Dublin, June 22, 2023 (GLOBE NEWSWIRE) -- The "Fats And Oils Global Market Opportunities And Strategies To 2032" report has been added to ResearchAndMarkets.com's offering.
The market is then expected to grow at a CAGR of 6.2% from 2027 and reach $325.80 billion in 2032.
This report describes and explains the fats and oils market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global fats and oils market reached a value of nearly $179.31 billion in 2022, having grown at a compound annual growth rate (CAGR) of 3.3% since 2017. The market is expected to grow from $179.31 billion in 2022 to $240.69 billion in 2027 at a rate of 6.1%.
Growth in the historic period resulted from strong economic growth in emerging markets, growth in world population and increase in changing dietary patterns.
Going forward, government support, increasing demand for vegetable oil in the energy and cosmetic industries, increase in demand from health-conscious consumers, growing demand in the food service and retail industries will drive the growth. Factors that could hinder the growth of the fats and oils market in the future include Russia-Ukraine war impact, government regulations and volatile raw material prices.
The fats and oils market is segmented by type into fats and oils. The oils market was the largest segment of the fats and oils market segmented by type accounting for 50.0% of the total in 2022. Going forward, the fats market is expected to be the fastest growing segment in the fats and oils market segmented by type, at a CAGR of 6.3% during 2022-2027.
The fats and oils market is segmented by product type into palm oil, sunflower oil, olive oil, soybean oil, rapeseed oil and other product types. The palm oil market was the largest segment of the fats and oils market segmented by product type accounting for 38.4% of the total in 2022. Going forward, the other product types market is expected to be the fastest growing segment in the fats and oils market segmented by product type, at a CAGR of 6.5% during 2022-2027.
The fats and oils market is segmented by source into plants and animals. The plants market was the largest segment of the fats and oils market segmented by source accounting for 81.5% of the total in 2022. Going forward, the plants market is expected to be the fastest growing segment in the fats and oils market segmented by source, at a CAGR of 6.2% during 2022-2027.
The fats and oils market is segmented by distribution channel into supermarkets/hypermarkets, convenience stores, e-commerce and other distribution channels. The supermarkets/hypermarkets market was the largest segment of the fats and oils market segmented by distribution channel accounting for 38.8% of the total in 2022. Going forward, the e-commerce market is expected to be the fastest growing segment in the fats and oils market segmented by distribution channel, at a CAGR of 6.4% during 2022-2027.
The fats and oils market is segmented by application into food and beverages, personal care, pharmaceutical, animal feed and other applications. The food and beverages market was the largest segment of the fats and oils market segmented by application accounting for 70.4% of the total in 2022. Going forward, the food and beverages market is expected to be the fastest growing segment in the fats and oils market segmented by application, at a CAGR of 6.2% during 2022-2027.
Asia Pacific was the largest region in the fats and oils market, accounting for 52.1% of the total in 2022. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the fats and oils market will be Africa, and, South America where growth will be at CAGRs of 15.1% and 11.2% respectively. These will be followed by the Middle East and Asia Pacific where the markets are expected to grow at CAGRs of 8.2% and 6.1% respectively.
The global fats and oils market is fairly fragmented, with number of players in the market. The top ten competitors in the market made up to 24.27% of the total market in 2022. Bunge Limited was the largest competitor with 5.64% of the market, followed by Wilmar International Limited with 5.27%, Archer Daniels Midland Company (ADM) with 3.69%, Mewah International Inc. with 2.72%, AAK AB with 1.80%, Cargill, Incorporated with 1.56%, The Nisshin Oillio Group with 1.46%, Musim Mas Group with 0.84%, Fuji Oil Co. Ltd with 0.70% and Associated British Foods PLC with 0.59%.
Market-trend-based strategies for the fats and oils market include focusing on cooking oils produced by fermentation and with a clean, neutral taste and high smoke point, focusing on leverage e-commerce platforms, focusing on novel fat technologies, developing automated cooking oil management systems and developing innovative products by using advanced technologies.
Player-adopted strategies in the fats and oils market include increasing oils and fats refining capabilities, strengthening production plants, increasing comprehensive, integrated capabilities in edible oils and fats, and expanding through strategic acquisitions.
To take advantage of the opportunities, the publisher recommends the fats and oils companies to focus on launch of clean, neutral taste and high smoke point cooking oils, increase focus on novel fat technologies, focus on technological advancements, focus on product innovations, focus on fast-growing product types, increase focus on plant-based fats and oils, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, focus on online marketing, continue to focus on fast-growing applications and target online consumers.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 643 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $179.31 Billion |
| Forecasted Market Value (USD) by 2031 | $325.8 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
Opportunity Analysis
- The top opportunities in the fats and oils market segmented by type will arise in the fats segment, which will gain $32.16 billion of global annual sales by 2027.
- The top opportunities in segment by product type will arise in the palm oil segment, which will gain $23.18 billion of global annual sales by 2027.
- The top opportunities in segment by source will arise in the plants segment, which will gain $50.94 billion of global annual sales by 2027.
- The top opportunities in segment by distribution channel will arise in the supermarkets/hypermarkets segment, which will gain $24.35 billion of global annual sales by 2027.
- The top opportunities in segment by application will arise in the food and beverages segment, which will gain $44.03 billion of global annual sales by 2027.
- The fats and oils market size will gain the most in India at $10.31 billion.
Major Market Trends
- Launch Of Clean, Neutral Taste And High Smoke Point Cooking Oil
- Launch Of E-commerce Platforms
- Focus On Novel Fat Technologies
- Development Of Automated Cooking Oil Management Systems
- Technological Advancements
- Product Innovations
A selection of companies mentioned in this report includes
- Bunge Limited
- Wilmar International Limited
- Archer Daniels Midland Company (ADM)
- Mewah International Inc
- AAK AB
Customer Information
- Oil Safety, Quality And Misbranding In Cooking Oils
- Awareness About Trans Fat
- Purchasing Behaviors, Eating Decisions and Health Perceptions of Dietary Fats and Oils
- Changing Attitudes Toward Fats And Oils In Packaged Goods
- Customer Consciousness On Fats And Oils
- Knowledge About Health Effects of Edible Oils and Fats
Supply Chain Analysis
- Raw Material Suppliers
- Manufacturers
- Wholesalers/Distributors
- Retailers
- End-Users
For more information about this report visit https://www.researchandmarkets.com/r/c09p4u
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