Specialty Fats & Oils Market Set to Surge Significantly During 2022-2031

The global specialty fats & oils market was valued at US$ 13.3 Bn in 2021. It is estimated to grow at a CAGR of 5.9% from 2022 to 2031. The global specialty fats & oils market is expected to exceed value of US$ 23.7 Bn by the end of 2031

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Specialty oils are a particular category of oils derived from sources such as palm, coconuts, soybean, sunflower, rapeseed, and other sources, including peanut and olive oil. These oils have unique properties that are desirable in industrial and non-edible applications. Specialty fats are also sometimes referred to as confectionery fat, hard butter, or cocoa butter alternatives (CBA).

Specialty oils and fats over the course of time have found newer applications in the food industry, which is predominantly due to the growing consumer interest in "clean label" functional foods and the emerging markets in "free-from" and specialist foods.

Moreover, retail stores now stack snacks that cater to various diet habits, which claim to use specialty fats such as soybean oil, corn oil, rapeseed oil, palm oil, or sunflower oil instead of saturated unhealthy fats. A survey conducted by the International Food Information Council in 2020 revealed that over the past few years, the perception of consumers regarding dietary fats has changed significantly.

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As per the National Confectioners Association, confectionery remained a powerful and important category, delivering significant contribution to retailer sales and profits, setting new sales records, and growing at a faster rate than most other categories.

Fats and oils are the common terms used for dietary lipids, which have distinctly opposite connotations in physical state, stability, consistency, source, and health implications. A few years ago, fats were usually discussed as solid saturated fats that, until recently, were considered unhealthy and generally included animal-sourced butter, tallow, and lard. Borne into this category of unhealthy solid fat were certain plant-based solid fats that were derived from palm kernel and coconut sources.

As consumers across the globe learnt about the benefits of these fats, an increasing number of food production companies evolved with product offerings comprising healthier fats. Cargill, shared key insights from its annual proprietary FATitudes survey stating that 53% of American consumers closely monitor fats and oils in packaged foods, a rate that has remained fairly consistent since the study began in 2013.

The trend was further encouraged by the implementation of stringent government regulations wherein usage of unhealthy fats in processed food were either limited to 2% - 5%, or completed stopped.

Concerns about chemical contaminants in processed oils is turning people away from labels with chemical-sounding additives, such as those used to extend shelf life and fry life. Large-scale chip and snack brands are, therefore, turning to expeller-pressed specialty oils, such as sunflower oil, a high-oleic, high-temperature oil, for functionality and marketing appeal.

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Sedimentation and filtration help remove solids while retaining the color, flavor, and aroma of specialty oils from walnut, virgin olive, hazelnut, pistachio, and sesame. Specialty oils are also subjected to live steam under high vacuum and high temperature for deodorization, such as the commodity oils, and are blanketed with nitrogen for further protection against oxidation.

The market for coconut, sunflower, and palm oils is growing in specialty oils, and this increase in their demand can be ascribed to the escalating demand for vegetable oils in the booming confectionery and bakery businesses. The constituent fatty acids of each culinary oil are predominantly responsible for the functionality of these oils, along with their key components. Sunflower oil is used in the cooking of foods such as frozen pre-fried foods in restaurants or at home. High growth is observed in the market in developing regions such as Asia and the Middle East, with increasing trend toward the use of vegetable oils for cooking and household use.

Primary drivers for the growth of the specialty fats & oils market in Asia Pacific are growing application segments such as bakery, confectionery, dairy, food processing, and cosmetics. Additionally, increasing demand for products that benefit health is encouraging the specialty fats & oils market in the region.

Similarly, in South America, the rising demand for confectionary is anticipated to lead to a higher growth rate of specialty fats & oils market during the forecast period, due to rise in usage of specialty fats and oils. Middle East & Africa has high potential to gain market share for specialty fats & oils that indicate a positive growth rate during the forecast period.

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Moreover, Africa, a prominent supplier of cocoa globally, is estimated to remain a key specialty fats & oil market.

Detailed profiles of providers of specialty fats & oils have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies. Majority of the firms is spending significant amounts on comprehensive research and development, primarily to develop products that are healthy and comply with government regulations. Growing geographic presence and mergers & acquisitions are the key strategies adopted by prominent players.

Key players operating in the global specialty fats & oils market are AAK AB, Cargill, Incorporated, D&L Industries, Fuji Oil Co. Ltd., IOI Loders Croklaan, Mewah Group, MOI International Pte Ltd, Musim Mas, and Wilmar International, among others.

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