Chicago, March 10, 2023 (GLOBE NEWSWIRE) -- According to MarketsandMarkets, the global edible oils market is projected to reach USD 268.9 million by 2027 growing at a CAGR of 4.8% from 2022 to 2027. The value of international trade in processed foods is growing more rapidly than that of raw agricultural goods. Over the past ten years, the amount of global food and agricultural commerce involving processed foods has grown at the fastest rate. However, sales from international affiliates of food production, grocery wholesaling and retailing, and food service companies are even more significant. Edible oils are an integral food ingredient in processed food industries having a wide range of applications including baking, frying, roasting, grilling, and salad dressings. The ever-growing processed food industry fueled by an unsubduable demand for convenience foods is anticipated to aid in the exponential growth of the global edible oils market.
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Factors Driving the Growth of Edible Oils Market:
- Growing population: The world population is increasing rapidly, and with it, the demand for food is also increasing. Edible oils are a staple ingredient in most cuisines, making them a necessity for daily consumption.
- Health awareness: Consumers are becoming increasingly health-conscious, leading to a shift towards healthier cooking oils. Oils with a high content of unsaturated fats, such as olive oil, are becoming more popular, as they are known to have health benefits.
- Increasing urbanization: Urbanization has led to a rise in demand for processed foods and ready-to-eat meals, which require the use of cooking oils. Additionally, urban consumers are more likely to have higher disposable incomes and are more willing to spend on healthier cooking oils.
- Technological advancements: Advances in technology have led to the development of new and innovative ways of processing oils, resulting in better quality and healthier oils. For example, cold-pressed oils are becoming more popular due to their perceived health benefits.
- Changing dietary habits: Consumers are increasingly opting for plant-based diets, leading to a rise in demand for vegetable oils. Additionally, consumers are also exploring new cuisines, leading to a rise in demand for oils used in traditional cooking.
Based on product type the edible oils market is segmented into palm oil, soybean oil, sunflower oil, rapeseed oil, and olive oil. Mustard oil, cottonseed oil, sesame oil, groundnut oil, and peanut oil are few other types of edible oil which have found significant applications both in food industries and at home.
Among the various types of edible oils, palm oil and soybean oil are leading the global market. In addition to being adaptable, the oil palm is also a remarkably efficient crop, producing large volumes of oil over very small areas of land, nearly all year long. This makes it an appealing crop for farmers and smallholders who can rely on the consistent income provided by palm oil. Palm oil demand continues to grow owing to its cost-effectiveness and versatility in application across the food, feed and bio-energy industries. Wilmar International is a leading player in the global palm oil market, having the largest oil palm plantation. Soybean oil is widely known for its increased application in the food processing industry and also for protecting heart health. ADM (US) provides a large portfolio of versatile soybean oils that caters to the demand of both health enthusiasts and processed food manufacturers.
Asia Pacific region holds a significant opportunity for the palm oil market to grow exponentially as it harbours the two largest palm oil-producing countries in the world – Indonesia and Malaysia. Europe is the home ground for olive oil production with Spain, France, and Italy being the key producers. Olive oil is the fundamental component of the Mediterranean diet which is gradually being adopted worldwide for its innumerable health-promoting attributes. Soybeans comprise 90% of oilseed production in US suggesting that the soybean oil market has immense potential to grow in the North American market.
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Key features of Edible Oils Market:
- Growing demand: The demand for edible oils is increasing rapidly due to changing consumer preferences and lifestyles, as well as a growing population.
- Price sensitivity: The price of edible oils is a key factor for many consumers, particularly in developing countries. The market includes a range of price points, from affordable options like vegetable oil to premium oils like truffle oil.
- Diversity of products: The edible oils market includes a wide range of products, from traditional oils like sunflower and soybean oil to specialty oils like grapeseed and sesame oil.
- Sustainable sourcing: Consumers are increasingly concerned about the environmental impact of their purchases, and the edible oils market is responding with sustainable sourcing initiatives and certifications.
- Competition: The edible oils market is highly competitive, with many established and emerging players vying for market share. This competition drives innovation and product development, as companies seek to differentiate themselves in a crowded market.
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