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(HomeGarden247.com, October 07, 2021 ) The global 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. One of the major factors driving the specialty fats & oils industry is the increasing gap between cocoa butter demand & supply. Also the increase in the consumption of confectionery and processed foods and rise in the demand for clean label food products have been driving the growth of this market.
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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. However, according to the International Cocoa Organization (ICCO), there has been a deficit in the demand and supply of cocoa globally. Due to this, there is a rise in the need for substitutes for cocoa butter, which is strongly driving the use of specialty fats & oils in the chocolates & confectionery segment.
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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.
The major vendors in the global specialty fats and oils market are Cargill Incorporated (US), Wilmar International (Singapore), Bunge Limited (US), Mewah International (Singapore), and AAK AB (Sweden).
Mr. Aashish Mehra
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