The global Vegetable Oils Market is estimated to be valued at US$ 351391.74 Mn or Million in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Vegetable oils are extracted from plants sources including soybean, palm, canola, sunflower, and olive. They are widely used in food applications such as cooking oil, baking, and salad dressings due to their high smoke points. Vegetable oils provide important nutritional benefits such as unsaturated fatty acids and vitamins.
Market key trends:
One of the major trends in the vegetable oils market is the shift from partially hydrogenated oils (PHOs) to non-hydrogenated vegetable oils. PHOs were commonly used for frying and baked foods. However, they were found to contain trans-fatty acids which elevate risk of heart disease. Thus, many food manufacturers have reformulated their recipes to replace PHOs with non-hydrogenated vegetable oils such as canola, soybean, and sunflower oil. Also, with rising health consciousness, demand for edible vegetable oils such as olive and avocado oil has increased significantly over the years owing to their premium attributes and associations with Mediterranean diet. Furthermore, vegetable oils are increasingly being used as feedstock for producing biodiesel, which is driving its demand.
The global vegetable oils market can be segmented on the basis of source into palm, soybean, rapeseed (Canola), sunflower, and others. Among these, the palm oil segment dominates the market and is expected to witness the highest growth over the forecast period. This is owing to palm oil’s wide applications in food, personal care, and other industries. Further, it is relatively cheaper than other oils and has a longer shelf life, thereby increasing its demand globally.
The Global Vegetable Oils Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for food products and personal care products globally.
The market size for vegetable oils is expected to reach US$ 351391.74 Mn by 2023. Asia Pacific dominates the global vegetable oils market, accounting for over 40% of the overall market share due to the large production and consumption of palm oil in countries such as Indonesia, Malaysia, and China.
Key players operating in the vegetable oils market are Archer Daniels Midland Company, Sime Darby Plantation Berhad, Bunge Limited, Olam International Limited, Cargill Incorporated, Golden Agri-Resources, Kuala Lumpur Kepong Berhad, Fuji Oil Holding Inc., Wilmar International Limited, PT Astra Agro Lestari Tbk, and Avril Group. The key players are focusing on strategic partnerships and expansions to increase their market share in the high growth regions.