As per the latest report by IMARC Group, titled “Vegetable Oil (Palm Oil, Canola Oil, Coconut Oil and Soybean Oil) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global vegetable oil market size reached 203.9 Million Tons in 2018. Vegetable oil refers to natural oils that are obtained from oil-bearing seeds like corn, cottonseed, peanuts, sunflower, rapeseed, palm nuts and soybeans. These oils are composed of fat that remains in a liquid state at fairly low temperatures. They are characterized by a neutral to yellow color with a mild odor. 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 consumption aids in reducing the risk of cardiovascular diseases (CVDs), improving metabolism and regulating digestion. They are widely used in the preparation of bread, mayonnaise, potato chips, French fries, salad dressing, ice creams, and sandwich spreads.
Global Vegetable Market Trends:
The thriving food and beverage industry is one of the key factors driving the market growth. This, coupled with the significant increase in the sales of convenience food, on account of factors including hectic schedules, inflating disposable income levels and changing dietary patterns, is also contributing to the product demand. Additionally, rising health consciousness amongst consumers has impelled the demand for natural and organic vegetable oils. Moreover, these oils are extensively used in the beauty and personal care industry as they form a vital component of various skincare and cosmetic products. Furthermore, they are an essential feedstock for the production of biofuels, which is further contributing to their demand from the fuel industry across the globe. Owing to these factors, the market has been anticipated to reach 242.8 Million Tons by 2024, expanding at a CAGR of 2.9% during 2019-2024.
- Based on the oil type, palm oil represents the largest segment. Other major types of oil 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.
- On the geographical front, Indonesia holds the leading position in the market. This is due to the flourishing food and beverage industry across 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 analyzed with the detailed profiles of the key player operating in the market. Some of these players include ADM, Bunge, Cargill, Louis Dreyfus and Willmar.
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