Global Edible Oil and Fats Market Size Forecasted to Reach USD 361.88 Billion By 2032, at 3.8% CAGR Increase: Polaris Market Research

New York, NY, April 05, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “Edible Oil & Fats Market Share, Size, Trends, Industry Analysis Report, By Product (Edible Oil, Edible Fats), By Source, By Form, By End Use, By Distribution Channel, By Region, Segments & Forecast, 2023 – 2032” in its research database.

“According to the latest research analysis, the global edible oil and fats market size/share is anticipated to be valued at approximately USD 247.90 billion in 2022 and is projected to hit a revenue of around USD 361.88 Billion by 2032, at a CAGR of around 3.8% between 2023 and 2032.”

What is the Market Size of Edible Oil and Fats? How Big is Edible Oil and Fats Industry?

Oils and fats are acknowledged as important nutrients of the daily diet and bestow notably to the directive of several body functions. Several frameworks are utilized to examine their quality. The rapidly rising demand for the edible oil & fats market can be attributed to the fact that they portray an important part of the body, gratifying nutritional requirements and development, and are imperative for the accepted functioning of the brain and nerve system as well as endocrine conditions.

The growing significance of vegetable oils as an important functional element that lessens the probability of cardiovascular dysfunction, together with lessening the probability of breast cancer, is expected to stay a commendatory growth driver. Additionally, the growing approval of omega-3 fatty acid as a nourishing component in the food industry due to its outstanding anti-inflammatory attributes is predicted to bring on the acceptance of oil made from canola, soybean, and flaxseeds.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Our Sample Report Covers:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Requests.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes Updated List of tables & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Are:

• Cargill Incorporated
• Unilever PLC
• Mewah International Inc.
• Adani Wilmar Ltd
• Apetit Kasviöljy Oy.
• Aceites Borges Pont S.A.
• Bunge Limited
• The Nisshin Oillio Group Ltd.
• ACH Food Companies Inc
• Kaneka Corporation
• GrainCorp
• United Plantations Berhad
• Fuji Oil Co. Ltd

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Edible Oil and Fats Market: Report Scope

Key Factors Driving Market Growth

• Changing diet patterns with frantic lifestyle to push the market

Changing diet motifs and frantic lifestyles amidst blue-collar workers are estimated to alter consumer partiality and propel the demand for sunflower or coconut oil for cooking. Coconut oil is a liberal source of fatty acid, which offers resilience against bacteria and other pathogens. The edible oil & fats market size is expanding as they are competent to steady HDL to LDL cholesterol ratio, guaranteeing accepted blood circulation.

The pandemic caused a disturbance in the supply chain generating procrastination in goods transportation and the termination of production facilities. This has caused price swings in the market, with specific commodities encountering a growth in demand and others a reduction. The edible oil & fats market sales are soaring as there was an alteration in consumer behavior with a majority of people working and preparing meals at home, causing a great demand for packaged and convenience food.

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Recent Trends Influencing the Market

• Growing awareness of fatalistic health consequences to driving the market

Growing consciousness of the fatalistic health consequences of taking in trans fats, such as an escalated probability of heart disease, stroke, and diabetes, is anticipated to push the demand for vegetable oils as a flourishing option for cooking. Further, vegetable oils are also accepted as flavoring agents as they can put in distinctive aroma and taste to dishes.

The development of the hotel and restaurant industry in countries such as India and China because of approving government approaches reinforcing city infrastructure advancements is anticipated to drive the demand for edible oils. Further, the growing bourgeois in nations such as Saudi Arabia and UAE who choose to dine out on weekends is anticipated to extend contemporary opportunities in the food service sector.

Segmentation Assessment

• The palm oil sub-segment accounted for the largest market share

Based on product, the palm oil sub-segment accounted for the largest market share. The edible oil & fats market demand is on the rise as its increasing usage in the food and beverage industry due to necessary nutrients such as magnesium, selenium, phytosterols, and vitamin E.

• The vegetable oil segment is anticipated to account for a major share

Based on the source, the vegetable oil segment is expected to account for a major share. Edible oil & fats market trends include the growing requirement for necessary vegetable oil such as palm oil and soybean oil in the making of confectionary commodities and baked food because of their low calories, low fat, and low cholesterol.

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Geographic Overview

• Existence of prominent key palms to propel the Asia Pacific market

Asia Pacific held the largest edible oil & fats market share as the existence of prominent key palms provides the region’s revenue share and palm kernel oil producing countries such as Malaysia and Indonesia and oil-consuming nations such as India and China. As per the Forum for the Future, a global non-profit sustainable firm, the Asia Pacific region has taken in more than 30% of global edible oil since 2018. China is expected to take in more than 40 billion metric tons of vegetable oil in 2021, as India accounts for a value of 28.7 billion metric tonnes in the same time period.

Europe is anticipated for a notable growth rate in the forecast period due to elements such as the growing consumption of olive oil from customers in Italy, Spain, and France. The growth is stimulated by the growing consumption of high-end cooking and edible oils and the advancing applications in biofuels and animal feed industries.

Browse the Detail Report “Edible Oil & Fats Market Share, Size, Trends, Industry Analysis Report, By Product (Edible Oil, Edible Fats), By Source, By Form, By End Use, By Distribution Channel, By Region, Segments & Forecast, 2023 – 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/edible-oil-and-fats-market  

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Recent developments

• In February 2023, Cargill Incorporated initiated its edible oil Gemini Pureit to accommodate the demand of the Southern part of India, which takes in approximately two-thirds of India’s sunflower oil.

Report Highlights

• The covid-19 pandemic moderately impacted the edible oil and fats market in 2020 – 2021. Besides having a negative impact on the demand and supply side of the market, it also caused a shift in consumer behavior from dine-out to self-cooking, which increases the demand for these edible ingredients to some extent.    

• The Palm Oil sub-segment accounted for the largest market share in 2022. Major factors can be attributed to its various essential nutrients such as selenium, magnesium, vitamin E, and phytosterols. The margarine sub-segment accounted for the fastest growth rate due to factors such as adopting veg-derived margarine as a substitute for butter in markets of the U.K. and Germany and preference from glutamic disorders and lactose intolerant consumers.
• On the basis of end-use, food, and beverage accounted for the largest market share due to increasing urbanization and penetration of cross-cultural food players across the regions. This resulted in the establishment of various food outlets offering a wider range of foods that requires a huge volume of edible oils for preparation.
• The online mode of distribution is expected to grow at the quickest rate owing to favorable benefits provided by e-commerce channels, such as faster doorstep delivery, coupon benefits, cash-on-delivery, discounts, and easy order options.

Polaris Market Research has segmented the Edible Oil and Fats Market report based on product, source, form, end-use, distribution channel, and region:

By Product Outlook

• Edible Oil
  • Sunflower Oil
  • Soyabean Oil
  • Olive Oil
  • Palm Oil
  • Coconut Oil
  • Vegetable Oils
  • Others
• Edible Fats
  • Fats
  • Butter
  • Margarine
  • Tallow & Grease
  • Lard
  • Others

By Source Outlook

By Form Outlook

By End Use Outlook

• Food & Beverage
• Biofuel & Energy
• Personal Care & Cosmetics
• Pharmaceuticals
• Chemicals
• Others

By Distribution Channel Outlook

By Region Outlook

• North America (U.S, Canada, Mexico)
• Asia-pacific (China, Japan, India, Australia, Rest of Asia- pacific)
• Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
• LAMEA (Latin America, Middle East & Africa) 

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