The Global Edible Oils Market Size is valued at 211.66 billion in 2022 and is predicted to reach 329.30 billion by the year 2031 at a 5.22% CAGR during the forecast period for 2023-2031.
Cooking oil is a synthetic fat that is used in frying, baking, cooking, and seasoning. These oils are made up of different fatty acid fractions. Palm, canola, sunflower, soybean, avocado, and other oils provide numerous health benefits and are frequently used in food applications. The demand for organic and unsaturated healthier products drives the industry. The drivers driving market expansion are the increasing use of avocado oil owing to its nutritional health benefits and the increased demand for canola oil in snacks due to its affordability and versatility. Additionally, the growing preference for environmentally sustainable packaging is likely to generate prospects for this market.
However, the pandemic caused supply chain disruptions, prompting delays in commodities transportation and the closure of manufacturing sites. As a result, market price swings have occurred, with specific products enjoying an increase in demand and others experiencing a fall. The epidemic also caused a change in consumer behaviour, with more individuals working and cooking at home, increasing demand for packaged and convenience foods.
Competitive Landscape:
Some of the edible oils market players are:
- Archer Daniels Midland Company (ADM)
- Borges International Group, S.L.U
- Cargill Incorporated
- Bunge Limited
- Associated British Foods Plc
- Wilmar International Limited
- Louis Dreyfus Company
- Aceitera General Deheza S.A.
- American Vegetable Oils, Inc.
- United Plantations Berhad
- Golden Agri-Resources Ltd.
- Adani Wilmar Limited
- The Nisshin Oillio Group, Ltd.
- Richardson Internation Limited
- Hebany
- Graincorp
- Vicentin S.A.I.C
- Sunora Foods
- Aveno Nv
- Basso Fedele & Figli Srl
- Ajanta Soya Limited
Market Segmentation:
The edible oils market is segregated on the basis of product type, packaging type, and end-use. Based on product type, the market is segregated as palm oil, soybean oil, sunflower oil, sunflower oil, rapeseed oil, olive oil, and others. By packaging type, the market is segmented into pouches, jars, cans, bottles, and others. The end-user segment includes domestic, industrial, and food services.
Based On Product Type, The Palm Oil Segment Is Valued As A Substantial Contributor To The Edible Oils Market
The palm oil category is expected to hold a significant share of the global Edible Oils Market in 2021. Due to its high smoke point, it can be used in various cooking methods, such as baking, frying, and roasting. It is a highly refined oil that is strong in omega-3 lipids. Its emulsifying ability, low-calorie count, little saturated fat, and lack of trans fat make it a popular household and restaurant choice. Soy-oil production is increasing in tandem with increased demand and soy crop yields. According to the Soybean Processors Association of India (SOPA), around 62 million tons of soybean oil were produced worldwide between 2018 and 2019, making it one of the most commonly used products.
The Food Service Segment Witnessed Growth At A Rapid Rate
The food service segment is projected to grow at a rapid rate in the global edible oils market. Substantial developments in the retail network, rising crop yields, oil production, and expanding economies are some of the key drivers driving the global edible oil market.
In The Region, The Asia Pacific Edible Oils Market Holds A Significant Revenue Share
The Asia Pacific edible oils market is expected to register the highest market share in terms of revenue in the near future. The region's rapid expansion is being driven mainly by urbanization, dietary changes, an increase in the predominance of processed goods, and higher living standards. Consumer demand for foods that are tasty
and offer health and nutritional benefits is predicted to be a momentous driver of market expansion. Rising urbanization in China, India, and Indonesia has resulted in a shift in customer preference for processed foods. According to United Nations projections for 2020, Asia and Africa will account for 90% of the projected urban population increase, dictating regional eating habits. The region's rapidly developing distribution network is projected to contribute significantly to sales. Europe is the second largest market and has risen fast in recent years, owing to increased health consciousness among consumers and their demand for organic and label-stated cooking oils.
Edible Oils Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 211.66 Bn |
|
Revenue forecast in 2031 |
USD 329.30 Bn |
|
Growth rate CAGR |
CAGR of 5.22 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (Tons), and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Source, Technology, Application, And Generation. |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Archer Daniels Midland Company (ADM), Borges International Group, S.L.U, Cargill Incorporated, Bunge Limited, Associated British Foods Plc, Wilmar International Limited, Louis Dreyfus Company, Aceitera General Deheza S.A., American Vegetable Oils, Inc., United Plantations Berhad, Golden Agri-Resources Ltd., Adani Wilmar Limited, The Nisshin Oillio Group, Ltd., Richardson Internation Limited, Hebany, Graincorp, Vicentin S.A.I.C, Sunora Foods, Aveno Nv, Basso Fedele & Figli Srl, And Ajanta Soya Limited. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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