Specialty Fats Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2295 | Last Updated On: Sep 01 2022 | Available Formats

> Global Specialty Fats Market Expected to reach a high CAGR by 2029: DataM Intelligence

Global Specialty Fats Market is segmented By Type (Cocoa Butter Improver, Confectionery fats, Bakery Fats, Culinary Fats, Functional Fats), By Form (Liquid, Dry), By End-User (Ice Cream Industry, Confectionery, Pharmaceuticals, Non-Dairy Whipped Toppings, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

 

Market Overview

[150 Pages Report] The Global Specialty Fats Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

Specialty Fats Market - Strategic Insights

Metrics

Details

Market CAGR

 7.5%

Segments Covered

By Type, By Form, By End-User and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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The specialty fats are produced by either modification of natural fat or by blending in different proportions. Increasing demand and shortage of cocoa butter supply, poor quality of individual harvests, economic advantages, and technological benefits have led to developing its alternatives such as cocoa butter replacer. The increasing trend towards high-quality chocolates with high Choco content and or chocolates with natural flavor & rich spices is expected to increase the consumption of specialty fats globally during the forecast period. 

Market Dynamics:

Increasing consumption of chocolates, confectionery items, and ice creams across the globe and growing demand for cocoa butter alternatives is the major factor driving the global specialty fats market during the forecast period. The annual consumption of chocolates globally increased from 7.3 billion tons in 2015-16 to 7.465 billion tons in 2016-17. Increased adoption of convenient lifestyles across developed nations and increased interests among the communities towards baked products contribute to the growth in the consumption of specialty fats globally during the forecast period. Increased awareness among the communities towards health-related issues with saturated oils led to a shift in consumer interest towards specialty fats due to their better nutrition value and reduced body cholesterol levels. Additionally, increased adoption of novel culinary skills by the confectionery companies to meet the demand from a wide group of communities towards healthy confectioneries is further expected to boost the sales of specialty fats globally.

However, the availability of saturated fat at a lower cost than specialty fat and a huge population utilizing saturated fat as a key ingredient in the production of confectioneries hinders Specialty fat production and sales globally.

Segment Analysis

The global specialty fats market is segmented into cocoa butter improver/cocoa butter equivalents, confectionery fats, bakery fats, culinary fats, and functional fats.

Confectionery fats are expected to dominate the global specialty fats market owing to their extensive usage as a key ingredient in the production of confectionery products. Confectionery fats are used in the confectionery industry for making chocolate, candies, and baked goods. Dairy butter, hydrogenated fats at a melting point not exceeding 36 °C are used as fats in candies. These fats play a pivotal role in ensuring confections stay firm and stable during storage and distribution.

Geographical Presentation

By region, the global specialty fats market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa.

Europe dominates the global specialty fats market owing to the huge market presence of confectioneries, ice creams, and other organic/healthy baked products. The majority of confectioneries and baked products consuming nations across the globe are located in the European Union. A significant increase in the production of chocolates and a change in production procedures from saturated oils to specialty fats is expected to boost the consumption of specialty fats in Europe during the forecast period.

Competitive Analysis

The global specialty fats market is consolidated, with 3-4 major players are occupying a significant market share. The companies in the specialty fats market focus on developing new premium fats and establishments of new academies focusing on improving awareness among its customers towards specialty fats.

  • In March 2019, Cargill launched CermoFLEX's latest range of premium filling fats in Europe to improve its market presence in the processed food industry.
  • In August 2016, Specialty Oil and fats manufacturer AAK Kamani launched an academy to increase awareness among its business partners and customers regarding specialty fats.  

Some of the key players in the global specialty fats market include Cargill, Incorporated, Wilmar International Limited, Musim Mas Holdings Pte. Ltd., Delta Wilmar, and Olam International.

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