According to a new report published by UnivDatos Markets Insights, the Specialty Fats & Oil market was valued at USD 12.6 billion in 2022 & is expected to grow at a CAGR of 7% from 2023-2030. The analysis has been segmented into Type (Specialty Oils and Specialty Fats); Form (Dry and Liquid); Application (Bakery Product, Processed Food, Animal Nutrition, and Infant Nutrition); and Region/Country.
The Specialty Fats & Oil market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Specialty Fats & Oil market. The Specialty Fats & Oil market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Specialty Fats & Oil market at the global and regional levels.
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Key Market Opportunity
Cocoa is a key ingredient in the production of chocolate, and the global demand for chocolate is expected to continue to grow in the coming years. These fluctuations in cocoa production can have a significant impact on the global chocolate market, leading to price volatility and supply chain disruptions. To mitigate these risks, chocolate manufacturers are increasingly turning to specialty fats and oils as a substitute for cocoa butter, which is the primary fat used in chocolate production.
Specialty fats and oils, such as palm oil, coconut oil, and shea butter, are being used to replace cocoa butter in chocolate production due to their similar taste and texture properties. These fats and oils are also more readily available and less expensive than cocoa butter, making them a more cost-effective option for chocolate manufacturers.
The growth of the specialty fats and oils market is also being driven by changing consumer preferences. Consumers are increasingly looking for healthier and more sustainable food options, and specialty fats and oils are seen as a more nutritious and environmentally friendly alternative to traditional fats and oils.
In addition, the rise of online shopping and e-commerce has made it easier for consumers to access a wide range of specialty fats and oils from around the world. This has led to increased demand for these products, which is driving the growth of the market.
Thus, the fluctuation in global cocoa production is driving the growth of the specialty fats and oils market. The increasing demand for chocolate and the need for alternative fats and oils to cocoa butter are key factors driving the growth of this market. Additionally, changing consumer preferences and the rise of e-commerce are also contributing to the growth of the specialty fats and oils market.
COVID-19 Impact
Countries throughout the world are trying to stop further spreading by taking precautions including social isolation, contact tracing, self-quarantining, surveillance, and more as this illness continues to spread quickly on a worldwide scale. As a result of the coronavirus epidemic, there is now less supply and more demand for specialized fats and oils on the global market, and price volatility has increased. According to the top producers of vegetable oils like Wilmar International and Mehwah Group that operate in the area, palm oil, which is the most common type of oil produced globally, suffered as demand fell everywhere, trade was disrupted, and production got hampered in Indonesia and Malaysia.
· Based on type, the market is bifurcated into specialty fats and specialty oils. The specialty Fats segment is estimated to account for the highest market share.
· Based on the form, the market is fragmented into dry and liquid. The Dry segment is expected to grow with significant CAGR during the forecast period.
· Based on the application, the market is segmented into bakery products, processed food, animal nutrition, dairy products, and infant nutrition. The Infant Nutrition segment held a significant share of the market in 2022. Based on Form, the market is bifurcated into Dry and Liquid. The Dry segment held a significant share of the market in 2022.
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Specialty Fats & Oil Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, Rest of Europe)
· Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
· Rest of the World
Asia-Pacific currently holds the majority of the global market during the forecasted period. Due to the increasing demand for protein-rich foods and beverages, the demand for specialty fats & oil industry is also increasing. Moreover, the APAC region is home to a large and growing population, with a significant proportion of the population in urban areas. This has led to an increase in the demand for protein-rich foods and beverages, particularly among health-conscious consumers. Furthermore, movements towards plant-based diets have also increased the consumption of specialty fats & oil industry across the nation. Thus, the fast expansion of the food and beverage industries, particularly the processed food sector, is driving up demand for Specialty fats & oil in the Asia-Pacific region.
In this report, in the last several years, global market of specialty fats developed rapidly, with an average growth rate of 9.27%.
In 2016, global revenue of specialty fats was nearly 2.66 billion USD; the actual consumption was about 3.57 million MT.
Specialty Fats are tailor made to imitate the many positive traits of cocoa butter or other properties to make them more suitable for specific applications.
Download Free Sample Report @ https://www.radiantinsights.com/research/global-specialty-fats-market-2020-2026/request-sample The classification of specialty fats includes cocoa butter equivalents, cocoa butter substitutes and other types, and the proportion of cocoa butter equivalents in 2016 was about 38%.
Following North America, Europe was the second largest consumption place with the consumption market share of 25%.
AAK AB, Wilmar, Cargill, IOI Group, etc.
