Portland, OR, May 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cooking oil market was estimated at $168.4 billion in 2019 and is expected to hit $213.1 billion by 2027, registering a CAGR of 5.5% from 2021 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Growth of food processing industry in developing nations, surge in demand for organic cooking oil, and disruptive technologies fuel the growth of the global cooking oil market. On the other hand, counterfeiting of cooking oil and constantly changing consumers’ preference restrain the growth to some extent. Nevertheless, fortification of cooking oil and recyclable packaging are projected to pave the way for an array of opportunities in the future.
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Covid-19 scenario-
- The suspension of food services such as hotels and restaurants, during the initial phase of lockdown, has impacted the growth of the global market.
- The government bodies have issued favoring policies for manufacturing facilities of essential products. However, the supply chain management witnessed disruptions thereby creating a shortage of raw materials.
- Nevertheless, the manufacturers are focusing on reshaping the strategies to revive from the current situation. In addition, the government bodies have also eased off several restrictions to support in economic terms.
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The global cooking oil market is analyzed across product type, distribution channel, and region. On the basis of product type, the palm oil segment accounted for nearly one-third of the total market share in 2019 and is anticipated to lead the trail from 2021 to 2027. However, the peanut oil segment is expected to manifest the fastest CAGR of 7.0% throughout the forecast period.
Based on end-user, the residential segment garnered nearly half of the total market revenue in 2019 and is expected to dominate during the forecast period. On the other hand, the food service segment is expected to exhibit the fastest CAGR of 6.2% throughout the estimated period.
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Based on geography, the market across Asia-Pacific held the highest share in 2019, generating around three-fifth of the global cooking oil market. In addition, the region is also anticipated to portray the fastest CAGR of 5.9% by 2027. The report also studies regions across LAMEA, North America, and Europe.
The key market players analyzed in the global cooking oil market report include Archer-Daniels-Midland Company, American vegetable oil, Cargill, Fuji oil, Indo Agri, J-Oils, Louis Drayfus Company, Bunge Limited, Richardsons International, and Wilmar International.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.