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The global fats and oils market was valued at US$ 214.0 Billion in 2021.
We expect the global fats and oils market to exhibit a CAGR of 4.1% during 2022-2027.
The rising utilization of fats and oils to enhance the flavor and texture of various food items, as well as providing essential fatty acids to the body, is primarily driving the global fats and oils market.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination towards online retail platforms for the purchase of healthy edible oils and nutritional products, such as extra virgin olive oil and nut butter, for boosting the immune system.
Based on the type, the global fats and oils market can be categorized into oil type and fat type. Currently, oil type accounts for the majority of the global market share.
Based on the application, the global fats and oils market has been segregated into food applications and industrial applications, where food applications hold the largest market share.
Based on the source, the global fats and oils market can be bifurcated into vegetable and animal. Currently, vegetable exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global fats and oils market include Ajinomoto Co. Inc., Archer-Daniels-Midland Company, Associated British Foods plc, Bunge Limited, Cargill Incorporated, Conagra Brands Inc., Fuji Oil Holding Inc., Unilever, United Plantations Berhad, and Wilmar International Limited.
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