Specialty Fats and
Oils Market Report: Offering Attractive Opportunities
What are Specialty Fats and Oils?
Specialty fats are a set of vegetable
fats that are primarily used as a substitute to traditional fats in a wide
variety of products that includes confectionery, dairy products, infant
formulas, etc. They are generally used as Cocoa butter substitutes and as dairy
alternatives. However, specialty oils are used as dietary supplements as
strategic raw materials in a variety of manufacturing areas. Examples of
specialty oils include: Palm oil, soybean oil, olive oil and rapeseed oil.
Different Types, Forms, Functionality & Applications
There are various applications of specialty
fats and oils. The bakery products that has use for these specialty fats and
oils are dominating the market. This is owing to the increase in the production
and the consumption of a variety of different bakery products. The increase in the disposable
income of people as well as the demand of young people to try out a variety of
different foods have resulted in the growth of the segment. By form, the dry
segment is the dominating segment as dry fats and oils are convenient for the
manufacturing use. The rising demand for a variety of products such as
confectionery and chocolate are also driving the market.
Asia Pacific is the largest market for Specialty Fats and Oils
The global specialty fats and oils
market is led by the APAC region. This is owing to the increase in the
disposable income of the people that results in them having a greater
purchasing power. The region has also seen an increase in the applications of
such products. The rising awareness of people regarding their health have also
resulted in the growth of the overall market as these specialty fats are also
used as cacao butter substitutes as well as a dairy butter substitute. The increase
in the demand for processed convenience foods have also resulted in the overall
market growth. The Asia-Pacific region is also expected to have the highest
growth rate in the coming years as well.
Market Drivers
The increase in the usage of specialty
fats and oils in variety of different applications is a key market driver. Also,
the rising awareness among people regarding the consumption of good fatty acids
and the growing demand for the consumption of products that can be considered
as natural in origin will lead to overall market growth. There is also an
increase in the demand for confectionery products such as chocolate and this in
turn will improve the overall market for specialty fats and oils as such
products are used in the creation of a variety of confectionery products.
Specialty Fats and Oils industry outlook
The manufacturers of specialty fats
and oils are adopting several strategies in order to stand out from the
competition. Product launches and facility expansions are some of the
strategies undertaken by key market players in the specialty fats and oils
market. For instance, Cargill Inc., had announced the introduction of
“CremoFLEX”, which is a brand new range of filling fats. These products can be
formulated according to the needs of the manufacturer. The product range will
contain 3 product types, namely, “CremoFLEX S”, “CremoFLEX F” and “CremoFLEX L”.
Bunge Limited ad announced a new oil processing facility in China. The new
facility will improve the company’s ability to deliver plant based specialty
fats and oils for the food industry.
Specialty Fats and Oils top 10
companies include: Cargill, Wilmar International, Bunge, AAK AB, IOI Group,
Manildra, D&L Industries, Fuji Oil, Musim Mas and Mewah International.