Below is a just a sample  list of commonly used terms in the fats and oils industry
Absorption Retention of oil or fat by a food product which has been fried.  A certain amount of fat is desirable to provide flavor, eating quality, etc. to the food.  However, excessive absorption imparts an unpleasant greasiness, masks natural food flavor and is costly.
Animal Fat or Oil Any naturally occurring or refined and processed fat from any animal source.  Animal fats may be edible or inedible depending upon source or type of processing.  Examples of animal fats and oils includes refined, hydrogenated lard and edible tallow from cattle.
Antioxidant The presence of such substances slows or interferes with the reaction of the fat or oil with oxygen.  Addition of the antioxidant(s) retards rancidity development and increases stability and shelf-life.
Bleaching A treatment to reduce natural pigments (carotenoids, chlorophylls and xanthophylls) and other impurities such as cations of iron, copper and zinc. 
Breakdown General term for describing the onset or progress of undesirable chemical or physical changes in a fat or oil.  Thus, breakdown of frying fats may include darkening, formation of excess free fatty acids or peroxides, polymerization and gumming and undesirable foaming. 
Cholesterol Classified as a sterol and is an important fat-soluble compound in animal cells (therefore, animal fats), but only found in trace amounts in plants (therefore, vegetable oils). 
Cocoa Butter Alternative (CBA) Any of a number of specialty fats designed to replace some or all of the cocoa butter in confectionery applications.  This group of fats is frequently categorized on the basis of the dominant properties of the source of oils present. 
Cocoa Butter Equivalent and Extenders (CBE's) Equivalents are fats which behave like and are compatible with cocoa butter in any proportion.   Extenders however can be mixed with cocoa butter to a limited extent without significantly altering its melting, processing and rheological properties. 
Cocoa Butter Replacer (CBR) A specially engineered fat designed to replace or extend cocoa butter (typically in confectionery applications).  Depending upon compatibility with cocoa butter, replacers are sometimes divided into partial and complete. 
Cocoa Butter Substitute (CBS) A specially engineered fat designed to replace or extend the cocoa butter (Typically in confectionery applications).Cocoa butter substitute can refer to any number of products depending upon the classification scheme selected.   However, regardless of the scheme selected, classification typically hinges upon dominant properties of the source oils present. .
Confectionery Fat Describes a broad range of fats used in the formulation of confectionery products, for example, fats used in taffy and caramel to provide lubricity.  The primary application for confectionery fats is in formulation of compound coatings.
Deodorization This process removes the relatively volatile trace components from the oil which contribute to flavor, odor and color.  Typically, deodorization gives an oil that is lower than 0.05% FFA, and, a nearly flavorless and odorless product.
Domestic Oils Oils extracted from the seed of crops normally grown and harvested in the Philippines. 
Dropping Point The temperature at which a sample of fat becomes sufficiently fluid to flow under the conditions of the test.  A portion of molten fat s introduced into a sample cup, crystallized and then heated at a constant rate.   The temperature at which the sample is able to flow through the orifice in the bottom of the cup is the end point.
Eutectic This phenomenon occurs when two dissimilar fats are melted, blended together and re-crystallized, the resultant mixture will melt at a lower temperature than either of the components.
Fat A chemical unit resulting from the chemical combination or esterification of one unit of glycerine with three units of fatty acids (triglyceride).  When referring to fat, under normal ambient temperatures, the product would be in solid form.
Fatty Acids A chemical unit occurring naturally, either singly or combined, and consisting of strongly linked carbon and hydrogen atoms in a chain like structure.  At the end of the chain is a reactive acid group composed of carbon, hydrogen and oxygen.
Flavor A description of the sensation aroused by taste testing.  In a fat or oil, a bland or neutral flavor is usually desired so that natural flavors of food will permeate.
Foaming Development and persistence of bubbles on the surface of fats during frying operations.  Persistent foaming and accumulation of thick layers of foam may be indicative of fat breakdown.
Fractionation Controlled crystallization and separation techniques involving the separation of hard and soft fractions of a fat.  Such processes are often employed in the production of "winterized" oils, high stability frying oils and cocoa butter alternatives fats.
Free Fatty Acids (FFA) The bound fatty acids in monoglycerides, diglycerides and triglycerides may be released under certain conditions, to yield free acids. 
Gumming Formation and accumulation of a fat insoluble sticky material resulting from continued heating of fats and oils.  The gummy material is produced by oxidation and polymerization of the fat and represents fat breakdown products which collect on heating surfaces.
Hard Butter A generic term to describe a class of specialty fats with physical characteristics similar to those found in cocoa butter or dairy butter.   Applications include confectionery coatings and centers, coffee whiteners, etc.
Hydrogenated Fat (Oil) A fat which has been reacted chemically with hydrogen gas in the presence of a catalyst for the purpose of stabilizing or hardening the original fat.  The hydrogen reduces the degree of unsaturation of the fat. 
Hydrogenation A process employed to alter the chemical, and usually, the physical properties if a fat.  Generally speaking, hydrogenation is used to change a liquid oil into a semisolid or solid fat at ambient temperatures to enhance oxidative stability.
Interesterfication This process permits the random rearrangement of the fatty acids in the triglyceride molecules and is widely used in the manufacture of lauric specialty fats for the purpose of  changing the chemical properties of the fat.
Iodine Value (IV) IV is an expression of the degree of unsaturation of a fat.  Usually the oxidative stability of an oil increases as the iodine value is lowered.
Keeping Quality Is the general resistance of a fat or food product to any undesirable change during normal storage and usage periods.  Thus, good keeping quality of fat means resistance to oxidative rancidity, hydrolysis and development of off-flavors and odors.
Lauric Fats Lauric Fats typically contain 40-50% lauric acid in a combination with lesser amounts of other relatively low molecular weight fatty acids.   These fats are obtained from various species of the oil palm.
Lecithin These phosphatides are naturally occurring in oil from both plants and animals.  Lecithin is capable of forming colloidal solutions in water and possesses emulsifying. wetting and antioxidant properties.
Margarine A plastic or liquid emulsion containing a minimum of 80% fat.  The liquid portion consists of water and/or milk products.  Vitamin A must also be added.  Additional ingredients may include salt, color, additives, emulsifiers and preservatives.
Moisture and Volatile Matter The weight loss of a fat or food material after heating for a prescribed time under controlled conditions.  The weight loss is accounted for by the loss of water and other materials which escape in the vapor state.
Monoglycerides A chemical compound formed by a combination of one fatty acid unit with one glycerine unit.  The addition of monoglycerides to an oil or shortening tends to lower the smoke point of the oil.
Odor Odor is a sensory reaction to vapors inhaled through the nostrils.  The odor of fresh fats should be bland and neutral or may be unobjectionable but characteristic of natural oil.
Off Odors Unnatural or uncharacteristic odors i.e. rancid, soapy, beany, sharp, acrid, musty, etc.
Oil In food processing a natural or processed edible fat which is normally liquid under existing climatic or storage conditions.
Oxidation A chemical reaction involving the addition or combination of oxygen with another material.  The oxidation of food fats is to be avoided from both aesthetic and nutritional viewpoint.
Peroxide Value (PV) PV measures the amount of peroxides and hydroperoxides in a sample of fat produced in the oxidation process.
Plasticizing (Votation) Purpose is to develop the finest possible crystal structure in order to produce a shortening or margarine that is smooth in appearance and firm in consistency.
Polymerization An undesirable change in the composition of a food fat involving intermolecular agglomeration or clumping of the normal chemical units of fat and its decomposition products into larger and insoluble chemical units.
Refining Process designed to substantially remove free fatty acids and other impurities such as phosphatides, proteinaceous and mucilagenous substances, which could contribute to undesirable flavor and appearance in the finished product.
Reversion An undesirable change in flavor of a refined oil or fat.  It usually refers to the development of a characteristic off flavor in a refined, bleached oil of good initial flavor.
Shortening Fats used in the baking or frying of foods.   Shortenings impart "short" or tender qualities to baked goods.   Additives such as emulsifiers, antioxidants, anti-foaming agents, flavoring, etc may be present, depending on the intended use of the product.
Stability The relative resistance of a product to an undesirable breakdown or change.  For fats and oils, stability may refer to resistance to oxidation, hydrolysis, flavor reversion and formation of off odors and flavors.
Turnover The rate at which fat is used up during a frying operation.  Rapid turnover is desirable so that an amount of fresh fat equivalent to the original fat load will have been added to maintain the fat level and replace the absorbed fat in a relatively short time.
Vegetable Fat or Oil A naturally occurring or refined and processed fat from any vegetable or plant source.  It may be edible or inedible according to source or type of processing.

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