Edible oils are used across the globe for cooking various food items. Meanwhile, increasing demand for fried snacks and food worldwide is resulting in the growing demand for edible oils. Hence, manufacturers are adopting new techniques to increase the production and provide a better quality of edible oils. The increase in health-conscious population across the globe is also resulting in the rising demand for healthy oils such as olive oil and canola oil. The demand for low-fat, low-calorie, and low-cholesterol oils is also increasing with rising health and fitness trends. Vegetable oils including sunflower, peanut, corn, coconut are also witnessing an increase in demand. Increasing demand for organic and natural i.e., unrefined and unprocessed edible oils is changing the way the manufacturers are producing edible oils.
Manufacturers are also investing in the research and development to provide a trans-fat free edible oil. Edible oils are also being used in various industries for producing products including mayonnaise, biofuels, fried-foods, bio-fuels, and pharmaceuticals. Vegetable oils are also being widely used in biodiesel industry products. Considering the sustainability, companies are also introducing non-GMO oils, especially in the European countries. Agribusinesses are also considering co-products from the process of oilseed crush to be used in other production processes.
As per the report by Persistence Market Research (PMR), the global edible oils market is anticipated to witness steady growth during the forecast period 2017-2024. The global market for edible oils is also estimated to bring in more than US$ 100 Billion revenue.
Palm Oil to Witness Significant Growth in the Global Edible Oils Market
Based on the type of edible oils, palm oil is expected to witness the highest growth during the forecast period. By the end of 2024, the global market for edible oils is projected to exceed US$ 40 Billion revenue. Meanwhile, soybean oil and sunflower oil are also likely to witness growth in the coming years.
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On the basis of end user, the retail sector is likely to account for the highest share in the global market for edible oils. The retail sector is also estimated to surpass US$ 60 Billion revenue towards the end of 2024.
Asia Pacific to Remain Dominant in the Global Edible Oils Market
Region-wise, Asia Pacific is likely to remain dominant in the global market for edible oils. Towards 2024 end, Asia Pacific is projected to bring in more than US$ 50 Billion revenue. Growth in food service industry and packaged food products in Asia Pacific is driving the market growth. Production of edible oils is also increasing in the Asia Pacific as the demand from various food processing companies is also increasing. The demand for edible oils is growing in China and India, especially in the food and beverages industry. The demand for canola and soybean edible oil is also increasing in North America.
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Leading Companies in the Global Market for Edible Oils
Leading companies operating in the global edible oils market given in the report are Ruchi Soya Industries Ltd, Archer Daniels Midland Company, The Adani Wilmar Ltd., Beidahuang Group, Associated British Foods plc., Bunge Limited, Fuji Vegetable Oil, Inc., Borges Mediterranean Group, Adams Group, and Cargill Incorporated.