Global Specialty Fats & Oils Market: Overview
Specialty fats is a substitute for other types of fats including butter, milk fat, cocoa butter, etc. Similarly, specialty oils are the substitute for oils such as peanut oil. Specialty fats and oils are produced under hygienic food safety conditions and selective process conditions. It is a unique category of fat customized for the confectionery applications such as extrusion, filling, coating, and moulding. The specialty fats & oils market is expected to have substantial growth rate across the globe, attributed to increasing health concern among consumers and high demand for low-calorie food products.
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Global Specialty Fats & Oils Market: Dynamics
The growth of the global specialty fats & oils market is driven by the rising health concern among the consumers and growing dairy, bakery, and confectionery market. Some macroeconomic factors making a positive impact on global specialty fats & oils market includes rapid rate of urbanization, increasing population, changing lifestyle, and increasing domestic income. The trend identified in the global specialty fats & oils market is the high investment in product development as well as in product promotion through advertisements and campaign. The company manufacturing specialty fats & oils products has a significant opportunity in regions such as North America, Europe, and Asia Pacific, attributed to growing health consciousness among a large number of population.
Global Specialty Fats & Oils Market: Segmentation
Global specialty fats & oils market is segmented by product type, end-use, and region. On the basis of product type, the global specialty fats & oils market is fragmented as fats and oils. Among these, fats segment is expected to contribute for the significant revenue share with a relatively high growth rate over the forecast period in global specialty fats & oils market. Specialty fat is again fragmented as dairy fat replacers, CBI, CBS, CBR, and CBE. Among which CBR i.e. coco butter replacer is expected to account for relatively high revenue share in global specialty fats & oils market. Specialty oil is sub-segmented as palm, cottonseed, coconut, rapeseed, and soybean, wherein palm segment is expected to contribute for a relatively high share in terms of value. On the basis of the end-use, the global specialty fats & oils market is segmented as dairy, bakery, and chocolate & confectionery, wherein chocolate & confectionery segment contribute comparatively high revenue share in global specialty fats & oils market is expected to the most attractive segment over the forecast period.
Global Specialty Fats & Oils Market: Regional overview
On the basis of geographies, the global specialty fats & oils market is segmented into seven regions — North America, Western Europe, Eastern Europe, Japan, Asia-Pacific except Japan, Latin America, and the Middle East & Africa. Among the regions, North America accounts for a relatively high share of the global specialty fats & oils market in terms of value, attributed to a relatively high revenue share of the region in the dairy and confectionary market. Western Europe is followed by North America in global specialty fats & oils market, owing to high health consciousness among consumers across the region. Eastern Europe and Japan also accounts for significant value share in the global specialty fats & oils market. The Asia-Pacific is expected to register relatively high growth rate in the global specialty fats & oils market over the forecast period, owing to rapidly growing population and demand for bakery products across the region particularly in the countries such as China and India. Latin America and Middle East Africa is expected to have relatively high opportunity for specialty fats & oils market players. Overall, the outlook for the global specialty fats & oils market will have a positive growth over the forecast period.
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Global Specialty Fats & Oils Market: Key Players
Few players of specialty fats & oils market include Cargill, Wilmar International Limited, Olenex, Musim Mas Holdings, Mewah Group, International Foodstuff Company Holdings Limited (IFFCO), Intercontinental Specialty Fats Sdn. BHD, IOI Group, Bunge Limited, and AAK AB.