Vegetable oil is a form of natural oil which is sourced from seeds, nuts and fruits of various plants such as sunflower, peanut, corn and rapeseed among others. It is composed of fat and occurs in a liquid state at room temperature. Vegetable oil is light-yellow in colour with a mild, tolerable odour. It is generally used in the preparation of numerous food products such as pastries and baked goods. In addition, vegetable oil is used for enhancing the texture of food and as a medium for several cooking procedures such as frying. A new research 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 2018-2023”, estimates that the global vegetable oil market reached a volume of nearly 193 Million Tons in 2017. The report further projects the market to reach a volume of more than 235 Million Tons by 2023, at a projected CAGR of 3.4% over the forecast period.
Global Vegetable Oil Market Drivers/Constraints:
- There has been an increase in the demand for natural and organic vegetable oils which is the result of rising health consciousness among consumers. This is one of the major factors which is driving the growth of the market.
- Consumers have also become aware about various health benefits offered by vegetable oil which include improving metabolism, and preventing the risk of breast cancer and cardiovascular diseases. This has, in turn, contributed towards the propelled demand for vegetable oils across the globe.
- Some of the other factors which are further fuelling the growth of the global vegetable oil market include rising demand from emerging nations, flourishing food industry, improving living standards and changing dietary habits.
- However, the availability of counterfeit products as well as shrinking land area for oilseeds are some of the forces which act as hindrance towards the growth of the market.
Oil Type Insights:
On the basis of oil type, the market has been segmented into palm oil, soybean oil, sunflower oil, canola oil, coconut oil and palm kernel oil. Currently, palm oil represents the largest oil type as it is a rich source of saturated fats, vitamins and antioxidants which offer numerous health benefits.
On a geographical front, Indonesia represents the biggest region for the global vegetable oil market. This is due to the increasing health consciousness among consumers and flourishing food industry across the region. Indonesia is followed by the United States, India, Europe, China, Malaysia and Brazil.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Louis Dreyfus
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