New York, USA, Sept. 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global cooking oil market is predicted to garner a revenue of $2,56,200 billion and grow at 5.5% CAGR during the 2021-2028 forecast timeframe. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints, and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Cooking Oil Market:
Drivers: The surging trend of processed foods and people’s constantly changing food habits are some factors projected to drive the growth of the global cooking oil market during the forecast period. In addition, increasing urban working culture and fast-moving lifestyles have limited the time required for cooking meals and boosted the demand for ready-to-eat processed foods and snacks, thus further augmenting the market growth by 2028.
Opportunities: People’s improving living standards to buy best quality foods for their diets and the growing preference for healthy oils like olive oil, avocado oil, palm oil, etc. are some factors estimated to create abundant growth opportunities for the global cooking oil market in the 2021-2028 forecast period. Moreover, health benefits of these cooking oils like low cholesterol properties and others are also anticipated to offer immense market growth during the analysis years.
Restraints: Health issues related to high consumption of cooking oil is the prime hampering factor for the market growth.
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Covid-19 Impact on the Market:
The onset of the coronavirus pandemic has adversely impacted the global cooking oil market mainly due to complete lockdown and import-export restrictions. Disruptions in the distribution networks, shutting down of hotels, restaurants, and road-side food stalls has severely declined the demand for cooking oil. Moreover, strict social distancing norms imposed by governments across the world and travel bans also caused struggle for the edible oil refiners to sell their finished goods. However, now that the number of covid-19 patients is reducing noticeably and the corona virus spread has restrained, the market is expected to revive its growth rate post the catastrophic chaos.
Segments of the Market:
According to the report, the global cooking oil market is divided into multiple segments based on type, end-user, distribution channel, and regional analysis.
Type: Palm Oil Sub-segment to be Most Dominant
The palm oil sub-segment is predicted to have the highest growth rate and gather a revenue of $93,767.5 billion during the forecast period since it’s the largest distributed oils across the world and is 20% cheaper as compared to other cooking oils. Additionally, palm oil consists of a carotenoid that can be converted into vitamin A, thus promoting immunity and bone health. These factors are projected to uplift the sub-segment’s growth by 2028.
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End-user: Food Services Sub-segment to Have Significant Growth Rate
The food services sub-segment of the global cooking oil market is estimated to have a significant growth rate and register a revenue of $72,194.5 billion during the 2021-2028 forecast period mainly due to rising number of fast food joints and restaurants all over the world. In addition, growing disposable incomes and people’s improved living standards are some other factors to bolster the sub-segment’s growth during the analysis years.
Distribution Channel: Hypermarket/Supermarket Sub-segment to be Highly Progressive
The hypermarket/supermarket sub-segment is anticipated to hold a dominant share of the cooking oil market and generate a revenue of $78,115.8 billion during the forecast period. This is because hypermarkets/supermarkets provide customers with a huge variety of goods under one roof. Moreover, customers can also relish exciting discounts on some products in hypermarkets or supermarkets that can also propel the sub-segment’s growth by 2028.
Region: Market in the Asia-Pacific Region to be Highly Lucrative
The cooking oil market in the Asia-Pacific region is expected to have the highest market share and grow at 5.9% CAGR during the 2021-2028 forecast period due to high consumption and increased production of cooking oil daily. Additionally, greater import volumes and rising use of cooking oil in processed food items along with the growing demand for healthy cooking oils by health-conscious consumers are some major factors to augment the market’s growth in the Asia-Pacific region by 2028.
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Key Market Players:
Some key cooking oil market players are
- Olam International Limited
- Cargill
- Louis Dreyfus Company
- Sime Darby Plantation
- SIFCA SA
- Kaneka Corporation
- George Weston Foods Limited
- Bunge Limited
- Nutiva
- Archer Daniels Midland Company
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in May 2021, Cargill, an American privately-held global food company, announced its partnership with Frontline International, a US-based manufacturer of smart oil management equipment, to launch ‘New Kitchen Controller oil management system’ that will monitor oil filtration, automation, disposal, and will also determine oil quality.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Cooking Oil Market:
- How to Choose the Right Cooking Oil from the Supermarket?
- Cooking Oil Market: Towards a Delicious Future with Rising Demand in Urban Household
- How does Awareness about Cooking Oils Provide a Healthy Way to Enjoy Your Favorite Food?
