Edible Oils and Fats Market Size to Reach $78.69Bn Globally by 2030 – Exclusive Report by The Insight Partners
The global edible oils and fats market is predicted to grow at a CAGR of 5.1% between 2023 and 2030.
Pune, India, Nov. 09, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Edible Oils and Fats Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Fats, Application, and Geography,” the edible oils and fats market is expected to grow from $52.92 billion in 2022 to $78.69 billion by 2030; it is estimated to grow at a CAGR of 5.1% from 2023 to 2030.
Competitive Landscape and Key Companies:
Bunge Ltd, Archer-Daniels-Midland Co., Fuji Oil Co Ltd, Kao Corp, AAK AB, J-Oil Mills Inc, Cargill Inc, Olam Group Ltd, ConnOils LLC, and Louis Dreyfus Co BV. are a few leading players operating in the edible oils and fats market. These players focus on developing innovative products to meet the changing requirements of consumers.
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Edible oils are mainly sourced from soybean, coconut, rapeseed, palm, sunflower, and cottonseed. Oils and fats are used in cooking to improve the taste and texture of the final food product. Edible oils are commonly used in industrial food manufacturing and home cooking across the world and are primary source of vitamin E and unsaturated fats in human diets. The rising importance of the products as a key source of various nutritional constituents such as vitamin E, phytosterols, selenium, and magnesium in the food & beverage industry drives the edible oils and fats market growth.
Rising Demand for Edible Oils and Fats from Food & Beverage Processing Industry Propels Edible Oils and Fats Market Growth
According to the United States Department of Agriculture (USDA), soy oil is the second largest consumed vegetable oil. It is extensively utilized for frying, cooking, shortening, and margarine. According to the Organization for Economic Co-operation and Development (OECD), in 2022, the consumption of vegetable oil reached 249 million metric tons, with the food sector accounting for the major share. Moreover, the confectionery industry significantly utilizes butter as a primary ingredient, followed by margarine. The high-quality edible oils and fats are used in bakery and confectionery, dairy and frozen desserts, snacks, Ready-to-Eat (RTE) and Ready-to-Cook (RTC) meals, and other food and beverage items. Refined oils and fats are a rich source of lipids. Thus, their use is increasing due to rising application and growing global population.
The food & beverages industry in various regions such as North America and Asia Pacific is continuously growing owing to an upsurging inclination toward sustainability, preference for convenience and ready-to-eat products, and rising adoption of organic and plant-based products. The industry is witnessing substantial motion with innovation in processes, products, and services to cater to rapidly changing consumer preferences. According to the United States Census Bureau, the US had 39,646 food and beverage manufacturing plants in 2020. Of which California, Texas, and New York had 6,116, 2,625, and 2,600 respectively. Similarly, the food & beverage industry is one of the significant contributors to the European Economy. Thus, the growing food & beverages industry across the globe propels the demand for edible oils and fats.
Edible Oils and Fats Market: Segmental Overview
Based on type, the edible oils and fats market is segmented into oils and fats. The oils segment held a significant market share in 2022. Vegetable oils can be derived from seeds, cereal grains, nuts, and fruits. Olive, sunflower, palm, canola, coconut, safflower, corn, peanut, cottonseed, palm kernel, and soybean oils are among the most consumed oils. Generally, vegetable oils are used in food preparation, and crude oil is added for flavor. Vegetable oil is also used in the production of animal feed. Soybean oil is mainly used for frying and baking and as a condiment for salads. In pharmaceutical applications, soybean oil is indicated for parenteral nutrition as a source of essential fatty acids and calories. The residue of soybean oil is used in animal feed. Thus, such broad application of soyabean oil attracts manufacturers to invest in soyabean oil processing to cater to the increasing demand. In May 2021, ADM announced the expansion of a soybean crushing plant and refinery in the US. This facility aims to increase the production of soyabean oil. Strategies by manufacturers augment the global edible fats and oils market growth for the soybean oil segment. Sunflower oil is a nonvolatile oil extracted from sunflower seeds. The oil is majorly used in formulations as an emollient in pharmaceutical applications. It contains a large amount of vitamin E. Sunflower oil is used to cook snack foods such as potato chips or French fries. This oil is also used in manufacturing mayonnaise and oil-based dressings. Dietary supplements made from sunflower oil have been marketed to treat eczema. According to the Food and Agriculture Organization (FAO), production of sunflower seed oil is expected to reach 60 million metric tons by 2050 owing to its rising per capita consumption.
Moreover, sunflower oil is a feasible alternative to palm oil in the snack industry. Unlike palm oil, which has a higher freezing point, sunflower oil does not require additional heating in cold temperatures. This lowers the expense of installing an additional heating system. Owing to these benefits, the demand for sunflower oil is rising among various end-use industries.
Based on application, the edible oils and fats market is segmented into food and beverages, animal nutrition, and pharmaceuticals and nutraceuticals. The food and beverages segment accounted for the largest share in 2022. Edible oils and fats are used in various food processing sectors such as bakery & confectionery, dairy & frozen desserts, RTE & RTC meals, beverages, and snacks. Cottonseed oil is a popular frying oil in snack food manufacturing industries. The demand for edible oils and fats, such as shortenings, is gradually increasing in the bakery & confectionery segment as they lubricate the structure of bakery products and shorten or tender flour proteins. Fats and oils in the mixture hold many air cells incorporated during creaming, making the products smooth and creamy. Fats act as enriching agents, add calorie value to baked foods, and develop flakiness in products. The rising demand for baked products, including cakes, breads, cookies, and biscuits, significantly drives edible oils and fats utilization. Moreover, the popularity of baked products and confectioneries is increasing across all age groups, further fueling the global edible fats and oils market growth for the bakery & confectionery segment.
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Impact of COVID-19 Pandemic on Edible Oils and Fats Market
The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel bans, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the food & beverage industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and non-essential products. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various governments in Europe, Asia, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of the edible oils and fats market.
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