According to the research report, the global Specialty Fats and Oils market in 2019 was approximately USD 10,620 Million. The market is expected to grow at a CAGR of 7% and is anticipated to reach around USD 16, 610 Million by 2026.
Specialty fats & oils are established for customized use of product processing. Specialty fats are vegetable fats. Specialty oils are the class of oils that find application in food supplements, while specialty fats are consumed as alternatives for conventional fats. Use of the product as a cocoa butter substitute, partnerships, and collaborations in the food & beverage industry, rising foreign investments, etc. are some of the major factors trending in the global specialty fats & oils market over the forecast period.
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An increase in the consumption of processed foods and confectionery has increased the target market growth. However, the several health risks associated with excessive consumption of fats & oils are expected to hamper the growth target market. The consumption of trans-fatty acids is intensely related to an augmented risk of cancer and cardiovascular diseases. Nevertheless, the need for improving the nutritive value of the item along with increasing health consciousness among the consumers for reducing levels of cholesterols is anticipated to create lucrative growth opportunities for the target market growth.
In terms of type, the target market is categorized as specialty oil and specialty fat. Specialty oil is further sub-categorized as sunflower oil, palm oil, soya oil, rapeseed, olive oil, and others. Whereas, specialty fat is sub-categorized as bakery fats, ice cream fats, confectionary fats, frying fat, and others. Among these categories, specialty oil is expected to be the dominating category owing to the growing gap between cocoa butter demand & supply. Also, palm oil is anticipated to be the dominating sub-category because it is the most versatile of all vegetable oils.
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In terms of application, the target market is categorized as the restaurant, household, industry, and others. Among these, the industry category is expected to lead the application segment owing to the maximum usage of specialty fats and oils in industries.
In terms of end-users, the target market is categorized as chocolate, functional fats, culinary, infant food, bakery, confectioneries, and others. Among these, the chocolate category is anticipated to lead the end-user category due to the increasing demand for chocolate.
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In terms of region, the target market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, Europe is anticipated to dominate owing to an increase in the consumption of confectionery and processed foods in the region.
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This report segments the Specialty Fats and Oils market as follows:
Global Specialty Fats and Oils Market: By Type Segmentation Analysis
Global Specialty Fats and Oils Market: By Application Segmentation Analysis
Global Specialty Fats and Oils Market: By End-User Segmentation Analysis
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