Chicago — Worldwide sales of specialty fats and oils are expected to hit $19.8 billion by 2026, growing 7.8 percent compounded annually, with the increasing gap between cocoa butter demand and supply driving the sector, according to MarketsandMarkets Research Private Ltd.
Specialty fats and oils for confections and chocolates are expected to dominate the market during the forecast period, according to MarketsandMarkets. Cocoa butter improvers (CBI) are projected to see the fastest growth through 2026 based on their extensive use. CBIs provide cost reduction as a cocoa butter replacement at any ratio, and improve heat resistance and melting characteristics.
Increasing consumption of confectionery and processed foods along side demand for clean label products will further propel the market, the research company reports.