The global edible oils and fats market is experiencing robust growth, poised to generate an estimated US$ 121.90 billion in 2023, with expectations to surge beyond US$ 226.68 billion by 2033, reflecting a remarkable CAGR of 6.4%. This flourishing market is witnessing a paradigm shift towards healthier options, with vegetable and olive oils at the forefront. The sector’s positive trajectory is underpinned by factors like the growing preference for unsaturated fatty acids, the rise of plant-based diets, and the increasing demand for oils like palm oil due to their distinctive qualities.
Consumer trends are steering the edible oils and fats market towards healthier choices, marked by a surge in demand for oils rich in unsaturated fatty acids and low in saturated fats. Plant-based oils, including olive, avocado, and coconut oil, are gaining traction, driven by the rise of veganism. The distinctive functions of palm oil, coupled with the growth in fast-food consumption, are contributing to increased demand. Changing dietary habits and the fast-paced lifestyles of professionals are expected to further boost sales of oils like sunflower and coconut for cooking.
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The market is witnessing an upswing due to several growth drivers. A global shift towards healthier eating habits and the popularity of plant-based diets, particularly veganism, are propelling the demand for oils rich in health benefits. The rise of the fast-food industry, changing dietary preferences, and a growing awareness of the adverse effects of trans-fat consumption are driving consumers towards vegetable oils as a healthier alternative. Emerging markets in Asia Pacific and Africa, coupled with innovations in oil extraction technologies, offer significant growth opportunities.
Country-wise Insights
Changing Consumer Preferences Shape the Future of the Edible Oils and Fats Industry in the United States
The United States, a key player in North America, leads in soybean oil production and consumption. The shift towards sustainability and environment-friendly production methods aligns with consumer values. As premium and sustainable food options gain popularity, the demand for high-quality edible oils and fats is expected to remain robust.
Rising Demand for Plant-based Options Propels the Market in Germany
Germany dominates Europe’s edible oils and fats industry, driven by consumer demand for high-quality and health-conscious products. The shift towards plant-based oils, rising demand for functional foods, and the surge in online sales contribute to market growth.
Online Sales of Edible Oils and Fats in the United Kingdom Reach New Heights
The United Kingdom experiences a dynamic edible oils and fats industry, with consumers increasingly opting for healthy alternatives. Plant-based oils gain traction, driven by vegetarian and vegan trends. Supermarkets lead in retail, with online sales witnessing significant growth, providing consumers with convenient access to a variety of oils.
Rising Health Consciousness Leads to Increased Demand for High-quality Edible Oils and Fats in China
China anticipates reaching a market size of US$ 59.23 billion by 2033, growing at a CAGR of 9.8%. Increasing consumer awareness about health and wellness drives the demand for high-quality and healthy oils. Government policies supporting the domestic edible oils industry contribute significantly to market growth.
Domestic Production of Edible Oils is on the Rise in India
India’s edible oils and fats market, with a substantial presence of domestic and international players, showcases dynamic growth. With a large population and increasing government support, India is a key player in the global market. The drive towards self-sufficiency, coupled with rising consumer awareness, positions India as a significant contributor to the edible oils and fats sector.
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Competitive Landscape:
The top manufacturers of the edible oils and fats market are Fuji Vegetable Oil, Inc., Cargil, Inc., Bunge Limited, Ajinomoto Co., Inc., American Vegetable Oils, Inc., Associated British Foods PLC, Chs Inc., Conagra Brands, Inc., International Foodstuff Company Holdings Limited (IFFCO), Mother Dairy Fruit & Vegetable Pvt., Ltd., Unilever PLC, United Plantations Berhad, Wilmar International Ltd., and others.
The edible oils and fats market is fiercely competitive, with businesses jostling for market share based on things like product differentiation, brand recognition, operational scale, distribution channels, innovation, mergers and acquisitions, and globalization. Brands that spend on research & development activities have a competitive edge. They also benefit from strong reputations, vast distribution networks, and other factors.
Recent Developments:
- In February 2023, Gemini PureitTM, India’s No. 1 Quality Sunflower Oil Brand, was introduced by Cargill as it expanded into South India with its range of edible oils.
- In December 2021, to create FII, Fuji Vegetable Oil, Inc. allied with one of its subsidiaries, Fuji Specialities Inc., and ITOCHU International Inc. The main aim of this agreement is to grow the vegetable oil market in the North America region. The joint venture splits the costs of the raw materials, production, and sales of fats and oils in North America.
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By Product Type:
- Vegetable and Seed Oils
- Soybean
- Sunflower Oil
- Palm Oil
- Canola Oil
- Others
- Spreadable oils and fats
- Butter
- Margarine
- Olive Oil
- Cooking Fats
- Others
By Source:
- Plant
- Animal
By Form:
- Liquid
- Solid
By Distribution Channel:
- Supermarket & Hypermarket
- Convenience Stores
- Departmental Stores
- Online
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East & Africa (MEA)
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