Global Vegetable Oil Market, Size, Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Global Vegetable Oil Market, Size, Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Vegetable Oil Market is projected to reach US$ 420.47 Billion by 2028, according to Renub Research. Vegetable oil play a critical role in global diets, serving as a critical source of fats and contributing approximately 10% of the daily caloric intake in line with character (equivalent to three hundred kcal in line with day). This makes them the second maximum critical meals group, following cereals. Rich in omega-3 and omega-6 fatty acids, in addition to nutrients E and K, vegetable oil offer important nutritional benefits.

Beyond their significance in cooking, vegetable oil are in particular treasured for less prosperous customers who cannot afford more costly options like butter or animal fat-based merchandise. The worldwide exchange of vegetable oil is widespread, with imports accounting for round 40% of world consumption, surpassing different commodities like grains, in which imports constitute much less than 20%.

Vegetable Oil Market is exhibiting a growth rate (CAGR) of 3.56% during 2022-2028.

Moreover, vegetable oil serve a couple of purposes, finding utility in soap production, biodiesel, cosmetics, pesticides, and numerous other industries. Being a renewable supply of power, vegetable oil production has witnessed great boom because of populace increases and growing in keeping with capita income, especially because of the commercial revolution. The shift towards urbanization has extended global population boom, leading to superior financial prosperity and advanced dwelling requirements globally. These elements have become huge drivers for the vegetable oil market's growth.

Countries which include Malaysia, Indonesia, Thailand, and Sri Lanka have emerged as key players in palm oil manufacturing because of its price-effectiveness. Developing country locations across the Asia-Pacific, Middle East, and Africa areas have witnessed increased residing requirements, which, in flip, have influenced human dietary options. As fitness-recognition rises, the demand for processed foods merchandise has increased, and customers are willing to spend more on great products to satisfy their nutritional wishes. Vegetable Oil Market was valued at US$ 340.78 Billion in 2022.

Growing consumer awareness about soybean oil's advantages over other vegetable edible oil has significantly boosted its demand.

By Consumption, Vegetable Oil Market is divided into Coconut Oil, Cottonseed oil, Olive oil, Palm Oil, Palm Kernel OIL, Peanut Oil, Rapeseed oil, Soybean Oil and Sunflower seed oil. Soybean oil, rich in omega-3 and vitamin E, supports body health. Its versatile uses include cooking, baking, salad garnishing, and as raw material for various industries. Beneficial properties of soybean oil include treating osteoarthritis, lowering LDL cholesterol, and acting as a mosquito repellent.

High market demand stems from being a healthier substitute for palmolein oil, widely used in household cooking, restaurants, and hotels. The edible vegetable oil market's significant growth is attributed to rising consumer awareness of health benefits, such as zero trans-fat and low saturated fats, coupled with increasing population, urbanization, distribution channels, soy crop yield, and awareness of healthy vegetable oil.

Rapeseed finds diverse uses in industries like bio-diesel and cosmetics. The European Union's rising consumption of rapeseed oil for bio-diesel production drives the global market. Growing health-consciousness and awareness of its health benefits are expected to boost market growth.

Growing consumer health awareness and changing cooking preferences fuel substantial residential vegetable oil industry growth.

The Vegetable Oil Market is segmented by End User into Food Services, Residential, Food Processing, and Others. The residential vegetable oil industry caters to household consumption for cooking, baking, and salad dressings, meeting global dietary needs. Increasing health awareness drives demand for zero trans-fat, low saturated fat oil, influenced by changing food habits, population growth, urbanization, and economic conditions.

Vegetable oil market is experiencing growth due to advancements in the e-commerce industry.

The vegetable oil market is categorized based on distribution channels, including Hypermarkets & Supermarkets, Retail Stores, Business-to-Business, and Online sales channels. The surge in online distribution channels for vegetable oil creates revenue opportunities for manufacturers. With e-commerce platforms gaining popularity, manufacturers are establishing a strong online presence to cater to consumers' grocery needs.

By leveraging online channels, they can reach a wider audience, expand market reach, and boost sales. Online platforms also provide valuable consumer insights, allowing tailored offerings and marketing strategies. As online shopping gains momentum, manufacturers in the vegetable oil market can benefit from this digital transformation. Moreover, the increasing number of supermarkets, grocery stores, hypermarkets, and online platforms creates lucrative revenue opportunities.

As the trend towards pouch packaging continues to rise, it is expected to further boost the growth of the vegetable oil market.

The vegetable oil market is separated by packaging type, including cans, bottles, and pouches. Pouches have gained immense popularity worldwide in household, personal care, and edible oil markets due to their convenience, portability, versatility, and cost-effectiveness. Pouches offer an environmentally friendly and sustainable alternative to rigid bottles, cans, drums, and barrels. Their cost-effectiveness is attributed to high production volumes, automation, low labor costs, and easy transportation. Moreover, pouch packaging is an ideal choice for premium products like gourmet oil, where consumers are willing to pay extra for superior packaging compared to bulk containers.

Palm oil production market is experiencing significant growth and is expected to further expand in the coming years.

Vegetable oil production includes Coconut, Cottonseed, Olive, Palm, Palm Kernel, Peanut, Rapeseed, Soybean, and Sunflower oil. Palm oil stands out for its high productivity and lower production cost compared to other vegetable oil, driving its global demand. The food, beverage, biofuel, energy, personal care, and cosmetics industries contribute to its exponential growth. Major manufacturers are concentrated in the Asia Pacific due to easy access to raw materials. The market is fiercely competitive and diverse, with numerous players striving for an edge through high production, efficient distribution networks, product quality, and competitive strategies.

By Import and Export, Vegetable oil volume is breakup into Coconut, Cottonseed, Olive, Palm, Palm Kernel, Peanut, Rapeseed, Soybean, and Sunflower oil. Sunflower oil finds diverse applications in curing ailments and chemical compositions, while also experiencing high demand in the food industry for frying purposes. The global sunflower oil market is predicted to steadily rise due to the increasing demand from food producers. Online platforms and franchise shops' expansion will further benefit the worldwide market.

Europe will remain the largest market for processed sunflower oil. In the past decade, sunflower oil imports have surged significantly, with India, China, and the United States leading consumption. This trend reflects growing awareness of sunflower oil's health benefits and its versatility. Sunflower oil exports have seen robust growth, with Ukraine, Russia, and Argentina emerging as major players meeting the escalating international demand for this nutritious and widely used cooking oil.

Key Company

The vegetable oil market is served by companies like Archer-Daniels Midland Company, Wilmar, AAK (Aarhus Karlshamn), Bunge, Sime Darby, Unilever, Associated British Foods, and Cargill.

Renub Research latest report “Global Vegetable Oil Market & Volume, Consumption Type (Coconut Oil, Cottonseed Oil, Olive Oil, Palm Oil, Palm Kernel OIL, Peanut Oil, Rapeseed oil, Soybean Oil, Sunflower seed Oil), Distribution Channels (Hypermarkets & Supermarkets, Retail Stores, Business-to-Business, and Online Sales Channels), Packaging Type (Cans, Bottles, and Pouches), Country (China, European Union, India, Indonesia, United States, Brazil, Malaysia, Pakistan, Russia, Others), Import (India, China, Bangladesh, Peru, Morocco, Algeria, European Union, South Korea, Colombia, Egypt, and Others), Export (Argentina, Brazil, European Union, Russia, Paraguay, Bolivia, Turkey, and Others), Companies (Archer-Daniels Midland Company, Wilmar, AAK (Aarhus Karlshamn), Bunge, Sime Darby, Unilever, Associated British Foods, and Cargill)” provides a detailed analysis of Global Vegetable Oil Market.

Type – Market & Volume breakup from 9 Viewpoints

1. Coconut Oil
2. Cottonseed Oil
3. Olive Oil
4. Palm Oil
5. Palm Kernel Oil
6. Peanut Oil
7. Rapeseed Oil
8. Soybean Oil
9. Sunflower Seed Oil

Country – Market & Volume breakup from 10 Country

1. China
2. European Union
3. India
4. Indonesia
5. United States
6. Brazil
7. Malaysia
8. Pakistan
9. Russia
10. Others

Production – Volume breakup 9 Viewpoints

1. Coconut Oil
2. Cottonseed Oil
3. Olive Oil
4. Palm Oil
5. Palm Kernel Oil
6. Peanut Oil
7. Rapeseed Oil
8. Soybean Oil
9. Sunflower Seed Oil

Import – Volume breakup 9 Viewpoints

1. Coconut Oil
2. Cottonseed Oil
3. Olive Oil
4. Palm Oil
5. Palm Kernel Oil
6. Peanut Oil
7. Rapeseed Oil
8. Soybean Oil
9. Sunflower Seed Oil

Export – Volume breakup 9 Viewpoints

1. Coconut Oil
2. Cottonseed Oil
3. Olive Oil
4. Palm Oil
5. Palm Kernel Oil
6. Peanut Oil
7. Rapeseed Oil
8. Soybean Oil
9. Sunflower Seed Oil

Producing Country – Volume breakup from 8 Country

1. Indonesia
2. China
3. Malaysia
4. European Union
5. United States
6. Brazil
7. India
8. Others

Importing Country – Volume breakup from 11 Country

1. India
2. China
3. European Union
4. United States
5. Pakistan
6. Turkey
7. Bangladesh
8. Malaysia
9. Egypt
10. Iran
11. Others

Exporting Country – Volume breakup from 8 Country

1. Indonesia
2. Malaysia
3. Russia
4. Argentina
5. Ukraine
6. European Union
7. Canada
8. Others

End User – Market is breakup into 4 viewpoints

1. Food Services
2. Residential
3. Food Processing
4. Others

Distribution Channel – Market is breakup into 4 viewpoints

1. Hypermarket/ Supermarket
2. Retail Stores
3. Business To Business
4. Online Sales Channel

By Packaging Type – Market is breakup into 3 viewpoints

1. Cans
2. Bottles
3. Pouches

All the company analysis has been covered in the report from 3 viewpoints

• Overview
• Recent Developments
• Revenue

Company Analysis

1. Archer – Daniels Midland Company
2. Wilmar
3. AAK (Aarhuskarlshamn)
4. Bunge
5. Sime Darby
6. Unilever
7. Associated British Foods
8. Cargill