Global edible oils and fats market witnesses a constant revenue growth mainly due to the hotel industry. Moreover, an increase in the global economy and rapidly growing middle-income families create huge market demand. Changing lifestyles of consumers alongside the increasing per capita disposable income increase the sales of various food products such as cakes, biscuits, and baked products. People are increasingly becoming food enthusiasts, which, in turn, increases applications of edible oils and fats in culinary uses.
According to Market Research Future (MRFR), the global edible oils and fats market Size is projected to reach USD 153.11 billion by 2027, registering around 4.29% CAGR over the forecast period (2020 -2027). Companies are increasing their R&D budget, which, along with the growing inclination towards healthy products, is inducing the market demand hugely. Besides, the consumption of oil & fats in food & beverages, pharmaceutical, and cosmetic & personal care products is rising continually.
On the other hand, price volatility and the demand-supply gap in the raw materials required for the production of edible oils & fats are the major factors expected to impede the growth of the market. Nevertheless, the adoption of effective farming techniques and advanced extracting technologies would support market growth throughout the assessment period, increasing the production of edible oils and fats.
Edible Oils and Fats Market - Segments:
The analysis has been segmented into four major dynamics.
By Type : Oils (olive oil, sunflower oil, rapeseed/canola oil, soybean oil, palm oil, others) and Fats (butter, butter oil, lard & tallow, margarine, white cream fat, others).
By Source : Plant and Animal.
By Application : Bakery & Confectionery, HORECA, Spreads & Dressings, Convenience Foods, Sauces, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Edible Oils & Fats Market - Regional Analysis
The Asia Pacific region dominates the global edible oils and fats market Overview, registering the highest CAGR. The largest market share majorly attributes to the flourishing agriculture industry in the region. Besides, the suitable weather conditions in the region offer cultivation of various grains & seeds, which helps to increase the production of oil & fats.
Furthermore, the presence of diverse cultures and cuisines fosters the growth of the regional market, promoting usages of various healthy oils and thus, creating a huge demand. With the increasing consumption in bio-diesel application, the production of the APAC edible oil & fats market is projected to reach 26,649-kilo tons with CAGR of 5.49% over the review period.
Europe stands second in the global oils & fats market. Factors such as the higher growth rate in the market demand from savory snacks application and increasing consumption of foods such as meat and snacks. Europe holds a major share in the bio-diesel market.
Moreover, the increasing numbers of biodiesel & biofuel plants in the region create large market demand. Also, massive consumption in the burgeoning F&B, pharmaceuticals, and personal care products industries propel the growth of the regional market. The European edible oil & fats market is estimated to grow at 4.06% CAGR during the forecast period.
The edible oils & fats market in the North American region is growing briskly. Rapidly growing industries F&B, pharmaceuticals, and personal care products drive the growth of the regional markets excellently. Besides, the presence of various oil & fat producers in the region, alongside the rising health-conscious populaces, bolster the revenues in the regional market. North America's edible oils and fats market is projected to create a valuation of over USD 31,203.4 MN by 2027.
Edible Oils & Fats Market - Competitive Analysis
Fiercely competitive, the edible oils & fats market appears well-established with the presence of several notable players. To gain a larger competitive share in the market, these players adopt strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/ technology launch. Players invest substantially to meet their expansion plans. They acquire small yet promising companies from emerging regions. Rising product innovations and oil extracting technologies are expected to create strong investment opportunities for global players.
Key edible oils & fats market Players leading the global include Wilmar International Ltd. (Singapore), James Richardson & Sons, Limited (Canada), Associated British Foods PLC (UK), United Plantations Berhad (Malaysia), Cargill, Incorporated (US), AAK AB (Sweden), IFFCO (UAE), Bunge Limited (US), Archer Daniels Midland Company (US), and Conagra Brands, Inc. (US), among others.
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