The global specialty oils market is projected to grow at a CAGR of 6.4% to reach USD 20.15 Billion by 2022 in terms of value, whereas the global specialty fats market is projected to grow at a CAGR of 9.7% to reach USD 3.45 Billion by 2022.
Seattle, WA -- (SBWIRE) -- 09/20/2017 -- The report "Specialty Fats & Oils Market by Oil Type (Palm, Soybean, Rapeseed, Coconut, Cottonseed), Fat Type (CBE, CBR, CBS, CBI, Dairy Fat Replacers), Application (Chocolate & Confectionery, Bakery, Dairy), Form, and Region - Global Forecast to 2022", The specialty oils market is projected to reach USD 20.15 Billion by 2022; whereas the specialty fats market is projected to reach USD 3.45 Billion by 2022.
Browse 99 market data tables and 43 figures spread through 171 pages and in-depth TOC on "Specialty Fats & Oils Market - Global Forecast to 2022"
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The specialty fats market is estimated to be valued at USD 2.17 Billion in 2017, and projected to grow at a CAGR of 9.7% from 2017 to 2022. The specialty oils market is estimated to be valued at USD 14.78 Billion in 2017, and projected to grow at a CAGR of 6.4% from 2017 to 2022. Specialty fats & oils are widely accepted in food applications due to their functional properties and play an important role in desired physiochemical and sensory attributes such as smoothness, creamy & rich texture, milky & creamy appearance, and desirable flavor. Hence, specialty fats & oils should be viewed as a business opportunity in the next five years.
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The palm oil segment with respect to type of oil, is projected to dominate the fats & oils market.
The demand for palm oil is increasing in bakery & confectionery, and processed foods owing to its neutral taste, and flavor-enhancing characteristics. Palm oil is widely used for the production of specialty fats & oils, due to its compositions and wide availability.
Cocoa butter equivalent (CBE): The most widely consumed type of specialty fats
The cocoa butter equivalent segment accounted for the largest share in the fats & oils market in terms of value and volume in 2015. Its increasing price has resulted in the increase in use of cocoa butter alternatives. Cocoa butter equivalents (CBEs) blend without altering its melting, rheological, and processing characteristics, as CBEs have similar physical properties. CBEs are used in chocolates and compound coatings, which are used in bakery & confectionery products to enhance the flavor of ingredients.
Asia-Pacific: A lucrative market for opportunities for specialty fats & oils
In 2015, the Asia-Pacific region accounted for largest share of the global specialty fats & oils market in terms of value and is also projected to grow at the highest CAGR during the forecast period. The Asia-Pacific region comprises developing economies such as India, and China. China is a key producer of specialty fats & oils, whereas India is a major consumer of specialty oils, such as palm oil. Malaysia and Indonesia are the leading producers of palm oil products in the Asia-Pacific region. Moreover, the rapid expansion of various applications such as personal care, cosmetics, and animal feed of specialty fats & oils resulted in the growth of the market in this region.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Cargill (U.S.), Wilmar International Limited (Singapore), Bunge Limited (U.S.), AAK AB (Sweden), and IOI Group (Malaysia).
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