Asia Pacific Vegetable Oil Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia Pacific Vegetable Oil Market is projected to grow at a CAGR of 6.19% during the forecast period 2020-2025.

Key Highlights

• Asia-Pacific registers the highest growth, across the world, due to huge demand from the food and other industrial sectors, attributed by the increasing number of health-conscious consumers, rising population, and changing living standards, coupled with the presence of major palm oil-producing nations in the region.
• The food industry held a major market share with the growing popularity of vegan diets. In addition, a number of oils are used as food supplements (or "nutraceuticals"), for their nutrient content or purported medicinal effect.

Key Market Trends

Growing Consumption of Sunflower Oil

Sunflower oil is light in taste and appearance and supplies more vitamin E than any other vegetable oil. Thus, the adaptability of sunflower oil is attributed to its increasing demand among consumers for household cooking purposes. Therefore, sunflower oil has a high demand in developing countries as it is healthy and cheaper than most of its counterparts. The growing sunflower oil consumption is offsetting declines for palm, cottonseed, and rapeseed oil, globally. Moreover, sunflower oil is highly witnessed in the personal care segment. Giant players of the market studied are incorporating sunflower oil in their clean-label and sustainable products.

China Holds the Largest Market Share

The rising affluence of China’s middle-class population is permitting consumers to purchase higher-priced, packaged vegetable oils. Moreover, the ban on the sale of loose oils in some Chinese cities has further stimulated the demand for packaged oils. In Asia-Pacific, China holds the largest share of vegetable oil consumption, as well as production. Though the production volume is high, consumption exceeds production, resulting in higher import volumes when compared to export volumes. China is an import-oriented country. Wilmar International Ltd (Yihai Kerry), Cofco Corporation, and Xiwang Food are some of the major edible vegetable oil companies operating in the Chinese market.

Competitive Landscape

The major players of the market have a broad geographical presence and an extensive product portfolio to cater to numerous consumer demands. This factor assists the company to maintain a strong foothold in the market. Some of the major players are Wilmar International Limited, Nisshin Oillio Group Ltd, Xiwang Foodstuffs Co., Ltd, GrainCorp Limited, Fuji Oil Holding Inc., COFCO among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support