The Global Market for Vegetable Oils is Projected to Exceed 275 Million Metric Tons by 2024
Rising Consumption of
High-Quality Oils and Growing Prominence of Alternative Fuels Drive the Global Vegetable
Oils Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Vegetable Oils market. The global market for Vegetable
Oils is projected to exceed 275 million metric tons by 2024, driven by growing consumer
interest in healthy, organic, and unprocessed/unrefined vegetable oils; huge
market potential offered by biofuel applications, and diverse product offerings.
Vegetable
oil refers to oil produced from crushing oilseeds (sunflower, rapeseed, corn,
peanut, and others), palm and palm kernel, coconut, and cottonseed, for applications
in food and other industries. With growing consumer focus on health and
wellness, the vegetable cooking oils market globally is experiencing strong
demand for improved, nutritional and healthier oils. Growth in the market is
attributed to various factors including availability of broad range of products
at reasonable price points, vast product offerings with different tastes and
textures, and growing health benefits of few oils over other vegetable cooking
oils. There are very different and contrasting factors that drive growth in
vegetable oils markets both in the developed as well as in developing
economies, based on disparate dietary, lifestyle and demographic patterns.
Consumers in developed and mature markets worldwide, seek health and convenience
factors in edible vegetable oils. In contrast, an increasing shift away from
unpackaged food items to packaged ones is strengthening the market in
developing countries like China and India.
Future
growth in the market will be driven by increasing demand for high-quality
vegetable oils, popularity of ready to consume convenience food, changing
consumer preferences, advances in production technology, and developments in
the production of palm oil in Asia. Stringent quality standards along with
rising energy awareness are expected to play a critical role in the future
manufacturing of vegetable oils. Vegetable oils with desirable qualities
including low-fat, low-cholesterol, and low-calorie content, are poised to
register strong growth and support market expansion. Emerging non-edible
applications, increasing R&D initiatives/projects to offer trans-fat free soybean oil; surging popularity of
olive oil; the healthy Trans-fat free alternative provided by sunflower oils;
and growing preference for canola oil from the food service industry are also
expected to benefit market prospects in the next few years. Robust demand for
palm oil represents another important growth driver. Additionally, the growing
prominence of alternative fuels against the backdrop of increasing
environmental concerns with respect to fossil fuels generation and usage in the
transportation sector is expected to add further impetus to market growth. Biofuels,
obtained through further processing of vegetable oils is a booming market with
huge potential to provide energy security and reduce CO2 emissions.
As stated by the new market research report on
Vegetable Oils,
Asia-Pacific represents the largest and the fastest growing market worldwide
with a CAGR of 5.4% over the analysis period. Major factors driving market
growth in the region include low per person consumption of vegetable oils,
ballooning population, growing popularity of branded oils, improved retailing
network, changing dietary habits, rapid urbanization,
steadily growing economies, improving living standards, increasing crop yields
and oil production, changes in composition of vegetable oil consumption
in terms of different varieties, increasing consumer health concerns and the
resulting demand for healthy oils, and expanding non-edible applications.
Key
players in the market include AarhusKarlshamn (AAK AB), Aceites Borges Pont
S.A., ACH Food Companies, Inc., Mazola Oils, Archer Daniels Midland Company,
Avena Nordic Grain Oy, Avril Group, Bunge Limited, C. Thywissen GmbH, Cargill
Incorporated, Conagra Brands, Inc., COFCO Corporation, Deoleo, S.A., Dow
AgroSciences LLC, Golden Agri-Resources Ltd., IOI Group Berhad, J-Oil Mills,
Inc., Marico Limited, PT Astra Agro Lestari Tbk, P. T. Musim Mas, Richardson
Oilseed Limited, Royal Smilde Foods, Sime Darby Plantation Sdn Bhd, The Nisshin
OilliO Group, Ltd., Wilmar International Limited, and Adani Wilmar Limited,
among others.
The
research report titled “Vegetable Oils: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of major market participants.
The report provides market estimates and projections for all major
geographic markets such as the US, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and
Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil,
Mexico, and Rest of Latin America). Major types of vegetable oils analyzed in
the report include Soybean Oil, Olive Oil, Canola Oil, Sunflower &
Safflower Oil, Corn Oil, Palm Oil, Coconut Oil, and Others.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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