The global edible oils and fats market is expected to grow at a 4.56% CAGR in terms of volume over the forecast period from 2018 to 2023, according to a new market research report from Market Research Future (MRFR). The global edible oils and fats market is expected to reach a volume of 298,522 kilotons by 2023. The report presents a thorough overview of the historical growth trajectory of the global edible oils and fats market, including a review of the major drivers and restraints affecting the growth of the market and likely to have a lasting impact on the market over the forecast period.
The global edible oils market has been driven by the growing demand for edible oils and fats in culinary applications across the world. Edible oils and fats add to the flavor of the food being cooked and also contain vital nutrients that add to the nutritive content of the food. Edible oils and fats are especially high in vitamin E and amino acids, which are a vital group of micronutrients that many individuals in the modern world are lacking due to unwise dietary choices. Due to these reasons, edible oils and fats have taken on a crucial role in culinary preparations around the world. The rising food and beverage industry in emerging regions is likely to remain a major driver for the global edible oils and fats market over the forecast period.
The global edible oils and fats market is also likely to be driven by the growing demand for oils and fats in industrial end uses such as the production of biofuels. The growing demand for an effective production process of biofuels is likely to drive research in the sector over the coming years, driving the demand from the edible oils and fats market. Emerging as well as developed countries are likely to step up their efforts in terms of producing biofuels over the coming years, leading to strong growth prospects for the edible oils and fats market.
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The global edible oils and fats market is segmented by type, processing, source, fatty acid content, application, and region.
By type, the global edible oils and fats market is segmented into corn oil, palm oil, coconut oil, sesame oil, peanut oil, olive oil, soybean oil, cottonseed oil, safflower oil, butter, lard, tallow, margarine, and others. The palm oil and soybean oil segments collectively accounted for more than 48% of the global edible oils and fats market in 2017 and are likely to retain major shares in the market over the forecast period due to the widespread popularity of palm and soybean oil.
By processing, the edible oils and fats market is segmented into expeller/cold pressing, rendering, hydrogenation, refining/naturalization, degumming, and others.
By source, the global edible oils and fats market is divided into plant, animal, and others. Plant sources hold more than 80% of the global edible oils and fats market and are likely to remain dominant over the forecast period due to the widespread popularity of plant-based edible oils and fats.
By fatty acid content, the global edible oils and fats market is segmented into saturated, monounsaturated, and polyunsaturated.
By application, the edible oils and fats market is segmented into table consumption, savory snacks, bakery and confectionery products, ready to eat foods, animal feed, biodiesel, and others.
The global edible oils and fats market is dominated by Asia Pacific, which accounts for a dominant 54.07% share in the market and is likely to remain the leading revenue generator over the forecast period due to the abundant presence of source animals as well as plants in the region. Europe is also likely to exhibit rapid growth in the global edible oils and fats market due to the growing technological innovation in the industry and the growing demand for plant as well as animal fats and oils.
Leading players in the global edible oils and fats market include Archer Daniels Midland Company, Wilmar International Ltd., Adani Wilmar Ltd., Ajinomoto Co. Inc., Cargill Inc., Bunge Limited, and Associated British Foods plc.
In February 2019, Gemini Edibles & Fats India Pvt. Ltd. announced plans to open a new manufacturing plant in the Gopalpur SEZ (Special Economic Zone) in Odisha, India. The new plant will have a capacity of close to 400,000 tons per annum upon completion.
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