of specialty fats and oils market in Asia Pacific region are growing application segment such as bakery confectionery, dairy, food processing and cosmetics. Additionally, increasing demand for the product that benefit to health effectiveness is stimulating the specialty fats and oils market over the region. Similarly, in South America region the rising demand is also anticipated to showcase a higher CAGR of 6.5% during the forecast period due to the rise in application sector usage of specialty fats and oils. The Middle East and Africa region has high potential to gain market for specialty fats and oil that showcase a growth rate of 6.3% CAGR during the forecast period from 2018 to 2026.