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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 is expected to exhibit a CAGR of 4.92% during 2022-2027.
The global vegetable oil market reached a value of US$ 241.4 Billion in 2021.
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, China 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 Company, Bunge Limited, Cargill, Incorporated, Louis Dreyfus Company BV and Wilmar International Ltd.
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