The global cooking oil market is poised for a promising growth trajectory, as the demand for processed foods and sustainable oil production continues to soar. A comprehensive report has unveiled valuable insights into the expected evolution of the market in the coming years.
Rising Demand for Processed Foods Drives Cooking Oil Market
The burgeoning consumption of processed foods is anticipated to be a driving force behind the growth of the cooking oil market. Consumers increasing preference for packaged foods has led to greater adoption of various cooking oils, benefiting small food chains, restaurants, and households alike. The global demand for vegetable oil is on the rise, propelled by the increasing sales of processed food products. According to FAO and OECD, vegetable oil availability in developed nations is expected to grow by 1.3% annually, reaching 9 kg per capita by 2030, compared to 7.96 kg per capita in 2020. Furthermore, manufacturers are actively enhancing refining methods and the quality of cooking oils to achieve sustainability goals. They are employing advanced technologies to extend the shelf life of cooking oils without compromising quality or their clean label status. Additionally, efforts are being made to address land use issues during cooking oil production, continuing to influence the global growth of the cooking oil market.
Palm Oil Sales on the Rise
The consumption of palm oil has witnessed steady growth in recent years and is projected to maintain its upward trajectory. Malaysia and Indonesia are the primary exporters of palm oil, while major importers include India, China, Netherlands, Italy, Pakistan, Egypt, Kenya, the United States, Russia, Germany, and Belgium, among others. In 2020, Malaysia accounted for 31% of palm oil exports, and Indonesia accounted for 52.4%, with export valuations of US$ 10.6 billion and US$ 17.9 billion, respectively. Palm oils popularity can be attributed to its competitive pricing compared to other types of cooking oils. Given the thriving sales and international trade of palm oil, it is expected to significantly contribute to the revenue growth of the cooking oil market.
Asia Pacific Emerges as a Lucrative Market
The Asia Pacific region is poised to claim a significant share of the cooking oil market. Factors such as dietary shifts, improved living standards, and increased consumption of processed foods are driving the demand for cooking oil in the region. Emerging economies like India and China are witnessing substantial growth in vegetable oil sales, driven by growing awareness of the benefits of vegetable oil consumption. Both the Indian and Chinese vegetable oil markets have experienced remarkable growth, creating promising opportunities for the cooking oil market. Additionally, the consumption of fish oil is expected to surge in the region, particularly in economies like Indonesia, Vietnam, India, and China, where the aquaculture sector is flourishing. Rising health concerns have also led to increased fish oil consumption as a nutritional supplement. Olive oil and its virgin forms have gained popularity in Asian countries due to their nutritional benefits, such as low fat content and antioxidant properties. Despite high production volumes, the demand for olive oil in the region has increased, resulting in additional imports. These factors collectively contribute to the growth of the cooking oil market in Asia Pacific.
Key players in the cooking oil market are actively pursuing growth strategies such as new product launches, acquisitions, mergers, and collaborations to gain a competitive edge. For instance, Bunge India launched Hudson Canola Oil in January 2020, a product rich in Omega 3, mono-unsaturated fatty acids, and antioxidants like Vitamin E, suitable for all cooking types. In September 2020, IFFCO Group acquired 3F Fuji Foods India, strengthening its position in the vegetable oil, emulsified products, and industrial chocolate segments. In November 2021, Cargill acquired an edible oil refinery in India to expand production capacity, enhance its footprint in Southern India, and meet rising consumer demand. In the same year, Cargill announced plans to establish a new palm oil production facility in Indonesia to cater to the growing demand for edible palm oil in the country, eyeing further expansion in Southeast Asian markets.
Prominent players in the cooking oil market include Cargill Inc., Bunge Limited, IFFCO Group, Wilmar International Ltd., Archer Daniels Midland Company, Fuji Oil Company Ltd., Olam International Limited, and Ottogi Co. Ltd.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/cooking-oil-market
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