The specialty oils market is projected to grow at a CAGR of 6.4%, in terms of value, from 2017 to reach a projected value of USD 20.15 Billion by 2022, while the specialty fats market is projected to grow at a CAGR of 9.7%, in terms of value, from 2017 to reach a projected value of USD 3.45 Billion by 2022.
The specialty fats & oils find a wide range of applications in chocolate & confectionery, bakery, dairy, processed foods, personal care, cosmetics, and pharmaceutical sectors. The factors such as increasing demand for cocoa butter alternatives, and rising demand for bakery fats for filling application has fueled the growth in the market.
On the basis of specialty oils type, the global oil market is segmented into palm oil, soybean oil, coconut oil, cottonseed oil, and rapeseed oil. The palm oil segment has dominated the market owing to its major use in the production of various products, such as confectionery fillings, and wider availability.
Based on specialty fats type, the global fats market is segmented into cocoa butter equivalents, cocoa butter substitutes, cocoa butter replacers, cocoa butter improvers, dairy fat replacers, and exotic fats. The cocoa butter equivalents segment is estimated to dominate the market in 2016 owing to its use in chocolates and compound coatings, which are used in bakery & confectionery products. Moreover, CBEs enhance the flavors of the ingredients, are non-hydrogenated, and free from trans-fats, which decreases the risk of heart disease.
The specialty fats & oils market is segmented on the basis of application into chocolate & confectionery, bakery, dairy, processed foods, and others includes personal care, cosmetics, and animal feed. The chocolate & confectionery segment accounted for the largest share in the market. The changing consumer preference toward the trans-fat-free products has led the increase in demand for chocolate & confectionery products.
The specialty fats & oils market is segmented on the basis of form into liquid and dry. The liquid segment dominated the market in 2016, and is projected to grow at the highest CAGR followed by dry form. The liquid form of specialty fats & oils are in demand owing to its melting point of saturated fatty acids characteristics.
Intercontinental Specialty Fats Sdn. BHD
International Foodstuff Company Holdings Limited (IFFCO)