Rising awareness about the health benefits associated with the consumption of vegetable oils is expected to drive market expansion in the near future at a CAGR of 4.60% during the forecast period 2023 to 2032.
Market Research Future (MRFR) has published a cooked research report on the “Global Fats and Oil Market” that contains information from 2018 to 2032.TheFats and Oil market is estimated to register a CAGR of 4.60% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Fats and Oil market—Cargill Incorporated, Bunge Limited, The Archer Daniels Midland Company, Fuji Oil Holding Inc., Olam International, Wilmar International Limited, Musim Mas Group, Alami Commodities SdnBhd, Kuala Lumpur Kepong Berhad, Arista Industries.
The global Fats and Oil marketis accounted to register a CAGR of 4.60% during the forecast period and is estimated to reach USD 358.9 billion by 2032.
The demand for oils is rising as people choose healthier substitutes in order to preserve flavor while boosting nutritional content. Manufacturers are expanding their product lines and advancing processing methods to suit this demand. Additionally, increased demand for hydrogenated oils as a trans-fat substitute is being caused by new regulations requiring the labelling of trans-fats and their levels in meals. There is a large discrepancy between supply and demand for oilseed processing goods.
The global Fats and Oil markethas been segmented based type, fats, application, industrial applications, form and source
On the basis of type, the market is segmented into Vegetable oils, Palm oil, Soybean oil, Sunflower oil, Rapeseed oil, Oliveoiland, Other oils. The vegetable oil was attributed to holding the largest market share in 2022.Due to Its health benefits, easy availability, and cost-effectiveness.
Based on fats, the global Fats and Oil market has been segmented into Butter & margarine, Lard, Tallow & grease and Other fats. The butter & margarine segment was expected to hold the largest market share in 2022. Due to rising consumer interest in leading a healthier lifestyle, they prefer healthy fats.
Based on application, the global Fats and Oil market has been segmented into Food applications, Bakery &confectionery, Bakery, Confectionery, Processed food, Snacks & savory, R.T.E foods/Convenience foods, Sauces, spreads, and dressings and Other foods (incl. meat products). The food segment was expected to hold the largest market share in 2022.Because Bakery & confectionery products are independent of seasons or occasions and Packaging preserves their quality.
Based on industrial applications, the global Fats and Oil market has been segmented into Biodiesel, Other industrial applications, Oleochemicals, and Animal feed. The oleochemicalssegment was expected to hold the largest market share in 2022 because of the increasing demand for bioenergy and its high biodegradability, low toxicity and low environmental impact.
Based on form, the global Fats and Oil market has been segmented into Liquid and Solid. The liquid segment was expected to hold the largest market share in 2022 because it is believed that the liquid oils are more unsaturated and are hence more preferred by consumers.
Based on source, the global Fats and Oil market has been segmented into Vegetable and Animals. The vegetable segment was expected to hold the largest market share in 2022 because it is highly used in food applications.
The global Fats and Oil market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Fats and Oil market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Fats and Oil market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Fats and Oil market comprises of Middle East, Africa, and Latin America.
The largest market share for Fats and Oil was maintained by the North American regional sector. The market is expanding as a result of the rising demand for oil in the cosmetic and energy industries. Additionally, In North America, the need for oil and fat is rising quickly. In the cosmetics sector, vegetable oils are used to create items like day creams, night creams, lotions, lipsticks, shampoos, and others. The increase in oil demand in North America is due to the use of fats and oils as a sustainable method of manufacturing in sectors like paint, lubricants, and paper.
Moreover, the Europe market has been persistently growing over the forecast period. The demand for Fats and Oil is driven by as many regional cuisines in Europe strongly rely on oils and fats for cooking, cultural factors also play a role in the market's expansion. Additionally, the demand for premium oils and fats is rising as a result of the quickly expanding food and beverage industries in regions like Europe.
Additionally, with the increasing demand for quality oils & fats from developing economies, Asia Pacific currently holds the major market share in the global fats & oils market and is expected to dominate the market during the forecast period. Rising consumption of processed food in the Asia Pacific, coupled with rising disposable income of people is expected to contributesignificantly to the growth of fats & oils market of Asia Pacific.
Furthermore, the rest of the world's Fats and Oil market is divided into the Middle East, Africa, and Latin America. presence of major market players such as Kao Corporation, Fuji Oil Co. Ltd., and others is projected to aid the market growth. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.
Key Findings of the Study