Vegetable oil is a natural oil that is extracted from the seeds, nuts and fruits of plants. It serves as a source of nutrients and industrial raw materials to mankind. Vegetable oil is today found in absolutely everything from food and household products, to make-up products and cosmetics. In the food industry, vegetable oil is used as a cooking oil and as a constituent to margarine, non-dairy creamers and ice cream. It is also used in products where animal fats are deplorable on religious grounds. Moreover, the fatty acids derived from vegetable oil are also used in the production of cosmetics, bactericides and pharmaceuticals. Traditionally, the non-food uses of vegetable oil have been in the manufacturing of soaps, detergents as well as in the production of greases, lubricants and candles. Lately, the biofuel market has provided a significant non-food use for vegetable oil where it is considered as an alternative to mineral oil for use in power stations and as a feedstock for the production of biodiesel. As a result, the global vegetable oil market is growing at a healthy pace. Several other factors strengthening the demand for vegetable oil include population growth, improving living standards, changing dietary habits and an increasing demand particularly in emerging countries. According to IMARC Group, the global vegetable oil market reached a value of US$ 232.3 Billion in 2020.
IMARC’s latest study “Vegetable Oil (Palm Oil, Canola Oil, Coconut Oil and Soybean Oil) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” provides a detailed insight into the global vegetable oil market. The report has segmented the market on the basis of types, applications and major regions. The global vegetable oil market is largely dominated by palm oil contributing for more than one-third of the total vegetable oil consumption. Palm oil is followed by soybean oil, canola oil and sunflower seed oil. Based on applications, the majority of the total vegetable oil produced is consumed by the food industry. The food industry is followed by industrial usage and the biofuel industry. Region-wise, Indonesia represents the largest producer of vegetable oil accounting for nearly one-fifth of the total global production. Indonesia is followed by China, Malaysia and the European Union. The report has also analyzed some of the key players operating in the global vegetable oil market which include Cargil, ADM, Louis Dreyfus, Bunge and Wilmar. Looking forward, IMARC Group expects the global vegetable oil market to exhibit moderate growth during the next five years.
This report provides a deep insight into the global vegetable oil industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a vegetable oil manufacturing plant. The study analyzes the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the vegetable oil industry in any manner.
Key Questions Answered in This Report:
Due to the outbreak of the coronavirus disease (COVID-19) and the consequent lockdowns, there has been a significant decline in the demand for vegetable oil on account of the closure of hotels, restaurants, and catering services.
The global vegetable oil market to exhibit moderate growth during the next five years.
The global vegetable oil market reached a value of US$ 232.3 Billion in 2020.
The thriving food and beverage industry, coupled with the significant increase in the sales of convenience foods due to hectic lifestyles, increasing disposable incomes and changing dietary patterns, is bolstering the market growth.
One of the leading trends in the global vegetable oil market is the introduction of minimally processed and organic products on account of the rising health consciousness among consumers.
Based on the oil type, palm oil represents the most preferred product. Other major types include soybean, sunflower, canola, coconut, and palm kernel.
On the basis of the application, the market has been classified 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. Other major regions include the United States, India, Europe, China, Malaysia, and Brazil.
The leading industry players are Archer Daniels Midland (ADM) Company, Bunge Limited, Cargill, Incorporated, Louis Dreyfus Company B.V., and Adani Wilmar Limited.
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