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Edible Oil and Fats Market To Reach USD 292.65 Billion By Year 2032

The Global Edible Oil and Fats Market was worth USD 182.3 Billion in 2023. As such, the forecast is that the market is expected to reach USD 292.65 Billion by 2032 with a CAGR of 5.4% over the period from 2024 to 2032.

11-07-2024
shashidhar kotian
Healthcare
Pristine Intelligence LLP

According to a new report published by Pristine Intelligence, titled, “Edible Oil and Fats Market by Type, Application, Source, Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2024–2032,” The Global Edible Oil and Fats Market was worth USD 182.3 Billion in 2023. As such, the forecast is that the market is expected to reach USD 292.65 Billion by 2032 with a CAGR of 5.4% over the period from 2024 to 2032.

Edible oils and fats are essential dietary components derived from plant or animal sources. They serve cooking, flavoring, and nutritional purposes, providing essential fatty acids and energy. Common types include olive, sunflower, palm, and coconut oils, as well as butter and margarine.

The Edible Oil and Fats Market is Segmented into Product, End-Use, Sales Channel, and region. Product the market is categorized into (Paper, Plastic, Foam), End-use the market is categorized into (Commercial, Institutional, Household), Sales Channel the market is categorized into (Direct Sales, Distributors, Online Sales). By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

The Edible Oils and Fats market is significantly influenced by increasing population growth worldwide. As global populations expand, there is a parallel rise in demand for food products, including edible oils and fats, which are essential components of diets across cultures and regions.  As populations grow, dietary habits evolve, often shifting towards more processed and convenience foods that use edible oils and fats as key ingredients.  Urbanization leads to busier lifestyles and a greater reliance on packaged and processed foods, which typically contain edible oils and fats.

Plant-based and sustainable options represent a significant opportunity within the edible oils and fats market. With growing consumer awareness and preferences shifting towards healthier and environmentally friendly choices, plant-based oils and fats are gaining traction. These products, derived from sources such as soybean, sunflower, palm, coconut, and olive, cater to the increasing demand for vegan and vegetarian diets.

Global Edible Oil and Fats Market, Segmentation

The Edible Oil and Fats market is segmented based on Type, Application, Source, Distribution Channel, and Regions.

Application:

In the global Edible Oils and Fats market, the Food and Beverages segment is poised to maintain dominance due to its extensive applications across various food products. Edible oils and fats play a critical role in food preparation, cooking, and flavor enhancement, making them indispensable in culinary practices worldwide. Within the Food and Beverages segment, edible oils and fats are utilized in cooking oils, margarines, spreads, bakery products, confectionery, and processed foods. The versatility of oils like soybean, palm, sunflower, and olive oils, along with fats such as butter and lard, ensures their widespread use in both traditional and processed food items.

Source:

In the global Edible Oils and Fats market, the Natural segment has consistently held the largest share due to increasing consumer preference for healthier, minimally processed food options. Natural oils and fats are derived directly from plants or animals without significant chemical processing, preserving their natural flavors, nutrients, and health benefits. Olive oil, for instance, is prized for its high monounsaturated fat content and antioxidant properties, contributing to its popularity in Mediterranean and health-conscious diets worldwide.

Region:

Asia Pacific is poised to dominate the global edible oils and fats market due to several key factors. The region's significant population growth, rapid urbanization, and increasing disposable incomes are driving up demand for edible oils and fats. Countries like China, India, Indonesia, and Malaysia are major consumers and producers of palm oil, soybean oil, sunflower oil, and other vegetable oils.

Key Industry Developments:-

  • In January 2024, Cargill becomes the first global edible oils supplier to remove iTFA from fats and oils, even in countries without legislative mandates. By January 1, 2024, every Cargill food customer will benefit from this development.

Some of the leading Edible Oil and Fats market players are

  • Cargill (USA)
  • Wilmar International (Singapore)
  • Archer Daniels Midland (ADM) (USA)
  • Bunge (USA)
  • Louis Dreyfus Company (Netherlands)
  • IOI Group (Malaysia)
  • Sime Darby Plantation (Malaysia)
  • Ajinomoto Co., Inc. (Japan)
  • Unilever (Netherlands/UK)
  • Marico Limited (India)
  • Olam International (Singapore), and Other Active Players.

Key Findings of the Study / Key Industry Developments. 

  • In the global Edible Oils and Fats market, the Food and Beverages segment is poised to maintain dominance due to its extensive applications across various food products.
  • The Global Edible Oil and Fats Market was worth USD 182.3 Billion in 2023. As such, the forecast is that the market is expected to reach USD 292.65 Billion by 2032 with a CAGR of 5.4% over the period from 2024 to 2032.
Pristine Intelligence LLP

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