Edible Oil And Fats Market Size, Share & Trends Analysis Report By Nature (Organic, Conventional), By Source (Natural, Synthetic), By Product (Edible Oil, Edible Fats), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Edible Oil And Fats Market Size, Share & Trends Analysis Report By Nature (Organic, Conventional), By Source (Natural, Synthetic), By Product (Edible Oil, Edible Fats), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Edible Oil And Fats Market Growth & Trends

The global edible oil and fats market size is expected to reach USD 831.10 billion by 2030, expanding at a revenue-based CAGR of 7.5% from 2023 to 2030, according to a study by Grand View Research, Inc. Rising importance of vegetable oils as key functional ingredients which reduce the risk of cardiovascular disorders along with lowering the possibility of breast cancer is projected to remain a favorable growth driver. Furthermore, the rising popularity of omega-3 fatty acid as a nutritional constituent in the food industry on account of its exceptional anti-inflammatory properties is projected to prompt the adoption of oil produced from soybean, canola, and flax seeds.

The COVID-19 pandemic significantly impacted the edible oil market. Lockdown measures in many countries led to a decrease in demand for edible oils and a decrease in prices. This was due to the closure of restaurants and other food service businesses, which are major consumers of edible oils. As the pandemic continued, the prices of edible oils fluctuated as demand for edible oil changed.

Edible oils generated a revenue of USD 350.12 billion and a volume of 210,308.26 kilotons in 2022. The edible oil category is further segmented into soyabean oil, sunflower oil, olive oil, coconut oil, palm oil, and others. The palm oil segment held the highest revenue share in 2022. The rising importance of the product as a key source of numerous nutritional constituents including vitamin E, selenium, phytosterols, and magnesium in the food and beverage industry is expected to remain a favorable factor over the coming years.

The conventional segment held the largest revenue of USD 350.12 billion and 210,308.26 kilotons in 2022. Unlike organic oils, conventional oils may be exposed to a lot of pesticides, fertilizers, and other growing aids. Oils produced conventionally are refined, altered, and processed. Conventional oils are largely produced from seeds that have undergone genetic modification. Conventional seed oils are typically solvent expelled. Organic oils cost more to produce and are more expensive to buy compared to conventional oils. Typically, conventional oils cost about 20-70% less than organic oils. Therefore, consumers prefer to buy conventional edible oils and fats over organic due to the affordability factor.

The natural segment held the largest revenue of USD 265.17 billion and a volume of 112,123.92 kilotons in 2022. Vegetable, animal, and marine sources are used to make edible fats and oils. Vegetable fats are found in foods such as cocoa butter and oils like corn, sunflower, peanut, olive, soybean, cottonseed, canola, argan, palm, pumpkin seed, sunflower, grape seed, sesame seed bran, linseed, and coconut. The low-saturated fats include sunflower, safflower, mustard, olive, rice bran, and sesame, while butter fat, tallow, palm oil, coconut oil, and palm kernel oil are all high in saturated fats. Lard, tallow, and butter fat are examples of animal fats, whereas whale oil, cod liver oil, and salmon oil are examples of fish oils.

The food & beverage segment held the largest revenue of USD 292.52 billion and a volume of 204,641.00 kilotons in 2022. The food & beverage industry is the largest consumer of edible oils and fats. Oilseeds from plants are used to make vegetable oils, which are mostly used in the food business for preparing nutritional food and healthy snacks. The increasing income levels have led to higher disposable incomes. More families are dining out and experimenting with diverse cuisines due to changing lifestyles. Convenience food purchases by working couples are rising.

The offline segment dominated the market and held a revenue share of over 416.66 billion and 255,614.80 kilotons in 2022. Edible oils are majorly sold at supermarkets and convenience stores. Walmart, Reliance Mart, SPAR, and Carrefour, are among some of the major retail chains. At a macro level, several consumers prefer purchasing grocery products such as edible oils from convenience stores to support local businesses.

Asia Pacific led the market and was valued at USD 150.50 billion and a volume of 109,179.86 kilotons in 2022, due to population growth, rising disposable income coupled with urbanization in emerging economies such as China, India, and Bangladesh. One of the key factors propelling the growth of the edible oil market is the rise in consumer inclination for nutritional enhancements. The transition to a healthy and innovative approach brought about by the rising trend of living a healthy lifestyle has a positive impact on the market.

Leading manufacturers are Wilmar Internationals, Cargill, Archer Daniels Midland Company, and International Foodstuff Company Holdings Limited. Market leaders are expanding their geographical existence to gain a concentrated market share. The formation of strategies and collaborations with buyers to build new products is projected to remain a critical success factor. The strong foothold of oilseeds farmers in developing countries including China, India, and Indonesia is projected to force the edible products manufacturers to establish their strategic business units in the vicinity over the next eight years.

Edible Oil And Fats Market Report Highlights

• Edible oils generated a revenue of more than USD 350.12 billion and 210,308.26 kilotons in 2022. Rising importance of the product as a key source of numerous nutritional constituents including vitamin E, selenium, phytosterols, and magnesium in the food and beverage industry is expected to remain a favorable factor over the coming years
• The conventional segment held the largest revenue of more than USD 350.12 billion and 210,308.26 kilotons in 2022. Unlike organic oils, conventional oils may be exposed to a lot of pesticides, fertilizers, and other growing aids. Oils produced conventionally are refined, altered, and processed. Conventional oils are largely produced from seeds that have undergone genetic modification
• The natural segment held the largest revenue of more than USD 265.16 billion and 112,123.92 kilotons in 2022. Vegetable, animal, and marine sources are used to make edible fats and oils
• The food & beverage segment held the largest revenue of more than USD 292.52 billion and 204,641.00 kilotons in 2022. The food & beverage industry is the largest consumer of edible oils and fats. Oilseeds from plants are used to make vegetable oils, which are mostly used in the food business for preparing nutritional food and healthy snacks
• The offline segment dominated the market and held a revenue share of over 416.65 billion and 255,614.80 kilotons in 2022. Edible oils are majorly sold at supermarkets and convenience stores. Walmart, Reliance Mart, SPAR, and Carrefour, are among some of the major retail chains
• Asia Pacific led the market share in 2022 around USD 150.50 billion and 109,179.86 kilotons due to population growth, rising disposable income coupled with urbanization in emerging economies such as China, India, and Bangladesh

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