Articles
Specialty Fats & Oils Market - Emerging Innovations Expected to Boost the Global Revenue
by Mit K. SEOThe Specialty
fats & oils market size is estimated to be USD 12.6 billion in 2020
and is projected to reach USD 19.8 billion by 2026, at a CAGR of 7.8% during
the forecast period. The market is primarily driven by factors such as the
increasing gap between cocoa butter demand & supply, increase in the
consumption of confectionery and processed foods products and rise in demand
for clean label food products.
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Key Market Players
Key players in this market includes such as Cargill,
Incorporated (US), Wilmar International (Singapore), Bunge Limited (US), AAK AB
(Sweden), Mehwah International (Singapore) IOI Loders Croklaan (Malaysia).
Other players include Manildra (Australia), D&L Industries, Fuji Oil
(Japan), Musim Mas (Singapore), and IFFCO (UAE). These major players in this
market are focusing on increasing their presence through expansions &
investments, mergers & acquisitions, partnerships, joint ventures, and
agreements. These companies have a strong presence in North America, Asia
Pacific, and Europe. They also have manufacturing facilities along with strong
distribution networks across these regions.
The supply and demand for specialty fats & oils in the global
market has shifted as a response to the coronavirus crisis, with an increasing
uncertainty related to prices. Palm oil, which is the largest type of oil
produced globally, faced the impact as demand dropped across the world, trade
was disrupted, and production got hampered in Indonesia and Malaysia, according
to the top producers of the vegetable oils such as Wilmar International and
Mehwah Group that operate in the region. Efforts were being made in many
countries to maintain stability in the market.
One of the driving factors for the increasing use of
specialty fats is their enhanced rheological properties such as viscosity,
which facilitates efficient production of confectionery products. Thus,
specialty fats & oils contribute significantly to the overall acceptance of
confectionery products, which has led to their increased popularity in
chocolate & confectionery products. Owing to the wide functionalities of
specialty fats & oils in chocolates & confectioneries, this segment is
projected to dominate the market.
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The Asia Pacific region is estimated to account for the
largest share of the global specialty fats & oils market in 2020. The
rising income, purchasing power, rapid growth of the middle-class population,
and consumer demand for processed products present promising prospects for
growth and diversification in the region’s specialty fats & oils sector.
The application of specialty fats is estimated to increase at a higher rate due
to the demand from the chocolate & confectionery industry. Countries such
as China and India recorded the highest vegetable oil consumption. According to
the Food and Agriculture Organization (FAO), in 2017, China consumed about 35
million tons of vegetable oil, whereas India consumed about 23.8 million tons.
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About Mit K. 
SEO
150 connections, 1 recommendations, 1,355 honor points.Joined APSense since, August 8th, 2019, From Northbrook, United States.
Created on Feb 19th 2021 05:15. Viewed 456 times.
