Global Edible Oils and Fats Market Report and Forecast 2024-2032

Global Edible Oils and Fats Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global edible oils and fats market size attained approximately USD 227.68 billion in 2023. Aided by the increasing importance of sustainability, the market is estimated to grow at a CAGR of 5.8% in the forecast period of 2024-2032, reaching a value of around USD 379.15 billion by 2032.

Edible oils and fats constitute a significant category within the global food market, encompassing a diverse array of plant-based and animal-derived products. These substances are primarily used for cooking, frying, and as flavour enhancers in various cuisines worldwide. Edible oils are derived from oilseeds such as soybeans, sunflowers, rapeseed, and olives, while edible fats include products like butter and lard, which are obtained from animal sources. Both oils and fats are essential for human nutrition, providing energy, essential fatty acids, and fat-soluble vitamins such as A, D, E, and K.

The global edible oils and fats market has been experiencing significant trends that reflect changes in consumer behaviour, technological advancements, and regulatory shifts. A primary trend in this market is the increasing consumer inclination towards healthier and high-quality fats and oils. This shift is largely driven by a growing awareness of the health impacts associated with fats and oils, including the roles of various types of fats in cardiovascular health and overall well-being. As a result, there has been a notable rise in the demand for oils with a favourable fatty acid profile, such as high-oleic oils, and for those processed through cold pressing to retain nutritional properties.

Sustainability is another critical global edible oils and fats market trend as consumers are increasingly favouring products that are not only healthy but also sustainably sourced. This concern for environmental impact has bolstered the popularity of certified sustainable products, such as those certified by the Roundtable on Sustainable Palm Oil (RSPO). Companies across the globe are investing in sustainable farming practices and supply chain transparency to meet this consumer demand, which is reshaping the market landscape.

Another significant trend propelling the global edible oils and fats market growth is technological innovation in oil extraction and processing. Modern technologies such as supercritical fluid extraction are being employed to improve the efficiency and environmental friendliness of oil extraction processes. These technologies offer better yield and higher purity and preserve the sensitive nutrients and antioxidants in the oils, which are highly valued by health-conscious consumers.

The global edible oils and fats market is also characterised by its response to regulatory changes. Governments worldwide are imposing stricter regulations on trans-fat contents and labelling requirements to combat health issues like obesity and heart disease. These regulatory pressures are compelling manufacturers to reformulate their products to reduce or eliminate trans fats, which is encouraging the development of new, healthier oil and fat alternatives.

Furthermore, the diversification of uses of edible oils in non-food applications such as biofuels and cosmetics is expanding the global edible oils and fats market development. The use of vegetable oils in biodiesel production, for instance, has seen significant growth, particularly in regions like Europe and North America. This diversification, however, also introduces a complex dynamic to supply and pricing structures, influencing the availability and cost of these oils for food purposes.

The increasing popularity of speciality fats like cocoa butter equivalents in the confectionery industry is another factor propelling the global edible oils and fats market expansion. These speciality fats are designed to mimic the properties of cocoa butter, allowing for cost-effective production of chocolates and other confectionery items. This segment is expected to expand further, driven by innovations that offer improved taste and texture profiles suitable for high-end confectionery products.

Regionally, the Asia Pacific dominates the global edible oils and fats market share, attributed to the high consumption rates in populous countries like China and India. The dietary habits, economic growth, and increasing urbanisation in these countries are significant drivers of the regional market. However, North America and Europe continue to innovate in product development, focusing on health aspects and sustainable practices.

Market Segmentation

The global edible oils and fats market can be divided based on product, type, nature, form, source, application, end-use, distribution channel, and region.

Market Breakup by Product

• Edible Oil
• Edible Fats

Market Breakup by Types

• Natural
• Synthetic

Market Breakup by Nature

• Organic
• Conventional

Market Breakup by Form

• Solid
• Liquid

Market Breakup by Source

• Animal
• Plant

Market Breakup by Application

• Bakery and Confectionery
• Convenience Foods
• Sauces
• Spreads and Dressings
• HORECA
• Others

Market Breakup by End-Use

• Food and Beverage
• Personal Care and Cosmetics
• Biofuel and Energy
• Pharmaceuticals
• Chemicals
• Others

Market Breakup by Distribution Channel

• Online
• Offline

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global edible oils and fats market. Some of the major players explored in the report by Expert Market Research are as follows:

• Archer Daniels Midland Company
• Cargill, Incorporated
• Bunge Limited
• Wilmar International Limited
• IFFCO Group
• FUJI OIL CO., LTD.
• IOI Corporation Berhad
• Richardson International Limited
• The Nisshin OilliO Group, Ltd.
• Ventura Foods, LLC
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.