Global Specialty Fats Market - 2019-2026
|特殊油脂的全球市場(2019年∼2026年) Global Specialty Fats Market - 2019-2026|
|出版日期: 按訂單生產||內容資訊: 英文||
Specialty fats are produced from different types of oils and various foods like potatoes, milk, cocoa butter, and many others. The speciality fats has excellent properties like it can provide extended shelf life, superior product temperature resistance, excellent melting and viscosity property for ease of coating, filling, and molding. These fats have superior quality to provide delegate taste of food products. The speciality fats are available in broad range of confectionary products like milk fat, bakery products, and nutritional products. The speciality fats products has widely found in the chocolate bars, snacks items and many others ready to eat food products. The global Specialty fats market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The market is driven by the rising demand processed and confectionary food products with growing awareness of good nutritional products and rising global population. According to an estimate of United Nation's, the global population in 2015 was 7 billion and is projected to reach over 9 billion by 2050. Thus demand for the confectionary and processed food will be increased by 60% to 70% according to the Food and Agriculture Organization of the United Nations (FAO).
There is a rise in the digital technology adoption for increasing the awareness of speciality products by leading companies and rising the investments by leading players to manufacture the speciality products like chocolates, milk products etc. For instance, 3rd May 2019, ADM and Cargill has been created a joint venture named Grainbridge LLC to improve decision making and online marketing for North American farmers. Furthermore on 17th June 2020, Cargill has been invested around 3.5 millions to strengthen gourmet chocolate offerings in Kalmthout (Belgium) to increase its production capabilities for gourmet chocolate.
The global Specialty fats market is segmented based on fats type, oils type, applications, and region.
In terms of fats type the global specialty fats marker is bifurcated into cocoa butter replacers (CBR), cocoa butter equivalents (CBE), cocoa butter substitutes (CBS), cocoa butter improvers (CBI), milk fat replacers (MFR) and others. Among these, cocoa butter equivalents (CBE) segment has the highest market share in 2019 owing to increasing the consumption of sweeteners, chocolate, and confectionary foods due rising the consumer spending of the specially in the low and middle income from developing countries. According to the World Bank Organization Report, the low and middle income from developing countries average spending on food and beverages alone is around USD 2.3 trillion per.
Similarly, cocoa butter replacers (CBR), cocoa butter substitutes (CBS), cocoa butter improvers (CBI), milk fat replacers (MFR) segments are also growing at faster pace owing to rising the global consumption of milk and milk products with surge in the global investment on processed food. For instance in 2017, the Indian government has been received commitments for investment of around Rs68, 000 crore from 13 global and domestic companies in establishment of food processing industry in India.
Depending on the oils types, global speciality fats market is divided into rapeseed oil, coconut oil, olive oil, palm oil, soybean oil and other oils. Among this, palm oil segment has the highest share in 2019. This is primarily due to rising consumption of palm oil for the production of snacks items like waffles, and other ready to eat products. According to the Malaysian Palm Oil Organization, the global palm oil production has been increased to around 70 million tonnes in 2018.
Similarly, rapeseed oil, coconut oil, olive oil, soybean oils segments are also growing at faster pace due to surge in demand for the processed food and beverages around the globe with surge in the consumer spending and changing diet systems. As per the Malaysian Palm Oil Organization, the soybean and rapeseeds oil production around the globe were registered to over 55 MT and 25 MT respectively in 2018.
Depending on the applications, the global specialty fats are segmented into bakery, confectionery, dairy products, nutrition, and others. Among this, confectionery segment has the highest market share in 2019. This growth is anticipated due rise in popularity confectionery products due to wide functional properties of specialty fats & oils with rising consumption among the people. For instance according to the European Union Modern Society and Authority, the per capita consumption of confectionery products in Russian Market was around 24.6 kg per year per person.
Similarly, bakery & dairy products, and nutrition segment is also growing at faster pace owing to increase in the demand for the bakery & dairy products with surge in global population and rising milk production. According to Food and Agriculture Organization of the United Nations (FAO) in 2018, the total estimated milk production was around 843 million tonnes with increase of 2.2% from 2017.
By region, the global specialty fats market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia Pacific is the dominated region for the global specialty fats market and expected to grow at the highest CAGR during the forecasted period due to presence of huge population with surge in milk products followed by North America region. According to Food and Agriculture Organization of the United Nations (FAO), the Asia Pacific has around 346.9 million tonnes of milk output increased by 3.9% from 2017. This has created huge demand milk based speciality products like chocolates, ice-cream and others for consumption in this region.
North America is the also growing at faster pace for the specialty fats market, owing to rising consumer spending with changing the diet systems of the people in this region. According to the Malaysian Palm Oil Organization in 2019, the United State's oil and fat production was around 21.5 million tonnes due to increase in the yield of soybean by 40 to 50% per Acre.
The global Specialty fats market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Cargill, Fuji Oil, AAK AB, Musim Mas, Wilmar International Ltd, Mewah Group , IOI Group, Puratos Group NV , IFFCO Group, Archer Daniels Midland and ISF are the leading market players with significant market share.
Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 23th June 2020, US food major Cargill has been partnered with Indian manufacturer to launch its first chocolate manufacturing operation in Asia. The Company has been planned to produce 10,000 tonnes of chocolate compounds like chocolate chips, chocolate paste, and other bakery, ice cream and confectionery products.