Global Cooking Oil Market to Reach US$ 288.0 Billion by 2032, Stimulated by Changing Consumer Preferences

September 15, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Cooking Oil Market Report by Type (Palm Oil, Soy Oil, Sunflower Oil, Peanut Oil, Olive Oil, Rapeseed Oil, and Others), Distribution Channel (Hypermarket and Supermarket, Independent Retail Stores, Business to Business, Online Sales Channel), End User (Residential, Food Services, Food Processing, and Others), and Region 2024-2032", the global cooking oil market size reached US$ 193.6 Billion in 2023. Cooking oil is a fundamental component and a vital ingredient in many culinary endeavors. It is a versatile liquid derived from plant and animal sources, such as soybeans, corn, canola, and sunflowers. Cooking oils are indispensable in various cooking techniques, such as frying, sautéing, baking, and salad dressing preparation. Its primary function is to act as a medium for transferring heat during cooking, ensuring food is evenly cooked and preventing it from sticking to cookware. Cooking oil also imparts flavor and texture to dishes, enhancing their palatability. It contributes to the creation of crispy and golden textures in fried foods. Cooking oils offer numerous health benefits as they contain essential fatty acids like omega-3 and omega-6, which are vital for overall well-being. These oils also contain fat-soluble vitamins like A, D, and E. Cooking oils possess unique properties, including smoke points that determine their suitability for various cooking methods and distinctive flavors that complement or dominate a dish.


Global Cooking Oil Market Trends:

The growing awareness among health-conscious consumers about the benefits of cooking oil is one of the major factors contributing to the market growth. In line with this, the increasing emphasis on healthy eating habits, leading to the development of cooking oils that are low in saturated fats and rich in heart-healthy unsaturated fats, such as olive oil and avocado oil, is providing a considerable boost to the market growth. Furthermore, the rising sustainability and environmental considerations prompting consumers to seek cooking oils produced through eco-friendly and ethical practices leading to the emergence of sustainable sourcing and production methods, is positively impacting the market growth. Additionally, the development of eco-friendly packaging solutions, coupled with a reduction in carbon footprints throughout the supply chain, is acting as a growth-inducing factor. Furthermore, the globalization of culinary preferences as consumers explores diverse cuisines and flavors from around the globe, leading to an increased demand for exotic and specialty cooking oils like coconut oil and sesame oil, is providing remunerative growth opportunities for the market. Looking forward, the market value is projected to reach US$ 288.0 Billion by 2032, expanding at a CAGR of 4.51% during 2024-2032.


Market Summary:

  • Based on the type, the market has been segmented into palm, soy, sunflower, peanut, olive, rapeseed, and other oils. According to the report, palm oil represents the largest segment.
  • On the basis of the distribution channel, the market has been divided into hypermarket and supermarket, independent retail stores, business to business, and online sales channel. Among these, hypermarket and supermarket accounts for the largest market share.
  • Based on the end user, the market has been classified into residential, food services, food processing, and others. According to the report, residential accounts for the largest market share.
  • Region-wise, the market has been segmented into 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. Among these, Asia Pacific is the largest market for cooking oil.
  • The competitive landscape of the market has also been examined, with some of the key players being 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.


Report Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Type
  • Distribution Channel
  • End User
  • Region 
Types Covered Palm Oil, Soy Oil, Sunflower Oil, Peanut Oil, Olive Oil, Rapeseed Oil, Others
Distribution Channels Covered Hypermarket and Supermarket, Independent Retail Stores, Business to Business, Online Sales Channel
End Users Covered Residential, Food Services, Food Processing, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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
Customization Scope 10% Free Customization
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Global Cooking Oil Market to Reach US$ 288.0 Billion by 2032, Stimulated by Changing Consumer Preferences
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