According to the latest market study released by Technavio, the global specialty fats market is expected to grow at a CAGR of more than 9% during the forecast period.
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Technavio has published a new report on the global specialty fats market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Specialty Fats Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global specialty fats market into the following segments based on application:
- Confectionery
- Bakery products
- Dairy products
- Others
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The top three application segments are discussed below:
Confectionery
The application of specialty fats in the confectionery industry has been affected because of the growing consumption of chocolate confectionery products. This is due to the popularity of premium chocolates and the fluctuating prices of cocoa because of volatile production cost. The products that use specialty fats are in huge demand as they are low in sugar, and fat- and gluten-free. There is an increase in the consumption of products that contain specialty fats due to such trends.
According to Akash Pandey, a lead analyst at Technavio for food research, "To produce specialty fats, new raw materials are being discovered and developed. For utilization in different product applications, Shea and other cocoa butter alternatives such as avocado, algae, and mango kernels are being developed. The primary focus of manufacturers in this field are product R&D processes."
Bakery products
The market is experiencing growth due to the multiple applications of specialty fats such as filling, coating, and others in the preparation of bakery products. The overall production cost is reduced by the usage of specialty fats. The benefits that are imparted to the food products made using specialty fats are resistance to blooming (white patches on the top layer of bakery products caused due to temperature variations), prolonged shelf life, and flavor-releasing properties.
"There is an increase in the demand for bakery fats in regional markets such as APAC and the Middle East, due to the increasing consumption of bakery products in these regions. In Asian countries such as India, consumers prefer healthy bakery products with reduced trans-fat content. This is due to the prevalence of lifestyle-related conditions such as obesity and diabetes. Therefore, during the forecast period, such trends are expected to drive the demand for specialty fats," says Akash
Dairy products
The growth of dairy fat replacers has increased because of the high demand for dairy products such as yogurt, ice creams, sweetened condensed milk, and vegetable cheese-containing low saturated fat. Due to requirements such as bland taste and a greater stability of the flavor, there is a choice of vegetable oils and fats. Apart from providing these benefits, plant-based vegetable oils and fats have low saturated fat content. Therefore, they are increasingly being used in the production of dairy-free or cholesterol-free products.
Due to the demand by a considerable number of consumers, manufacturers of these specialty fats are now focusing on producing low- or reduced-saturated-fat dairy products. For instance, AAK, a major specialty fats vendor, provides a range of specialty fats used in dairy products such as ice creams and dairy whiteners.
The top vendors highlighted by Technavio's market research analysts in this report are:
- Bunge
- Cargill
- IFFCO
- IOI Loders Croklaan
- Wilmar International
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