Global Cooking Oil Market - 2023-2030

Global Cooking Oil Market - 2023-2030

Global Cooking Oil Market reached US$ 182.2 billion in 2022 and is expected to reach US$ 279.6 billion by 2030 growing with a CAGR of 5.5% during the forecast period 2023-2030. The increasing consumer health consciousness and rising preference for healthy edible oils such as corn oil are driving the global cooking oils market growth.

People are focussing on sustainability and shifting their preference towards organic, vegetable and plant-based cooking oils. There is an emerging demand for healthier cooking oils. A number of plant-based and vegan diets increased the demand for organic and non-GMO cooking oils. The rising consumer awareness regarding the quality of cooking oils is increasing the demand for traceability and transparency in the cooking oil sector.

The various new acquisitions and product launches by the key market players are increasing the scope of the cooking oil market. The growing urbanization improved living standards and increased the demand for premium quality cooking oils like olive oil, raising the market demand. The manufacturers are introducing various flavors resulting in the rising popularity of flavored and infused oils in the market. For instance, in March 2022, EBRD and Bunge partnered to develop organic olive oil in Turkey.

Market Dynamics

The Fortification of Cooking Oil Drives the Global Cooking Oil Market Growth.

There is an increased health consciousness among people leading to increased demand for healthier cooking oil. To meet the demand of the customers, the manufacturers are going for fortification of cooking oil, driving the market growth. Fortification of cooking oil with vitamins and micronutrients is developing well in the market. The fat-soluble vitamins such as vitamin A and vitamin D are most commonly used in the fortification of cooking oil to improve their nutritional value.

The government is also initiating cooking oil fortification. For instance, in 2021, the Food Safety and Standards Authority of India issued a draft for mandatory fortification of cooking oil with vitamins A and D. According to the FSSAI, fortified oil can help a person to meet 25-30% of the recommended dietary intake for vitamins A and D. Within the Food Fortification Initiative, 27 countries have already ordered oil fortification.

The Increasing Demand for Processed Food Drives the Market Growth.

The increased demand for processed food options has a positive influence on the growth of the global cooking oil market. The busy lifestyle and less cooking time are increasing the processed food demand. Being one of the most essential ingredients of processed food, the demand for cooking oil, such as palm oil, is also rising rapidly. This increased demand is making the key market players develop various strategies to maintain their role in the market.

The various acquisitions and partnerships among the critical players in the market are driving the market of cooking oil to establish powerful developments in the industry. For instance, the partnership between Cargill, an American food corporation, and Frontline International, a US-based smart oil management manufacturer, in May 2021. Through this collaboration, they launched a New Kitchen Controller oil management system, to monitor oil filtration, disposal, and automation.

The Health Issues Related to Excess Consumption of Cooking Oil Restrains Market Growth.

Excessive consumption of oil can increase unhealthy LDL cholesterol and decrease healthy HDL cholesterol. Some of the oil, such as rapeseed oil, may contain higher levels of toxic fatty acids. Thus, higher consumption may have negative health effects. The high consumption of soy oil can affect the digestive system. Health problems such as heart attack, diabetes, and hypertension can easily get attacked due to higher consumption of this oil, restraining the market growth.

Oil adulteration is one major hindering factor to the growth of cooking oil. The adulteration of popular and expensive oil with cheaper oil is increasing. This can cause a major threat to health. For instance, in March 2021, the adulterated soybean oil of Fortune brand was seized by the government. The contamination, improper storage, and adulteration hamper the cooking oil market growth.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global cooking oil market is segmented based on type, application, and region.

In the Global Cooking Oil Market, the Household Segment Holds the Largest Market Share.

The global cooking oil market has been segmented by application into household, food service outlets, and food processing. The household segment held the largest cooking oil market share of 38.8% in 2022 in the cooking oil market analysis report. The increased use of cooking oil such as sunflower and coconut oils in the household sector is driving the expansion of the market in this segment.

The increased health concerns about outside food motivated people to cook food at home, driving the demand for the household segment of the market. Furthermore, the app development by key players in the market to improve customer convenience boost the market growth. For instance, in May 2021, Fortune Brand developed a mobile application to order their oil online to deliver at home.

Geographical Analysis

Asia-Pacific Region Held The Largest Share Of Cooking Oil Market.

The global cooking oil market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The Asia-Pacific cooking oil market held the largest market share of 38.6% in 2022 in the cooking oil market analysis. The growing health consciousness among people and increasing demand for healthy cooking oils is driving the market in this region.

The high production of cooking oils in this region with a high consumption rate is driving the growth. The launch of various fortified cooking oils with improved healthy benefits is expanding this region’s market size. Urbanization, changing dietary patterns, and increased demand for processed foods are expected to boost market growth. The increased developments in distribution channels and e-commerce application fuel the market expansion.

Competitive Landscape

The major global players in the market include Cargill Inc., Archer Daniels Midland Company, Bunge Limited, Wilmar International Ltd., FUJI OIL CO. LTD., ConAgra Brands, Inc., IFFCO Group, Ottogi Co. Ltd., Associated British Foods plc, and C J Cheiljedang Corporation.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact:

The unprecedented COVID-19 pandemic in 2020 moderately affected the cooking oil market. The shutdown of food service sectors, such as hotels and restaurants, decreased the cooking oil demand. On the other hand, the increased household segment of cooking oil increased the demand for cooking oil. The increased retail, and online purchasing of processed food and household cooking oil segment resulted in the growth of market sales.

Why Purchase the Report?
• To visualize the global cooking oil market segmentation based on type, application, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of cooking oil market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The Global Cooking Oil Market report would provide approximately 5O tables, 53 figures and 165 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies