According to the latest report by IMARC Group, titled “Vegetable Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global vegetable oil market size reached 207.5 Million Tons in 2019, expanding at a CAGR of 3.6% during 2014-2019. Vegetable oils refer to natural oils obtained from oil-bearing seeds, like corn, cottonseed, peanuts, sunflower, rapeseed, palm nuts and soybeans. They are a rich source of vitamin E; polyunsaturated, monounsaturated and saturated fats; and omega-3 and omega-6 fatty acids. As a result, their moderate consumption may aid in reducing the risk of cardiovascular diseases (CVDs), improving metabolism and regulating digestion.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vegetable Oil Market Trends:
The thriving food and beverage industry represents one of the key factors driving the market, as vegetable oils are widely used in the preparation of bread, mayonnaise, potato chips, French fries, salad dressing, ice creams, and sandwich spreads. This factor, coupled with the significant increase in the sales of convenience foods, on account of hectic schedules, inflating disposable income levels and changing dietary patterns, is also contributing to the product demand. Besides this, these oils are extensively used in the beauty and personal care industry as a vital component in numerous skincare and cosmetic products. They are also used as an essential feedstock for the production of biofuels, which are gaining preference on account of the growing demand for bio-based products. Moreover, rising health consciousness among consumers has prompted manufacturers to introduce minimally processed and organic vegetable oils. However, the spread of the coronavirus disease (COVID-19) and the consequent nationwide lockdowns have led to a significant decline in the demand for vegetable oils due to the closure of hotels, restaurants and catering services. Looking forward, the market is projected to witness steady growth during 2020-2025.
- Based on the oil type, palm oil represents the most preferred type of vegetable oil. Other major types include soybean, sunflower, canola, coconut and palm kernel.
- On the basis of the application, the market has been bifurcated into the food industry, biofuels and others. Amongst these, the food industry exhibits a clear dominance in the market.
- Region-wise, Indonesia holds the leading position in the market, on account of the flourishing palm oil and coconut oil production within the region. Other major regions include the United States, India, Europe, China, Malaysia, Brazil and others.
- The competitive landscape of the market has also been examined, with some of the key players being Archer Daniels Midland (ADM) Company, Bunge Limited, Cargill, Incorporated, Louis Dreyfus Company B.V. and Adani Wilmar Limited.
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