Cooking Oil Market

Market Overview:

The global cooking oil market size reached US$ 193.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 288.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4.51% during 2024-2032. The rising product utilization in cooking applications, increasing consumer awareness regarding various product health benefits, and the recent development of eco-friendly extraction techniques represent some of the key factors driving the market.

Cooking oil is a mild, light-colored liquid produced from plants, animals, and synthetic compounds. It includes oil derived from olives, peanuts, soybeans, sunflowers, canola seeds, corn, avocados, palm tree, sesame seeds, and animal fats. It is widely used in snack foods, bakery, confectionery, salad dressings, filling, dips, and margarine. Cooking oil consists of triacylglycerides, phospholipids, sterols, fatty acids, tocopherols, and antioxidants that support hormone regulation, boost the immune system, strengthen bones, and aid in maintaining body functions. It is a highly versatile and easy-to-store product that improves the flavor, odor, richness, and texture of food products. It provides nutrients needed that enhance brain and skin health and assists in improving blood cholesterol levels, easing inflammation, and stabilizing heart rhythms.

Cooking Oil Market Trends:

The rising product utilization for various cooking applications, such as frying, flavoring, baking, searing, roasting, sauteing, dressing, garnishing, and grilling to improve the flavor and texture of food, preserve its nutrient contents, and reduce cooking time is one of the primary factors driving the market growth. In addition to this, the widespread product adoption in processed food products to enhance texture, flavor, and preservation properties is acting as another growth-inducing factor. Furthermore, the increasing consumer awareness regarding various product health benefits, such as reducing blood pressure, regulating cholesterol levels, lowering inflammation, improving cognition, promoting heart health, relieving menopausal symptoms, and minimizing the risk of obesity, metabolic syndrome, and diabetes, is providing an impetus to the market growth. Additionally, the recent development of eco-friendly extraction techniques, such as enzyme-assisted extraction, supercritical fluid extraction, and ultrasound-assisted extraction, that are highly efficient, improve production yield, and minimize solvent consumption is positively influencing the market growth. Apart from this, the introduction of infused cooking oils containing herbaceous and unconventional flavors, such as rosemary, basil, garlic, smoked meats, chilies, and citrus, is favoring the market growth. Moreover, the implementation of various government initiatives to promote cooking oil fortification with vitamins A and D to address malnutrition is creating a positive outlook for the market. Other factors, including easy product availability across e-commerce platforms, increasing investment in research and development (R&D) of novel production methods, and the widespread product utilization in animal feed and biofuel, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global cooking oil market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, distribution channel, and end user.

Type Insights:

• Palm Oil
• Soy Oil
• Sunflower Oil
• Peanut Oil
• Olive Oil
• Rapeseed Oil
• Others
   

The report has provided a detailed breakup and analysis of the cooking oil market based on the type. This includes palm, soy, sunflower, peanut, olive, rapeseed, and other oils. According to the report, palm oil represented the largest segment.

Distribution Channel Insights:

• Hypermarket and Supermarket
• Independent Retail Stores
• Business to Business
• Online Sales Channel
   

A detailed breakup and analysis of the cooking oil market based on the distribution channel has also been provided in the report. This includes hypermarket and supermarket, independent retail stores, business to business, and online sales channel. According to the report, hypermarket and supermarket accounted for the largest market share.

End User Insights:

• Residential
• Food Services
• Food Processing
• Others
   

A detailed breakup and analysis of the cooking oil market based on the end user has also been provided in the report. This includes residential, food service, food processing, and others. According to the report, residential accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for cooking oil. Some of the factors driving the Asia Pacific cooking oil market included significant growth in food and beverage (F&B) industry, rapid technological advancements, rising consumer expenditure capacities, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global cooking oil market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include ACH Food Companies Inc. (Associated British Foods plc), American Vegetable Oils Inc., Archer-Daniels-Midland Company, Bunge Limited, Cargill Incorporated, CJ CheilJedang Corp., Fuji oil Holding Inc., Indofood Agri Resources Ltd., J-Oils Mills Inc., Louis Dreyfus Company B.V., Marico Limited, Modi Naturals Ltd., Ottogi Co. Ltd., Wilmar International Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global cooking oil market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global cooking oil market?
• What is the impact of each driver, restraint, and opportunity on the global cooking oil market?
• What are the key regional markets?
• Which countries represent the most attractive cooking oil market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the cooking oil market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the cooking oil market?
• What is the breakup of the market based on end user?
• Which is the most attractive end user in the cooking oil market?
• What is the competitive structure of the global cooking oil market?
• Who are the key players/companies in the global cooking oil market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the cooking oil market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global cooking oil market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the cooking oil industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.