Edible Oils and Fats Market Outlook
According to the report by Expert Market Research (EMR), the global edible oils and fats market size reached a value of USD 227.68 billion in 2023. Aided by the increasing demand for healthier, versatile, and sustainable edible oil and fat options, the market is projected to further grow at a CAGR of 5.80% between 2024 and 2032 to reach a value of USD 378.15 billion by 2032.
Edible oils and fats are essential components of the human diet, providing energy, essential fatty acids, and fat-soluble vitamins. They play a critical role in culinary applications, influencing the flavour, texture, and nutritional profile of food products. The market encompasses a wide array of products, including vegetable oils such as soybean, palm, canola, and olive oil, as well as animal-based fats like butter and lard.
The edible oils and fats market growth is propelled by several key trends. Firstly, the growing health consciousness among consumers worldwide has spurred the demand for oils and fats with beneficial health profiles. Oils rich in unsaturated fatty acids, such as olive oil and flaxseed oil, known for their heart-healthy benefits, have seen increased popularity. Additionally, the demand for organic and non-GMO oils reflects a broader consumer shift towards natural and environmentally friendly products.
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Sustainability concerns have also influenced the edible oils and fats market outlook. The production of certain oils, particularly palm oil, has faced scrutiny due to environmental and ethical issues, including deforestation and habitat destruction. This has prompted industry players and consumers alike to seek more sustainable practices and alternatives, such as certified sustainable palm oil and the exploration of underutilised oil crops with lower environmental footprints.
According to the edible oils and fats market analysis, the technological advancements in oil extraction, processing, and packaging have further driven market growth, enhancing efficiency, product quality, and shelf life. Innovations in biotechnology have also enabled the development of oils with improved nutritional profiles and functionality, catering to the needs of specific consumer segments and industrial applications.
Looking ahead, the future of the market appears promising, with significant opportunities for growth and innovation. The increasing global population and rising incomes in emerging economies are expected to drive demand for edible oils and fats across food service, food processing, and retail sectors. Furthermore, the ongoing quest for healthier and more sustainable diets is likely to fuel the development of new products and processing technologies.
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Edible Oils and Fats Market Segmentation
The market can be divided based on product, type, nature, form, source, application, end-use, distribution channel, and region.
Market Breakup by Product
- Edible Oil
- Soyabean Oil
- Sunflower Oil
- Olive Oil
- Coconut Oil
- Palm Oil
- Others
- Edible Fats
- Cocoa Butter Replacer
- Cocoa Butter Substitute
- Filling Fats
- Milk-Fat Replacers
- Spread Fat
- Frying Fats
- Margarine
- Shortenings
- Butter
- Others
Market Breakup by Type
- Natural
- Synthetic
Market Breakup by Nature
- Organic
- Conventional
Market Breakup by Form
- Solid
- Liquid
Market Breakup by Source
- Animal
- Plant
Market Breakup by Application
- Bakery and Confectionery
- Convenience Foods
- Sauces
- Spreads and Dressings
- HORECA
- Others
Market Breakup by End Use
- Food and Beverage
- Personal Care and Cosmetics
- Biofuel and Energy
- Pharmaceuticals
- Chemicals
- Others
Market Breakup by Distribution Channel
- Online
- Offline
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global edible oils and fats market. Some of the major players explored in the report by Expert Market Research are as follows:
- Archer Daniels Midland Company
- Cargill, Incorporated
- Bunge Limited
- Wilmar International Limited
- IFFCO Group
- FUJI OIL CO., LTD.
- IOI Corporation Berhad
- Richardson International Limited
- The Nisshin OilliO Group, Ltd.
- Ventura Foods, LLC
- Others
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