Global Specialty Fats And Oils Market Size, Share, And Trends By Type (Cocoa Butter Equivalent, Cocoa Butter Substitute, Cocoa Butter Replacer, Palm Oil, Soybean Oil, Coconut Oil, Others), By Application (Chocolates & Confectioneries, Bakery Products, Processed Foods, Dairy Products), And By Geography – Forecast From 2019 To 2024

Specialty fats & oils are designed to meet the specific requirements of end-use applications such as in the production of confectionery, bakery items, dairy products, chocolates, fillings, and spreads. It provides excellent elasticity, gloss retention, and fat crystallization at a lower viscosity and is used as an alternative to saturated fats. The Global Specialty Fats & Oils Market is expected to have a significant market share due to an increase in the consumption of confectionery and processed food. Growing concern over the use of healthy fats and the gap between the demand and supply of cocoa butter is expected to drive the market growth. However, the side effects of excessive consumption can be a restraint for market growth. By type, Palm Oil is estimated to have a considerable market share due to its wide availability. By application, the bakery products segment is expected to have a significant market share due to the high demand for these products, particularly in North America and European nations. By geography, the Asia Pacific region is expected to have significant market growth due to an increase in demand for processed food products.

DRIVERS

• Increase in the consumption of confectionery and processed food
• Growing concern over the use of healthy fats
• The gap between the demand and supply of cocoa butter

RESTRAINT

• Side-effects of excessive consumption

INDUSTRY UPDATE

• In September 2017, Bunge bought IOI's specialty fats business by acquiring a 70% controlling ownership interest in IOI Corporation's Loders Croklaan. IOI will retain a 30 percent ownership interest and customary protective rights.
• The alliance between Bunge and Field to Market for sustainable agriculture in June 2019 has integrated the sustainability metrics of Field to Market into Bunge Centerfield, making Bunge the first grain and oilseed processor to integrate the metrics into its platform.

SEGMENTATION

The global specialty fats & oils market has been analyzed through the following segments:

By type

• Cocoa Butter Equivalent
• Cocoa Butter Substitute
• Cocoa Butter Replacer
• Palm Oil
• Soybean Oil
• Coconut Oil
• Others

By application

• Chocolates & Confectioneries
• Bakery products
• Processed foods
• Dairy products

By Geography

• North America
  • USA
  • Canada
  • Mexico
• South America
  • Brazil
  • Argentina
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Spain
  • Others
• Middle East and Africa
  • Saudi Arabia
  • Israel
  • Others
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Others