by Vegetable oils are edible fats extracted from plants and widely utilized in various food and non-food applications such as providing nutrition and flavor as well as functioning as lubricants and detergents. They are either consumed directly or used as ingredients in various food products and dishes. Their utilization in cooking has health advantages over saturated and trans-fats due to the presence of polyunsaturated and monounsaturated fatty acids. This includes soybean, canola, corn, palm, olive, peanut and sunflower oils.
The global vegetable oils market is estimated to be valued at US$ 351391.74 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The shift towards healthier cooking oils high in monounsaturated and polyunsaturated fatty acids is one of the key trends propelling the growth of the vegetable oils market. There is a rising health consciousness among consumers regarding the importance of maintaining a balanced diet and lifestyle. Saturated fats found in oils such as coconut, palm and butter have been linked to increased risk of cardiovascular diseases. In contrast, vegetable oils contain unsaturated fats that have been shown to provide health benefits such as lowering LDL (bad) cholesterol and reducing the risk of heart disease when used in moderate amounts. This health advantage of vegetable oils over butter and ghee has been driving significantly higher demand.
SWOT Analysis
Strength: The vegetable oils market is largely influenced by health and environmental factors driving consumption and demand for the product. Factors such as increasing awareness about benefits of plant-based oils is driving the market growth.
Weakness: Fluctuating prices of raw materials such as soybean, palm, and canola due to various factors pose a weakness for the vegetable oils market. Sudden changes in supply-demand situations can impact profit margins.
Opportunity: Emerging markets in Asia Pacific region offer significant growth opportunities for vegetable oils market players. Rapid urbanization and rising incomes in the region are fueling the demand. Innovation in product offerings catering to specific regional consumer preferences also presents opportunities.
Threats: Stringent regulations and policies discouraging the usage of palm oil due to environmental concerns pose a threat. Substitute products such as butter, ghee, and olive oil also compete for market share.
Key Takeaways
Global Vegetable Oils Market Size is expected to witness high growth over the forecast period from 2023 to 2030. The market size for vegetable oils is forecasted to reach US$ 351391.74 Mn by 2024, registering a CAGR of 6.8% during the forecast period.
Regional analysis:
Asia Pacific region dominates the vegetable oils market currently owing to large consumption volumes in countries such as India, China, Indonesia. The region’s market is forecasted to grow the fastest during the period due to rising incomes, expanding middle-class population, westernization of diets.
Key players: Key players operating in the vegetable oils market are Solvay S.A., Tokuyama Corporation, Occidental Petroleum Corporation, Ward Chemical Ltd., Tata Chemicals Ltd., TETRA Technologies, Inc., Zirax Limited, Weifang Yuze Chemical Co., Ltd., Mey Chern Chemicals Sdn Bhd., Anmol Chemicals Group, TCI Sanmar Chemicals S.A.E., and Weifang Haibin Chemical Co., Ltd. The players are focused on expanding their production capacities and global footprint through strategic partnerships and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
