Normal & Specialty Fats Market is Projected to Witness Extensive Growth by 2027

07/gen/2021 07:25:07 Grand View Research Contatta l'autore

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The global normal & specialty fats market size is anticipated to reach USD 51.4 billion by 2027, registering a CAGR of 7.4% during the forecast period, according to a new report by Grand View Research, Inc. Consumption of various bakery products such as bread, rolls, cookies, pies, pastries, and muffins is expected to play an important role in rising demand for fats in various bakery formulations. Dairy foods are expected to register steady rise in demand. Rapid urbanization and improving consumer lifestyle have led to increased consumption of dairy products such as cheese, ice creams, yogurt, and dips among others. This is expected to fuel the demand for fats in dairy products.

Normal and specialty fats are mainly extracted from vegetable oils such as palm, soybean, rapeseed, and sunflower oils. Among these, palm oil is prominently used for fat production. Indonesia and Malaysia are the major palm oil producers and accounted for nearly 80% of the global palm oil production, followed by Brazil. Willmar International, a key player which uses palm oil for specialty fats production, mainly sources its oil from Indonesia. ADM, a prominent manufacturer in the market sources its palm oil from Brazil and has undertaken a palm plantation program, which includes 267 family farmers with whom the company has entered into a sourcing contract for palm and palm kernels seed for oil production.

The normal & specialty fats market is fragmented with presence of long term and well-established industry players such as Cargill, Incorporated, Intercontinental Specialty Fats Sdn. Bhd., and Musim Mas Holdings Pte. Ltd. The global players face intense competition from each other and regional players who have strong distribution networks and good knowledge about suppliers and regulations. Integration in operations results in consistent raw material supply and low production costs. Thus, these companies have a cost advantage over other non-integrated manufacturers.

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Normal & Specialty Fats Market Report Highlights

·         In 2019, cocoa butter equivalent was estimated to be the fastest growing type segment due to rising demand for the product type in chocolate sector, owing to its unique property of completely melting at mouth temperature while remaining brittle, moldable, and hard at room temperature

·         In 2019, Confectionery is expected to be the fastest growing application segment owing to use of fats with improved rheological characteristics including viscosity that facilitates effectual production of several confectionery products

·         In 2019, B2B is expected to be the fastest growing distribution channel segment as key bakery manufacturers that are engaged in developing unique products in line with fat producers. The fat producers are entering into long term supply contracts with prominent end users (bakery, confectionary and other manufacturers) and are also providing tailored solutions as per specific demand

·         In 2019, industrial is expected to be the fastest growing end-use segment owing to its growing usage in other than food sector especially in petrochemical sector to carry active elements including phosphorus, sulfur, and chlorine, with a purpose to provide resistance to oxidation, prevent wear during use, and inhibit corrosiveness

Normal & Specialty Fats Market Segmentation

Grand View Research has segmented the global normal & specialty fats market on the basis of type, application, distribution channel, end use, and region:

Normal & Specialty Fats Type Outlook (Revenue, USD Million, 2016 - 2027)

·         Cocoa Butter Equivalent

·         Cocoa Butter Replacer

·         Cocoa Butter Substitute

·         Filling Fats

·         Milk-Fat Replacers

·         Spread Fat

·         Frying Fats

·         Margarines

·         Shortenings

·         Butter

·         Others

Normal & Specialty Fats Application Outlook (Revenue, USD Million, 2016 - 2027)

·         Bakery

·         Confectionery

·         Convenience Food

·         Dairy

·         Others

Normal & Specialty Fats Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

·         B2B

·         B2C

Normal & Specialty Fats End-use Outlook (Revenue, USD Million, 2016 - 2027)

·         Household

·         Commercial

·         Industrial

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