United States, Rockville MD, May 16, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, the global fats and oils market is expected to grow at a CAGR of 4% during the forecast period (2022-2032), reaching a market value of US$ 364.12 Billion. The demand for Fats & Oils Market is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 246 Billion by the end of 2022.
Browse in-depth TOC on "Demand of Global Fats & Oils Market"
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Consumers' preference for lowering saturated fat and oil in their diet has been unwavering in recent years. At the moment, Generation Z and Millennial customers are more prone to see fats and oils as not only legal, but also as offering beneficial health advantages. These customers readily accept particular fats and oils that are beneficial to their health.
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From 2015 to 2021, demand flourished at a CAGR of 4.2%, closing at a value of US$ 237 Billion. The food business is experiencing a surge in the availability of some plant-derived oils as well as storylines that promote healthfulness and naturalness, piquing customer interest. The food industry's need for pantry-friendly, simple, and clean ingredients has increased significantly, owing to rising customer desire to avoid genetically modified organisms (GMOs) in their food items and prefer organic goods. A newfound regard for the value of taste has been witnessed in the market.
Market vendors have been investing in excellent trans-fat alternatives in order to meet shifting customer demand, which has resulted in an increase in the manufacture of functional and fortified foods. This has spurred suppliers to create novel fat and oil compositions. Growing growth of industrial hubs in new markets has resulted in a spike in globalization of olive oil production, which is one of the most recent market trends. However, demand for fats and oils is being constrained due to causes such as increased health issues such as obesity and heart disease, as well as rising environmental concerns and severe government restrictions connected to food safety.
What are the Growth Prospects for Fats and Oils Market in Europe?
The usage of fats and oils varies by country in Europe. For example, biodiesel application accounts for a significant portion of Germany's market development, while food application remains a large use of fats and oils in France. During the forecast period, Europe is expected to account for a large chunk of the global fats and oils market's revenue share, capturing around 45%.
In terms of value, edible vegetable oils will continue to be the market's best-selling product. The introduction of high-quality products as a result of recent advancements in their manufacturing methods would primarily drive demand for edible vegetable oils. In the foreseeable future, the use of animal-based goods will encourage the use of edible vegetable oils.
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Key Segments Covered in the Animal-based Fats and Oils Industry Survey
- Fats and Oils Market by Product Type :
- Edible Vegetable Fats & Oils
- Palm-based Fats & Oils
- Animal-based Fats & Oils
- Other Product Type-based Fats & Oils
- Fats and Oils Market by End User :
- Fats and Oils for Industrial Use
- Fats and Oils for Residential Use
- Fats and Oils Market by Source :
- Vegetable-based Fats and Oils
- Animal-based Fats and Oils
- Fats and Oils Market by Form :
- Liquid Fats and Oils
- Solid Fats and Oils
Competitive Landscape
Cargill, Inc., International FoodStuff Company Limited, Wilmar International Limited, Archer Daniels Midland Company, Bunge Limited, United Plantations Berhad, Ajinomoto Co. Inc., and Associated British Food Plc are key industry participants supporting the growth of the global fats and oils market. The most current market advances in fats and oils market include:
- Cargill announced plans in June 2021 to build a new US$ 200 million palm oil refinery in Indonesia to expedite its efforts to establish a sustainable palm supply chain and provide consumers with verified deforestation-free products.
- ADM intended to develop its first dedicated soybean crusher and refinery in the United States in May 2021 to address fast-growing demand from food, feed, industrial, and biofuel clients, including renewable diesel makers.
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Key players in the Liquid Fats and Oils Market
- Associated British Food Plc
- Ajinomoto Co. Inc.
- United Plantations Berhad
- Bunge Limited
- Archer Daniels Midland Company
- Wilmar International Limited
- International FoodStuff Company Limited
- Cargill Inc.
Key Takeaways from Japan Solid Fats and Oils Market Study
- Global fats and oils market to be valued at US$ 246 Billion by 2022-end
- By form, liquid fats and oils to expand at a CAGR of 3.7% from 2022 to 2032
- Vegetable-sourced fats and oils to enjoy elevated demand, accruing US$ 250 Million by 2022-end
- Asia Pacific to emerge as the fastest growing fats and oils market, expanding at a 5% CAGR
- Europe to be an opportunistic growth region, accumulating a revenue share of 45%
- North America to flourish at a CAGR of 4.5% during the 2022-2032 period of forecast
- Fats and oils market demand likely to flourish 1.5x across the coming decade
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