New York, Oct. 09, 2019 (GLOBE NEWSWIRE) -- Market Size – USD 2.30 Billion in 2018 for Specialty Fats and USD 15.33 Billion for Specialty Oils, Growth - CAGR of 9.1% for Specialty Fats and CAGR of 6.1% for Specialty Oils
According to the current analysis of Reports and Data, the global Specialty Fats market was valued at USD 2.30 Billion in 2018 and is expected to reach USD 4.63 Billion by year 2026, growing at a CAGR of 9.1%. The global Specialty Oils market was valued at USD 15.33 Billion in 2018 and is expected to reach USD 24.63 Billion by year 2026, at a CAGR of 6.1%.
Specialty fats and oils have witnessed a huge demand growth due to their readily useful properties such as the ability to provide viscosity for filling, coating and moulding purposes in various applications of food industry. While these products help as useful substitutes of cocoa butter and as dairy fat replacer, specialty oils find application in cooking and processing purposes. The market is very well developed in Asia Pacific due to the huge demand for cooking oil and processed foods. Globally, the market is also getting a boost from the growth in the confectionery and dairy segments respectively.
The benefits of specialty lipids have surpassed owing to their wide scale application as coating agents, cocoa butter substitute, ice cream fats among others. They impart a creamy texture and enhance the flavour of the final processed food products. They enable manufacturer to create quality baked products such as Danish puff pastry, croissant, viennoiseries among others. These products impart bloom-stable properties to chocolates, emulsifying properties, and viscosity to other processed products. These products are majorly preferred than their substitutes mainly due to the associated health benefits. These products also have applications in the manufacturing of personal care products.
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Further key findings from the report suggest
- By oil type, the palm oil segment holds the largest share in the global market. Despite the huge market share, there are rising concerns about environmental degradation due to palm oil production, in the form of greenhouse gas emissions. This factor is expected to hinder the market growth during the forecast period.
- Soybean oil holds the second largest share globally. It is one of the most extensively consumer cooking oils. Its processed counterpart is used for oil paints and printing inks.
- Sunflower and olive oil are also expected to register a significant CAGR as these oils have many associated health benefits. While sunflower oil has ample usage in frying applications and cosmetic formulations, olive oil is registering an increasing demand on account of its health benefits.
- By end use, the food and beverages segment hold the largest share in the global market. These products are used as ingredients in a vast variety of food applications.
- These specialty lipids have an important role as a health additive and fat replacer in various foods. As food manufacturers are embracing healthy fats and oils, these products are witnessing an increased applicability in the food industry.
- Coating and texturing are other important functionalities of these products. It is because of such capabilities that these specialty lipids also find ready application in the cosmetic care and other industrial segments.
- By region, the Asia Pacific region hold the largest share and are also expected to witness the highest CAGR. The increased consumer spending on food purchases and growing demand for processed foods is the major defining factor behind the growth.
- The growing number of health concerns about the amount of fats and oils contained in these products is hampering the growth. Moreover, uncertain weather conditions are degrading the quality of crop yield, which in turn is hitting the supply of these products, ultimately inflating the raw material prices.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the market on the basis of type, form, functionality, application, end-user, and region:
Type (Revenue, USD Million; 2016–2026)
- Specialty Fats
- Cocoa Butter Substitutes
- Lauric Fats
- Creaming Fats
- Creaming Fats
- Anhydrous Milk Fats
- Butter
- Margarine
- Shortenings
- Others
- Specialty Oils
- Palm Oil
- Soybean Oil
- Coconut Oil
- Cotton Seed Oil
- Rapeseed Oil
- Sunflower Oil
- Olive Oil
- Other Specialty Oils
Form (Revenue, USD Million; 2016–2026)
- Dry
- Liquid
Functionality (Revenue, USD Million; 2016–2026)
- Molding
- Filling
- Coating
- Stabilizing
- Texturing
- Health
- Other Functions
Application (Revenue, USD Million; 2016–2026)
- Chocolates & Confectioneries
- Bakery Products
- Processed Foods
- Dairy Products
- Other Applications
End Use (Revenue, USD Million; 2016–2026)
- Industrial
- Food and Beverages
- Personal and Cosmetic Care
- Others
- Household Purposes
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East and Africa
- Latin America
- Brazil
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