Edible Oil Market is valued at USD 23.21 Billion in 2021 and is expected to reach USD 34.51 Billion by 2028 with a CAGR of 5.83% over the forecast period.
Global Edible Oil Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Rising awareness regarding health and growing urbanization are increasing the consumption of edible oils and thus, driving the growth of Global Edible Oil Market.
Edible Oil is a type of fat that can be made from plants, animals, or synthetic fat and it is used in frying, baking, and other forms of cooking. There are a wide variety of oils that are plant-based such as Olive oil, palm oil, soybean oil, rapeseed oil, corn oil, peanut oil, and other vegetable oils, and from animal-based oils like butter and lard. These oils can also be flavored with herbs, garlic, or chili. The application of vegetable oil is expanded in various sectors such as food, pharmaceuticals, cosmetics, lubricants, paints, and others. Edible oils are categorized based on their method of extraction such as cold-pressed oil, refined oil, and unrefined oil. The nutritional value of cold-pressed and refined oils is high.
They are more hygienic, healthier, and have a range of advantages over cold-pressed oils. Unrefined oils are most acceptable due to the presence of a good amount of nutrients, which is true in its flavor and smell. Edible oils have various health benefits like it contains antioxidants that protect the skin, prevents chronic disease, helps to prevent cancer, enhances the immune system, and many other health benefits. They are a rich source of essential nutrients and it plays important role in maintaining human health. Nowadays, edible oils are being used in personal care products and cosmetics because it contains various essential nutrients and vitamins as they are good for the skin.
During the Covid-19 pandemic, production and distribution of these products have been hampered as a result of government-imposed restrictions and temporary shutdowns of food industries, which have shown a negative effect on market growth. However, individuals are staying at home and working from home has increased the consumption of vegetable oil used for cooking, which has led to the growth of the edible oil market.
Some major key players for the Edible Oil market report cover prominent players like
Global edible oil market is segmented on the basis of types, end-user, distribution channel and region & country level. Based upon type, edible oil market is classified into palm oil, soybean oil, rapeseed oil, sunflower oil, peanut oil and others. Based upon end-user, the market is divided into household, industrial and commercial. Based on distribution channel, the global edible oil market is classified into online and offline.
The regions covered in this global edible oil market report are North America, Europe, Asia-Pacific, and the Rest of the World. On the basis of country level, the market of edible oil is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
July 9th, 2020; Amul has entered the edible oils business with the launch of Janmay brand in Gujarat and hopes to provide remunerative prices to oilseed farmers, the company said in a statement.
Demand for edible oils is increasing, especially for oils with low cholesterol and low fat because rising health awareness is influencing consumers to use healthy and high-quality edible oils. Edible oils have various health benefits because it contains essential nutrients omega 3, vitamins and natural antioxidants that are good for health. Growing urbanization is also supplementing the consumption of edible oils. Growing crop yields and improvement in retail sectors are also driving the growth of market. According to the Journal of Nanomaterials 2020, the production volume of vegetable oil in the 2019 and 2020 crop year exceeded 200 million metric tons worldwide. Almost 87% of the total world production of edible vegetable oils is represented by four plant oils only, i.e., palm (36.5%), soy (27.4%), rape (13.1%) and sunflower (10.0%). However, extra intake and prolonged consumption of any burnt edible oil can cause health issues such as atherosclerosis, inflammatory join disease and birth defects which may hamper the market growth. In spite of that, an increasing number of product offerings may offer more opportunities for the further growth of the global edible oil market.
The global edible oil market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia Pacific is expected to witness the fastest growth in the global edible oil market. The various varieties of oilseeds are grown as well as processed in this region. According to the Journal of Oilseeds & Fats Crop and Lipids 2016, 45% of world oils and fats are consumed in Asia. The world of Asian oilseeds and vegetable oils is highly concentrated on soybeans and palm oil. In spite of large domestic production in China, soybeans are imported in huge quantities, mostly by China (78 MnT, 84% of the region’s imports) where more than 28% of world soybeans production is being crushed. Palm oil, the second large commodity consumed in Asia, is mainly produced within the region, mostly in Indonesia and Malaysia.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 23.21 Bn|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 34.51 Bn|
|Tables, Charts & Figures:||175|
|Edible Oil Manufacturers||ADM, Bunge Ltd., Apetit Group, ACH Food Companies, BASF SE, Henry Lamotte Oils GmbH, Adani Wilmer Group, Hebany Group, Cargill Incorporated., American Vegetable Oils Inc., IFFCO, Liberty Oil Mills, Olenex Sarl, SOVENA and others|
|Segments Covered||By Type, By End-User, By Distribution Channel|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|