Global Vegetable Oil Industry Outlook
Vegetable oils are sourced from a variety of plants, including fruits, nuts, and seeds. They are prized for their abundance of vital nutrients, including omega-3 and omega-6 fatty acids and vitamins E, A, and B1. For use in both food and non-food applications, these oils offer a flexible and environmentally friendly substitute for petrochemicals and animal-based fats. They are widely used in the manufacturing of medicines, cosmetics, and bactericides.Vegetable oils also provide a host of other health advantages, such as lowering cholesterol, enhanced digestion and metabolism, and a decreased chance of cardiovascular illnesses. Consequently, they find widespread application in the cooking of many cuisines across the globe.
Growth Drivers of Vegetable Oil Market
Increasing use in industry
Vegetable oils are becoming much more popular among consumers due to their many industrial applications outside of the culinary sphere. The market is being driven further by the fact that these oils are essential components used in the creation of soaps, detergents, cosmetics, and even biofuels. Vegetable oils are essential in a wide range of industrial processes due to their versatility. Demand for vegetable oils rises along with the expansion and diversification of industry. For example, the expanding vegetable oil industry is being helped forward by the growing biofuels sector, especially biodiesel. Vegetable oil consumption is being further driven by companies investing in research to find new industrial applications.Shifting customer tastes toward healthy options
There is a rising need for vegetable oils that are high in unsaturated fats and low in saturated fats in today's health-conscious society. Oils high in monounsaturated and polyunsaturated fats, including avocado, canola, and olive oil, are becoming more and more popular than conventional oils high in saturated fats, such coconut or palm oil. Furthermore, oils high in omega-3 fatty acids are becoming more popular due to their well-established health advantages. This trend is being exacerbated by scientific studies, public awareness efforts, and labeling initiatives. The demand for particular types of vegetable oils that are marketed as being healthier is growing as more people base their decisions on the health benefits of oils.Asia Pacific Vegetable Oil Market
China is the country that consumes and produces the most vegetable oil in Asia-Pacific, which is the region that dominates the global vegetable oil market. Despite the high level of output, consumption outpaces the volume of production, leading to larger import volumes relative to export quantities. For example, China's population consumed over 2.6 million metric tons of sunflower seed oil in 2021, up from about 2.07 million tons the year before, according to the US Department of Agriculture.The main vegetable oils sold in China include olive, sunflower, rapeseed, palm, soybean, and peanut oils. Soybean and palm oil held the biggest market shares in China for vegetable oils throughout the previous five years. Xiwang Food, Cofco Corporation, and Wilmar International Ltd (Yihai Kerry) are a few of the leading edible vegetable oil businesses present in the Chinese and Asian markets. Another significant participant in the market is Japan. Olive oil is mostly imported into Japan from Southern Europe and is used both for cooking and non-food purposes. The US Department of Agriculture reports that Japan's olive oil consumption increased from 69 thousand metric tons in 2020 to approximately 75,000 metric tons in 2021. In a similar vein, India is moving quickly to become self-sufficient in edible oil.
The government announced the National Edible Oil Mission-Oil Palm (NMEO-OP) in August 2021 with the goal of achieving national oilseed self-sufficiency and boosting domestic oilseed production. The government declared that it would invest over 11,000 crores under the National Mission on Oilseeds and Oil Palm to provide farmers with every possible advantage, including better seeds and technologies to boost vegetable oil production. Over the course of the projection period, it is anticipated that these measures will increase sales, consumption, and productivity in the area.
Global Vegetable Oil Company Analysis
The key players in vegetable oil industry are Archer - Daniels -Midland Company, Wilmar, AAK (Aarhuskarlshamn), Unilever Plc, Bunge, Cargill, Sime Darby and Associated British Foods.Global Vegetable Oil Company News
- In February 2024, Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu are the four southern Indian states where Cargill first introduced its Gemini Pureit sunflower oil brand.
- In August 2023, Due to an increase in exports of palm oil, India's imports of vegetable oil rose by 46% to 17.71 lakh tons in July of this year, according to industry association SEA. In the same period last year, the nation imported 12.14 lakh tonnes of vegetable oil.
- In August 2023, Adani Wilmar (AWL), the largest edible oil manufacturer in the nation and, by turnover, one of the largest fast-moving consumer goods (FMCG) companies in India, is a joint venture between AEL and Singapore-based Wilmar International. Adani Enterprises (AEL), the flagship company of the Adani Group, is contemplating selling its stake in AWL.
Oil Type - Market breakup in 6 viewpoints:
- Palm Oil
- Soybean Oil
- Rapeseed Oil
- Sunflower Oil
- Olive Oil
- Others
Application - Market breakup in 3 viewpoints:
- Food
- Feed
- Others
Distribution Channel - Market breakup in 2 viewpoints:
- B2B
- B2C
Countries - Market breakup in 25 viewpoints:
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherland
- Turkey
Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
The key players have been covered from 4 viewpoints:
- Business Overview
- Key Persons
- Recent Development
- Financial Insights
Key Players Analysis:
- Archer - Daniels -Midland Company
- Wilmar
- AAK (Aarhuskarlshamn)
- Unilever Plc
- Bunge
- Cargill
- Sime Darby
- Associated British Foods
Table of Contents
Companies Mentioned
- Archer - Daniels -Midland Company
- Wilmar
- AAK (Aarhuskarlshamn)
- Unilever Plc
- Bunge
- Cargill
- Sime Darby
- Associated British Foods
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 305.65 Billion |
| Forecasted Market Value ( USD | $ 458.15 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
