Global Vegetable Oil Market Report and Forecast 2023-2028

Global Vegetable Oil Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global vegetable oil market is being aided by the escalating demand for healthier cooking alternatives and the diverse applications of vegetable oils across multiple sectors. The market is projected to grow at a CAGR of 3.10% between 2023 and 2028 to attain a volume of 256.14 MMT by 2028.

Vegetable oil, extracted from plants or seeds, encompasses a spectrum of oils, including sunflower, palm, soybean, canola, and olive oil. These oils have firmly cemented their presence in kitchens around the world as essential ingredients in culinary arts. Moreover, they carry a wealth of health benefits, being rich in essential fatty acids, vitamins, and antioxidants, contributing to heart health, skin vitality, and overall wellness. Beyond culinary uses, vegetable oils have also proven invaluable in an array of industries, from cosmetics and pharmaceuticals to biofuels and detergents.

The shifting consumer palate, leaning towards health-conscious dietary choices, has been a primary driver for the vegetable oil market growth. As awareness regarding the adverse health implications of trans fats and cholesterol grows, there is an evident shift towards vegetable oils, known for their "good fats" and nutritional content. Moreover, the surge in gourmet cooking and baking, buoyed by a globalised palate and the influence of cooking shows, has further elevated the demand for premium vegetable oils, such as olive and avocado oils.

In parallel to its culinary prominence, vegetable oil market demand is witnessing a surge in industrial applications. The cosmetic industry, for instance, has embraced oils like coconut and argan for their hydrating and rejuvenating properties, widely incorporating them into creams, lotions, and hair care products. In the realm of pharmaceuticals, vegetable oils are employed as carriers or solvents in various formulations, harnessing their natural benefits.

The renewable energy sector's burgeoning growth has spotlighted vegetable oils, especially as potential feedstock for biodiesel production. With the intensifying push for sustainable and cleaner energy sources, the role of vegetable oils in biofuel production cannot be understated, opening new vistas for vegetable oil market share.

Additionally, with the wave of veganism and plant-based diets washing over the global food scene, vegetable oils have found renewed importance. They serve as vital ingredients in various vegan and vegetarian food items, replacing animal fats and enhancing the flavour and nutritional profile of the dishes.

Market Segmentation

The market can be divided based on oil type, application, and region.

Market Breakup by Oil Type

• Palm Oil
• Soyabean Oil
• Sunflower Oil
• Olive Oil
• Canola Oil
• Coconut Oil
• Others

Market Breakup by Application

• Food
• Feed
• Industrial

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 vegetable oil market. Some of the major players explored in the report by Expert Market Research are as follows:

• Cargill, Incorporated
• Archer Daniel Midland Company
• IOI Corporation Berhad (IOI)
• Fuji Oil Co., Ltd.
• Sime Darby Plantation Berhad
• Bunge Limited
• Wilmar International Limited
• Louis Dreyfus Company B.V.
• Conagra Brands, Inc
• Olam Group Limited
• Golden Agri-Resources (GAR)
• PT Astra Agro Lestari Tbk
• 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.