The global Hydrogenated Vegetable Oil market was valued at USD 34.28 billion in 2023 and is expected to rise at a CAGR of 6.72% over the forecast period to reach USD 61.19 billion in 2032.
The hydrogenated vegetable oil market is defined primarily by the need for processed meals and health consciousness. Palm and soybean oil are the most commonly utilized raw materials for hydrogenation. Palm oil is the most widely consumed due to its low cost and stability. The food industry continues to lead in the adoption of these end goods, owing mostly to increased consumption of bakery and confectionery products.
Population growth, market expansion owing to urbanization, and changes in food consumption patterns are some of the market's primary influences. The population's busy lifestyles, along with increased purchasing power, have spurred the expansion of the market for ready-to-eat and ready-to-cook meals.
Market Segment insights
According to the source, the Hydrogenated Vegetable Oil market is further divided into soybean oil, palm oil, sunflower oil, cottonseed oil, and rapeseed/canola oil.
The market is divided into three types of oils: completely hydrogenated, partially hydrogenated (PHOS), and interesterified.
The Hydrogenated Vegetable Oil market is segmented by function: stabilizer, texturizer, and thickening agent.
The market is divided into five segments based on the end user: food and beverage, residential/retail, pharmaceutical, cosmetics and personal care, and others.
The market is divided into two segments based on distribution channel: direct and indirect.
Regional insights
The Hydrogenated Vegetable Oil market is segmented by region: North America, South America, Asia Pacific, Europe, and MEA. The North America region was valued at USD 13.14 billion in 2023 and is predicted to reach USD 22.24 billion by 2032, with a CAGR of 6.08% between 2024 and 2032.
The Regional Segmentation of the Hydrogenated Vegetable Oil Market provides vital insights into the market's growth dynamics across different geographical regions. North America dominated the market in 2023, owing to rising demand from the food processing industry. Europe is another important location, with strict rules encouraging the use of hydrogenated vegetable oils in a variety of applications. The APAC region is expected to experience significant growth throughout the forecast period, owing to expanding population and demand for processed foods. South America and the Middle East and Africa are emerging areas with potential for expansion in the hydrogenated vegetable oil industry.
Major Players
IOI Group, Godrej Industries, Cargill, Louis Dreyfus Company, Musim Mas Holdings, Bunge, Olam International, Sime Darby Plantation, AAK, PT Smart Tbk, Golden Agri Resources, Wilmar International, and Archer Daniels Midland Company are among the key players in the Hydrogenated Vegetable Oil Market.
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