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 2023-2028,” the global vegetable oil market reached a value of US$ 255.2 Billion in 2022. Vegetable oil refers to the natural oil obtained from various oil-bearing seeds like cottonseed, sunflower, soybeans, peanuts, palm nuts and fruits. It is a rich source of Vitamin E, A and B1, and Omega-3 and Omega-6 fatty acids. On account of its high nutritional value, vegetable oil is generally used as a cooking oil and as a constituent to margarine, non-dairy creamers, and ice-cream, and in the production of cosmetics, bactericides, and pharmaceuticals. It is also utilized in biofuel production as it is considered an effective alternative to mineral oil for use in power stations and feedstock to produce biodiesel.
Global Vegetable Oil Market Trends:
The global vegetable oil market is primarily driven by the increasing awareness of the health benefits offered by vegetable oils, such as reducing the risk of cardiovascular diseases, improving digestion and metabolism, lowering cholesterol levels, managing heart health, and providing nutrition. Apart from this, the affordable prices, easy availability, high viscosity, lower volatility and better pressure performance of vegetable oils have encouraged end users to shift toward these oils over mineral oils. Furthermore, the growing prevalence of lifestyle diseases and improving living standards have led to the changing dietary habits of consumers, especially health-conscious individuals. As a result, the key players have introduced minimally processed and organic vegetable oils, which is providing a significant impact on the market growth. Furthermore, governments of various countries are taking initiatives to promote bio-based products, such as vegetable oils, which help reduce the carbon emissions. Looking forward, the market value is expected to reach US$ 343.9 Billion by 2028, exhibiting a CAGR of 5% during 2023-2028.
- On the basis of the oil type, palm oil represents the most preferred type of vegetable oil. Other major types include soybean, canola, sunflower, palm kernel and coconut.
- Based on the application, the market has been segmented into the food industry, biofuels and others. Amongst these, the food industry holds a clear dominance in the market.
- Region-wise, China holds the leading position in the market. Other major regions include Europe, India, Indonesia, the United States, Brazil and Malaysia.
- The competitive landscape of the market has been examined, with some of the key players being Archer-Daniels-Midland Company, Bunge Limited, Cargill, Incorporated, Louis Dreyfus Company BV and Wilmar International Limited.
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