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. The market is primarily driven by factors such as the increasing gap between cocoa butter demand & supply, increase in the consumption of confectionery and processed foods products and rise in demand for clean label food products.
The specialty fats & oils market is dominated by few globally established players such as Cargill Incorporated (US), Wilmar International (Singapore), Bunge Limited (US), Mewah International (Singapore), and AAK AB (Sweden). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
Cargill Incorporated, held the majority of the global specialty fats & oils market share in 2020. The company is also one of the global suppliers of specialty fats & oils, offered under their food ingredients & applications division. In November 2019, BASF (Germany), Cargill, Procter & Gamble (P&G) (US), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH (Germany) entered in a partnership under the development PPP (Public Private Partnership) programme, to establish a certified coconut oil supply chain and improve the livelihood of coconut farmers in the Philippines and Indonesia. This would strengthen the company’s supplies for coconut oil in the countries.
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Wilmar International is one of the leading agribusiness companies. It is involved in the cultivation of palm oil, crushing oilseeds, refining edible oil, milling and refining sugar, and specialty fats. The oilseeds and grains segment of the company engages in the refining of edible oils and developments of specialty oils & fats. The company uses an agribusiness model that carries out raw material procurement, processing to branding, and conception of its marketing and distribution network. The company sells its products globally in more than 50 countries. Wilmar blends, packs, and markets a wide range of edible oils under its own brand names, to wholesalers and distributors in China, Indonesia, India, Vietnam, Bangladesh, and Africa. In 2019, the company continued its expansion into edible oils refining in China. In India, the company entered into a 50:50 joint venture, as Adani Wilmar Group, which is the largest refiner of consumer packed edible oils. The company purchased two companies, an oil refinery in Kuantan and a specialty fats company, Kuching, in 2019.
Bunge Limited has a broad portfolio of specialty fats and oils provided under its edible oil products business segment, which includes vegetable oils and frying oils, and liquid butter alternatives comprising a vast product line. The company has subsidiaries in almost 40 countries in the Asia Pacific, African & the Middle Eastern, European, Caribbean, Central American, North American, and South American regions. The company announced a new operating model aligned with its commercial activities of handling and processing agricultural commodities, thus enhancing its operations. Further, it is targeting the enhancement of the grain and oilseed expertise by capital-efficient investments such as investments made in the Vector technology in 2019, and strategic partnerships.
Specialty Fats & Oils Market by Type (Specialty Fats & Specialty Oils), Application (Chocolate & Confectionery, Bakery Product, Processed Food, Animal Nutrition, Dairy Product, and Infant Nutrition), Form (Dry & Liquid), & Region - Global Forecast to 2026
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