Edible oils are used for cooking purposes as well as in
cosmetic and pharmaceutical products. Popular edible oils include soybean oil,
palm oil, canola oil, sunflower oil, olive oil, and coconut oil. Edible oils
are widely used for cooking purposes as they have high smoke points which make
them suitable for deep frying and sautéing. They are also gaining traction as
healthier alternatives to butter, ghee and other less healthy cooking oils.
The global edible oils market is estimated to be valued at US$ 143.29 Mn in 2024 and is expected
to exhibit a CAGR of 4.5% over the
forecast period 2024 To 2031.
Key Takeaways
Key players operating in the edible oils market are AJF Cigars, Boutique Blends
Cigars, Fenn Thompson & Co. Royal Cigar Works, Gurkha Cigar Group, Imperial
Brands, Joya De Nicaragua, S.A., Scandinavian Tobacco Group, Swedish Match AB,
and Swisher. These players are focusing on new product launches, mergers &
acquisitions and geographical expansion to strengthen their market presence.
The key opportunities in the
Edible
Oils Market Demand include rising demand for non-GMO and organic edible
oils owing to growing health concerns. There is a massive shift towards
plant-based and healthy diets which is driving the demand for edible oils such
as olive oil and nut oils. Consumer preference for regional and niche edible
oil products is another major opportunity in this market.
Globally, the edible oils market is expanding rapidly. Key players are
investing heavily in Asia Pacific and Latin American countries to capitalize on
the rising disposable incomes and growing demand for edible oils in these
regions. Multinational players are focusing on mergers and acquisitions of
regional brands to strengthen their market share across international markets.
Market Drivers:
- Rising health consciousness among consumers is a key
factor driving the growth of the global edible oils market. With growing
awareness about the health benefits of plant-based oils, their demand is
increasing globally.
Market Restrains:
- Volatility in raw material prices poses a major challenge
for edible oil manufacturers. Factors such as weather conditions, commodity
speculation and export restrictions heavily impact the prices of oilseeds and
thus the production costs of edible oils. This acts as a restraint for the
overall market growth.
Segment
Analysis
The edible oils market can be segmented on the basis of type
into vegetable oil, plant oil, animal oil, and others. The vegetable oil
segment is expected to dominate the market during the forecast period.
Vegetable oils are healthier substitutes to butter, ghee and other saturated
fats. They are cholesterol-free and contain essential fatty acids that are
beneficial for overall health and wellness. Some popular vegetable oils that
fall under this segment are soybean oil, sunflower oil, palm oil, canola oil,
corn oil and olive oil. Among these, palm oil accounts for over 30% of the
total vegetable oils produced globally due to low production cost and high
yield per hectare.
Global Analysis
On the regional front, the Asia Pacific region is
anticipated to dominate the edible oils market during the forecast period. This
can be attributed to high consumption of edible oils, especially palm oil and
soybean oil, in countries like India, Indonesia and China. India is the largest
producer as well as consumer of edible oils worldwide. Furthermore, the large
population base and improving economic conditions in developing Asian countries
are fueling the demand for edible oils in the region. North America and Europe
are other major markets for edible oils globally. However, their growth is
expected to be relatively slower than the Asia Pacific region during 2024-2031
due to saturation.
Get More
Insights on- Edible
Oils Market
Comments
Post a Comment