Rockville, May 18, 2023 (GLOBE NEWSWIRE) -- According to this newly published research report by Fact.MR, a provider of market research and competitive intelligence, the global vegetable oils market is estimated to reach a valuation of 336 billion by 2032-end, expanding at a CAGR of 4.6% from 2022 to 2032.
Vegetable oils are generally extracted from the fruits, nuts, and seeds of various plants. B1, A, E, and omega-3, and omega-6 fatty acids are some essential nutrients that are provided by different vegetable oils. These are used commonly as an alternative to petrochemicals and animal-based fats, not only in food but also in non-food applications.
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Vegetable oils are also used to produce pharmaceuticals, cosmetics, and bactericides. In addition, they provide various health benefits; for instance, lowering cholesterol levels, improving digestion and metabolism, and reducing the risk of different cardiovascular diseases.
There has been a noticeable increase in the demand for vegetable oils for perfume formulations, culinary soaps, and the production of fuels. Apart from this, growing awareness among individuals related to the health benefits of vegetable oil consumption, including managing heart health, is also likely to stimulate growth opportunities in the global market.
There has been an increase in the requirement for vegetable oils as an effective alternative to mineral oil among numerous end-use industries. This rising demand for oils is attributed to their easy availability, high viscosity, better pressure performance, lower volatility, and affordable price.
In recent years, there is a noteworthy increase in the prevalence of a lot of lifestyle diseases that have resulted in a change related to the dietary habits of consumers across the world. This has resulted in the emergence of minimally processed & organic vegetable oil variants. Various initiatives are undertaken by numerous governing agencies of different countries for the promotion of bio-based products.
Key Takeaways from Market Study
- Global demand for vegetable oils is estimated to expand at a CAGR of 4.6% through 2032.
- The palm segment is anticipated to expand at a CAGR of 5.3% through 2032.
- Sales of vegetable oils is anticipated to increase to a valuation of US$ 336 billion by the end of 2032.
- The soybean segment is estimated to progress at a CAGR of 4.6% during the forecast period ending in 2032.
Rising use of vegetable oils in the food & beverages industry for food preparation and flavoring will bolster overall market growth, says a Fact.MR analyst
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Winning Strategy
The market for vegetable oils is dominated by key players owing to their strategic decisions, strong product portfolio, and dominance of market share. Further, companies manufacturing vegetable oils are investing a handsome amount to open up new oilseed crushing facilities to match the rising need of end-use sectors.
For instance,
- Fuji Oil Holdings, in August 2021, announced the establishment of its fourth center for R&D purposes. This center is likely to be the first of its kind that is based in Europe. This initiative is a further step related to the plan for the globalization of the R&D structure of the group and the expansion of the innovative ecosystem in oil and fat and some other segments of the business.
Competitive Landscape
Key manufacturers of vegetable oils are taking initiatives to generate novel growth opportunities with the adoption of many strategies, including mergers & acquisitions, collaboration, partnerships, novel product launches, portfolio expansion, and many more.
For instance,
- Cargill Incorporation, in 2021, acquired an edible oil refinery that is situated in Nellore, India. The company has invested around US$ 35 million to increase its production capacity of the company.
- Bunge Loders Croklaan, in 2021, expanded its fats and oils portfolio to match the organic demand in the European region and offer a scalable and steady supply of organic oils and fats that include coconut, shea, palm, soy, rapeseed, and sunflower.
Key Players
- Bunge Limited
- Incorporated
- Cargill
- Wilmar International Ltd.
- Louis Dreyfus Company BV
Segmentation of Vegetable Oils Industry Research
- By Product:
- Palm
- Soybean
- Canola
- Sunflower & Safflower
- Other Products
- By Processing Method:
- Mechanical
- Hydrogenation
- Other Processing Methods
- By Application:
- Food
- Industrial
- Biofuel
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global vegetable oils market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights into the market on the basis of product type (palm, soybean, canola, sunflower & safflower, other products), processing method (mechanical, hydrogenation, other processing methods), and application (food, industrial, biofuel), across five major regions.
Key Questions Covered in the Vegetable Oils Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Vegetable Oils sales grow until 2032?
- Which are the factors hampering the Vegetable Oils demand?
- Which region will spearhead the growth in the global industry by 2032?
- Which are the factors driving sales in the Vegetable Oils Market during the forecast period?
Check out more related studies published by Fact.MR Research:
Grapefruit Oil Market Size: The global grapefruit oil market size is estimated to expand at a CAGR of 5% from 2023 to 2033. The market is valued at US$ 400 million in 2023 and is thus forecasted to reach US$ 650 million by 2033-end.
Canola Oil Market Share: The value of the global canola oil market share in 2022 is US$ 415 million and is likely to reach US$ 625 million by 2032-end, with the market expanding at a CAGR of 3.6% through 2032.
Lemon Oil Sales: The global lemon oil market stands at a valuation of US$ 979.4 million and is projected to evolve at 4.8% CAGR over the next ten years. Lemon oil sales are anticipated to reach a market value of US$ 1.56 billion by the end of 2033.
Olive Oil Market Revenue: The global olive oil market is estimated to progress at a CAGR of 5.2% from 2023 to 2033. The market stands at a valuation of US$ 12 billion in 2023 and is expected to reach US$ 20 billion by 2033-end. Demand for virgin olive oil is projected to rise rapidly over the coming years due to its effectiveness in preventing cardiovascular illnesses.
Orange Oil Demand: The global orange oil demand will increase at a compound annual growth rate of 4.0% during the forecast period (2017-2022). The global sales of sweet orange oil is estimated to account for around for 23% revenue share of the market by 2017-end.
Soybean Oil Market Growth: The global soybean oil market growth is projected to expand steadily at a CAGR 5.1% value, during the forecast period 2022-2032. In the year 2022, the market size is projected to expand and gain a global market valuation of US$ 21 Billion.
Sunflower Oil Market Forecast: The global sunflower oil market forecast by 2033 to surge to US$ 38.4 billion by the end of 2033. Over the course of the next ten years, worldwide shipments of sunflower oil are predicted to increase at 6% CAGR.
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