Global Fats and Oils Market to Grow at 4% During 2023-2028, Bolstered by Growing Consumption of Processed Foods

According to the latest report by IMARC Group, titled “Fats and Oils Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global fats and oils market reached a value of US$ 223.5 Billion in 2022. Fats and oils, also known as triacylglycerides, are esters of glycerol comprising three fatty acids. They are colorless, odorless, tasteless, and can be naturally found in both plants and animals. They insulate organs of the body, provide energy and essential calories, and aid in absorbing fat-soluble vitamins, such as A, D, E, and K. As a result, fats and oils find extensive application in the preparation of bakery products like biscuits and pastries.
 

Global Fats and Oils Market Trends:

Fats and oils are utilized as feed products as they ensure nutritional balance and minimize feed costs. The rising focus on reducing bloat and energy density in the feed represents one of the key factors bolstering the market growth. Apart from this, fats and oils are extensively used in the production of paints, paper, and lubricants around the world. Additionally, the increasing consumption of processed food products, along with escalating demand for high-quality edible oil, is positively influencing the market. Besides this, the coronavirus disease (COVID-19) outbreak has resulted in a significant rise in the consumption of natural products, such as nut butter pastes and extra virgin olive oil, which is supporting the growth of the market. Looking forward, IMARC Group expects the market to grow at a CAGR of 4% during the forecast period (2023-2028).
 

Market Summary:

• Based on the type, the market has been divided into oil (palm, soybean, rapeseed, sunflower, olive, and others); and fat (butter, shortenings and margarine, lard, tallow, and others).
• On the basis of the application, the market has been bifurcated into food and industrial applications.
• Based on the source, the market has been classified into vegetable and animal segments.
• On the basis of the sales channel, the market has been segmented into direct sales, supermarkets and hypermarkets, retail stores, online stores, and other channels.
• Region-wise, the market has been categorized into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa.
• The competitive landscape of the market has been examined, with some of the key players being Ajinomoto Co., Inc., Archer Daniels Midland Company, Associated British Foods plc, Bunge Limited, Cargill, Incorporated, Conagra Brands, Inc., Fuji Oil Holdings Inc., Unilever Plc, United Plantations Berhad, and Wilmar International Limited.

Report Scope:

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