Global Edible Oil Market - 2023-2030
Global Edible Oil Market reached US$ 265.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 397.8 billion by 2030. The market is expected to exhibit a CAGR of 5.2% during the forecast period 2023-2030. The demand for sugar substitutes is increasing as they are wide availability of different products such as olive oil, canola oil, sunflower oil, and some others.
The growing demand for high-quality edible oils such as olive oil, coconut oil, corn oil, soybean oil, sunflower oil, and some others as they provide numerous health benefits. Consumers increasing the usage of edible oil in various application processes such as confectionery, primarily in the production of candies as it provides a wider range of culinary characteristics. These factors are increasing the global edible oil market size.
Key players are also focusing on brand improvement, product innovation, and launches to increase revenue and market share. This launch can help in raising the global edible oil market share value. For instance, in February 2023, Cargill Forays launches edible oil named Gemini pureit in the South Indian market to expand its portfolio in India.
Market DynamicsRising Awareness of Health among Consumers is Estimated to Drive the Edible Oil Market Growth.
People are shifting towards edible oils as they have low unsaturated fats, as people are becoming more health conscious. Sunflower oil is considered the best alternative to palm oil which contains trans-fats. Sunflower oil, corn oil, and olive oil are recommended as safe for consumption by cardiovascular disease people. Raising consumer concerns about cardiovascular diseases, diabetes, and obesity is driving the global edible oil market.
The producers of edible oil are utilizing consumers approval for innovative varieties to develop value-added items that will diversify their portfolio. For instance, in May 2023, Deoleo, a U.S based company launched new products Bertolli and Carapelli extra virgin olive oils into the market. Consequently, the market for edible oil would increase more during the forecast period of 2021–2026.
Raising Demand for Organic, Fortified, and Unrefined Oil is Driving the Edible Oil Market Growth.
The popularity of edible oil is increasing as people are becoming more aware of the health benefits caused by the fortification of organic oil, and unrefined oil. The edible oil is available in different varieties such as cooking oil, olive oil, canola oil, soyabean oil, and some others. These products of edible oil are likely to increase the market growth.
Organic edible oils contain more minerals, fibers, essential vitamins, and antioxidant compounds, they provide more nutritional value than conventional products it increasing the demand for organic oils. Manufacturers are fortifying edible oil with omega-3 fatty acids, vitamins, and minerals in order to produce high-quality edible oil. This helps increase the global edible oil market size.
Adulteration of Oil Impedes the Edible Oil Market Growth.
The addition of harmful substances, such as toxic chemicals, contaminants, or non-edible oils into edible oil in order to increase the quantity which causes several health risks such as cardiovascular diseases, digestive problems, increases levels of saturated fats, organ damage, and some others. Adulteration of oils can cause restrain the growth of the global edible oil market.
When consumers come across instances of adulteration, they may become skeptical about the authenticity of the products available in the market. This loss of trust can lead to a decrease in consumer demand for edible oils and a shift towards more trusted brands or alternative food options. This causes restrain for the edible oil market.
COVID-19 Impact AnalysisThe 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 to 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 AnalysisThe global edible oil market is segmented based on source, process, end user, and region.
In the Global Market of Edible Oil, the Sunflower Oil Segment Holds the Largest Market Share.
The global edible oil market has been segmented by source into palm oil, soybean oil, sunflower oil, rapeseed oil, and others. The sunflower oil segment held the largest edible oil market share of 35.8% in 2022 in the edible oil market analysis report. Consumers are more willing to shift to trans fats alternatives because trans fats tend to increase cholesterol levels which causes adverse health effects.
Sunflowers are excellent sources of vitamin E which helps in reducing the progression of Alzheimer's disease, it is also rich in linoleic acid, oleic acid, and other vital components that lower harmful cholesterol levels in the body. These factors help increase the usage of sunflower oil for household purposes. It is widely used in food processing industries for the development of vegan mayonnaise, cheese, and spreads. These factors help in driving the market for global edible oil.
Geographical AnalysisThe North America Region Held the Largest Share in Edible Oil Market.
The global edible oil market is segmented into five parts of the world based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The North America Tropical Fruit market held the largest market share of 42.6% in 2022 in the sugar substitutes market analysis. The growing urbanization and rising purchasing power of the users are leading to the increasing market chances for sugar substitutes over the forecast period.
Health-related factors, raising in congenital heart conditions, and others affect population purchasing power, and changes in consumer lifestyle and eating habits are the main factors influencing edible oil consumption across North America. The market is driven by increasing demand for soybean oils it is extensively used in savory & snacks, convenience foods, and bakery and confectionery products in this region.
Competitive LandscapeThe major global players in the market include Sundrop, Wilmar International, Cargill Inc., Mazola Oils, Unilever, Bunge Ltd., Marico, CONFO Group, Nisshin Olillio, and Adani Group.
Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:
COVID-19 Impact AnalysisThe 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).
Why Purchase the Report?• To visualize the global edible oil market segmentation based on source, process, end user, 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 sugar market level with all segments.
• The PDF report consists of a cogently put-together market analysis after exhaustive qualitative interviews and an in-depth market study.
• Source mapping is available as Excel consists of key Sources s of all the major market players.
The global edible oil market report would provide approximately 62 tables, 71 figures, and 190 Pages.
Target Audience 2023• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies