The Edible Oils Market is estimated to be valued at US$ 124.38 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Edible oils are used extensively in the food industry as well as by households for cooking purposes. Some key uses of edible oils include frying, sautéing and baking. Vegetable oils like soybean oil, sunflower oil and canola oil are commonly used for various culinary applications due to their neutral taste. Palm oil and peanut oil are also widely consumed edible oils globally. The packaged edible oil segment has been gaining traction with the increasing popularity of branded and value-added oils.

 

Market Dynamics:

Growing health consciousness is one of the major drivers of the edible oils market. There is rising awareness among people about the importance of consuming healthy fats and oils in moderation. This is increasing the demand for oils that are high in monounsaturated and polyunsaturated fats like olive oil and canola oil. Furthermore, the flexible nature and longer shelf-life of edible oils make them an appealing ingredient for the food processing industry. Edible oils are used extensively as ingredients in packaged food products like snacks, bakery items and confectionaries. The booming food processing industry worldwide is thus fuelling market growth.
 

Segment Analysis

The edible oils market is dominated by the vegetable oils segment, which accounts for more than 70% share of the global market. Vegetable oils are primarily used for cooking purposes across various regions due to their affordability and health benefits. Within vegetable oils, the soybean oil segment holds the largest share of more than 25% due to its wide application in food processing and cooking. Palm oil is the second most consumed edible vegetable oil globally.

 

PEST Analysis

Political: Supportive government policies and regulations in many countries promote domestic edible oil production and reduce dependency on imports. However, changing trade policies can impact prices.

Economic: Rising incomes in developing countries increase demand for edible oils. However, fluctuations in agricultural commodity prices and currencies affect costs.

Social: Changing lifestyles and food consumption patterns fuel demand. A growing health-conscious consumer base prefers oils with nutritional value.

Technological: Advancements in oilseed processing and refining have enhanced yields and quality. New extraction technologies help reduce costs.

 

Key Takeaways

The Global Edible Oils Market Growth is expected to witness high, exhibiting CAGR of 5.1% over the forecast period, due to increasing health consciousness among consumers and rising disposable incomes in developing countries. The market size for 2023 is estimated to be US$ 124.38 Bn.

The Asia Pacific region dominates the global edible oils market with a share of more than 60%, led by India, China, and Indonesia. The large population and rising living standards in the region drive strong demand. North America and Europe are other major markets, whereas demand is steadily rising across Middle East & Africa and Latin America.

Key players operating in the edible oils market are Adani Wilmar Ltd., Ruchi Soya Industries Ltd, Associated British Foods plc, Archer Daniels Midland Company, Beidahuang Group, Bunge Limited, Borges Mediterranean Group, Cargill Incorporated, Fuji Vegetable Oil, Inc., Adams Group, American Vegetable Oils, Inc., and Olympic Oils Limited. Leading companies are expanding through strategic acquisitions and focus on product innovations to cater changing consumer needs.
 

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