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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. According to the Indonesian Palm Oil Producers Association (GAPKI), exports to China plunged by as much as 57% in January. Governments from countries such as India, China, and the US made exemptions for the sector to continue their businesses with minimal capacity amid the lockdowns; thus, as the production continued, these companies were able to mitigate the considerable impact by the continuity of operations.
The chocolates & confectionery segment, by application, is projected to dominate the market during the forecast period.
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.
The cocoa butter improver segment, by type, is projected to witness the highest growth in the specialty fats market
The cocoa butter improver segment is projected to grow at the highest rate during the forecast period since there are used extensively for improving soft cocoa butter. It also shows compatibility with cocoa butter and shares similar crystallization and melt profiles. Cocoa butter improvers can be used to provide cost reduction as a replacement for cocoa butter at any ratio, with added heat resistance and melting characteristics. Cocoa butter improvers (CBI) are characterized by a high content of StOSt, which helps increase the solid fat content and finally results in the enhancement of melting points while enabling the hardness of the chocolate. Chocolates with CBIs have better resistance to softness and fat bloom at higher ambient temperatures and in countries with tropical climates such as Mexico, Malaysia, and Indonesia, among others.
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Asia Pacific is estimated to be the largest market.
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 regions 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).
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