The Booming Global Specialty Fats & Oils Market: A Sweet Journey of Growth
Ngày đăng: 02-01-2024 |
Ngày cập nhật: 02-01-2024
Introduction:
The global specialty fats & oils market has experienced significant expansion, with an estimated value of USD 12.6 billion in 2020 and a projected surge to USD 19.8 billion by 2026, showcasing a robust CAGR of 7.8% during the forecast period. Several key factors contribute to this growth, including the widening gap between cocoa butter demand and supply, increased consumption of confectionery and processed foods, and a rising preference for clean label food products.
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Dominance of Chocolates & Confectionery Segment:
Among various applications, the chocolates & confectionery segment emerges as the market dominator. This dominance is fueled by the enhanced rheological properties of specialty fats, such as viscosity, facilitating efficient confectionery production. The surge in demand for clean label food products has contributed to the increased popularity of specialty fats & oils in chocolate and confectionery items. The International Cocoa Organization (ICCO) highlights a global deficit in cocoa supply, leading to a heightened need for cocoa butter substitutes, thereby driving the use of specialty fats & oils in the chocolates & confectionery segment.
Rapid Growth in Cocoa Butter Improver Segment:
Within the specialty fats market, the cocoa butter improver segment is poised for the highest growth during the forecast period. These improvers play a crucial role in enhancing soft cocoa butter, offering compatibility with cocoa butter and similar crystallization and melt profiles. Cocoa butter improvers present an opportunity for cost reduction as a cocoa butter replacement at any ratio, with added heat resistance and melting characteristics. Chocolates with cocoa butter improvers exhibit improved resistance to softness and fat bloom, particularly in tropical climates.
Asia Pacific: A Lucrative Hub:
The Asia Pacific region claims the largest share of the global specialty fats & oils market in 2020. Factors contributing to this dominance include rising income levels, increased purchasing power, rapid growth of the middle-class population, and a surge in consumer demand for processed products. The chocolate & confectionery industry in the region is a significant driver, with countries like China and India leading in vegetable oil consumption. China, for instance, consumed approximately 35 million tons of vegetable oil in 2017, while India consumed about 23.8 million tons.
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Key Players Shaping the Market:
The major players in the global specialty fats and oils market include industry giants such as Cargill Incorporated (US), Wilmar International (Singapore), Bunge Limited (US), Mewah International (Singapore), and AAK AB (Sweden). These companies play a pivotal role in shaping the market landscape and meeting the burgeoning demand for specialty fats & oils.
Conclusion:
The global specialty fats & oils market is experiencing remarkable growth, driven by factors such as the cocoa butter deficit, increased confectionery consumption, and a growing preference for clean label food products. The dominance of the chocolates & confectionery segment, coupled with the rapid growth of cocoa butter improvers, underscores the dynamic nature of this thriving industry. As the Asia Pacific region emerges as a lucrative hub, key players are strategically positioned to capitalize on the immense opportunities within this expanding market.
The global specialty fats & oils market has experienced significant expansion, with an estimated value of USD 12.6 billion in 2020 and a projected surge to USD 19.8 billion by 2026, showcasing a robust CAGR of 7.8% during the forecast period. Several key factors contribute to this growth, including the widening gap between cocoa butter demand and supply, increased consumption of confectionery and processed foods, and a rising preference for clean label food products.
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=11304130
Dominance of Chocolates & Confectionery Segment:
Among various applications, the chocolates & confectionery segment emerges as the market dominator. This dominance is fueled by the enhanced rheological properties of specialty fats, such as viscosity, facilitating efficient confectionery production. The surge in demand for clean label food products has contributed to the increased popularity of specialty fats & oils in chocolate and confectionery items. The International Cocoa Organization (ICCO) highlights a global deficit in cocoa supply, leading to a heightened need for cocoa butter substitutes, thereby driving the use of specialty fats & oils in the chocolates & confectionery segment.
Rapid Growth in Cocoa Butter Improver Segment:
Within the specialty fats market, the cocoa butter improver segment is poised for the highest growth during the forecast period. These improvers play a crucial role in enhancing soft cocoa butter, offering compatibility with cocoa butter and similar crystallization and melt profiles. Cocoa butter improvers present an opportunity for cost reduction as a cocoa butter replacement at any ratio, with added heat resistance and melting characteristics. Chocolates with cocoa butter improvers exhibit improved resistance to softness and fat bloom, particularly in tropical climates.
Asia Pacific: A Lucrative Hub:
The Asia Pacific region claims the largest share of the global specialty fats & oils market in 2020. Factors contributing to this dominance include rising income levels, increased purchasing power, rapid growth of the middle-class population, and a surge in consumer demand for processed products. The chocolate & confectionery industry in the region is a significant driver, with countries like China and India leading in vegetable oil consumption. China, for instance, consumed approximately 35 million tons of vegetable oil in 2017, while India consumed about 23.8 million tons.
Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=11304130
Key Players Shaping the Market:
The major players in the global specialty fats and oils market include industry giants such as Cargill Incorporated (US), Wilmar International (Singapore), Bunge Limited (US), Mewah International (Singapore), and AAK AB (Sweden). These companies play a pivotal role in shaping the market landscape and meeting the burgeoning demand for specialty fats & oils.
Conclusion:
The global specialty fats & oils market is experiencing remarkable growth, driven by factors such as the cocoa butter deficit, increased confectionery consumption, and a growing preference for clean label food products. The dominance of the chocolates & confectionery segment, coupled with the rapid growth of cocoa butter improvers, underscores the dynamic nature of this thriving industry. As the Asia Pacific region emerges as a lucrative hub, key players are strategically positioned to capitalize on the immense opportunities within this expanding market.
