by The global Vegetable Oils Market is estimated to be valued at US$ 351391.74 Mn or Mn 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.
Market Overview:
Vegetable oils refer to plant based extracts obtained from oil-producing seeds, coconuts and nuts. Vegetable oils are commonly used in cooking applications and also find use in pharmaceuticals, soap manufacturing and biodiesel industries due to their nutritional and environmental benefits.
Market key trends:
One of the major trends witnessed in the vegetable oils market includes the growing consumer preference for plant based and healthy oils over animal fats and hydrogenated oils due to increasing health consciousness. The adoption of vegetarianism and veganism along with increasing cases of cardiac ailments has boosted the demand for vegetable oils such as canola oil, olive oil and coconut oil globally. Furthermore, the shifting focus towards sustainable palm oil production and rising popularity of certified organic and non-GMO oils is also fueling the growth of the vegetable oils market.
Market key trends:
The vegetable oils market has been witnessing high demand for non-trans-fat vegetable oils owing to the growing health-consciousness among consumers. Additionally, the rising applications of vegetable oils in food processing, personal care products and biofuels is contributing to the market growth. The improving economic conditions coupled with growing middle-class population are further fueling the uptake of vegetable oils in both developed and developing countries.
SWOT Analysis
Strengths: Rising health-consciousness among consumers and improving economic conditions are driving the demand.
Weaknesses: Seasonal availability leads to fluctuations in pricing and supply.
Opportunities: Growing applications in food processing, personal care, and biofuels industries present new opportunities.
Threats: Increased global warming and unfavorable weather conditions pose threats to production. Volatility in crude oil prices affects the demand for biofuel applications.
Key Takeaways
The Global Vegetable Oils Market Size is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing urbanization and changing dietary habits. The Asia Pacific region currently dominates the market and is expected to retain its lead, given the large population and rising incomes in countries like China and India.
The Asia Pacific region accounted for the largest share of the global vegetable oils market in 2023. China, India, and Indonesia are the major consumers as well as producers of palm, soybean, and rapeseed oils in the region. The increasing demand for affordable cooking oils from the expanding middle-class is driving the market. North America and Europe are also significant markets, though growth is expected to be higher in developing regions.
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. Players are focusing on capacity expansions and new product innovations to strengthen their foothold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
