According to a new report published by Persistence Market Research titled “Specialty Fats and Oils Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025),” companies are currently focusing on launching several specialty fats and oils products with different value added offerings and are expected to invest more in research and development in order to expand their customer base and enhance their market presence. As the market of specialty fats and oils is dominated by the APAC region, several companies are importing oils from Indonesia, Malaysia, Thailand and other countries at a very low price and are offering oils with private labeling to other regional markets. The global specialty fats and oils market was valued at about US$ 36 Bn in 2016 and is projected to be valued at around US$ 57 Bn by 2025 end. Sales revenue is expected to increase at a CAGR of 5.2% during the forecast period 2017-2025.
Global Specialty Fats and Oils Market: Drivers
- Growth of the global fats and oils market to spur revenue generation in the specialty fats and oils market
- Increasing demand for non-PHO alternatives in the bakery industry to boost market revenue growth
- Corn oil being used as an industrial oil expected to fuel specialty fats and oils market growth
- Product introduction with health benefit positioning a key driver of growth
- Growing demand for packaged food products to boost market revenue
- Rising chocolate consumption across the globe to accelerate market growth
- Increasing focus on chocolate compound manufacturing to spur revenues in the specialty fats market
- Demand for low-fat dairy products to propel the market for dairy fat replacers
- Increasing use of shea to spur market revenue growth
Global Specialty Fats and Oils Market: Forecast by Product Type
On the basis of product type, the global specialty fats and oils market is segmented into specialty oils and specialty fats. Specialty oils segment is further sub-segmented into palm oil, soya oil, peanut oil, coconut oil, rapeseed oil, sunflower oil, olive oil and others. Specialty fats segment is further sub-segmented into cocoa butter substitutes, lauric fats, creaming fats, anhydrous milk fats, butter, margarine, shortenings and others. The specialty oils segment accounts for a significant revenue share in the global specialty fats and oils market.
Global Specialty Fats and Oils Market: Forecast by End Use
The end use segmentation comprises industrial, commercial (Hotel/Restaurant/Café), and household segments. Industrial segment is sub-segmented into food & beverages, personal care and cosmetics, and others. Food & beverages is further segmented into bakery, dairy and ice cream, chocolate & confectionery, breads and cereals, and others. In terms of value, the industrial segment is projected to be the most attractive in the global specialty fats and oils market during the forecast period. The industrial segment is expected to hold more than 45% share of the global market by 2025.
Global Specialty Fats and Oils Market: Forecast by Region
The five key geographies of North America, Latin America, Europe, APAC and MEA have been covered in this report. In terms of value, APAC is projected to be the most attractive regional market in the global specialty fats and oils market during the forecast period. The Europe specialty fats and oils market accounted for a value share of just under 24.0% in 2017, and is anticipated to register a CAGR of 5.2% in terms of value over the forecast period.
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Global Specialty Fats and Oils Market: Key Players
Cargill Inc., Wilmar International Limited, Intercontinental Specialty Fats, Puratos Group NV (Coprem Nv), IFFCO Group, 3F GROUP, Musim Mas Group, Fuji Oil USA, Oleo-Fats Inc. (D&L Industries Inc.), De Wit Specialty Oils, Mewah Group, IOI Corporation Berhad, Archer Daniels Midland Company, Bunge Limited, AAK AB, The Hain Celestial Group Inc., Ventura Foods, Apical Group Ltd., Liberty Oil Mills Ltd., Adams Group, and PRESCO PLC are some of the top companies profiled in this report.