Cooking Oils and Fats Market Size was valued at USD 76.2 billion in 2022. The Cooking Oils and Fats market is projected to grow from USD 79.6 Billion in 2023 to USD 103.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.5% during the forecast period (2023 - 2030). Some of the market drivers expected to drive the market growth such as increasing demand for vegetable oil in energy and cosmetic industry and increased awareness of healthier substitutes.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cooking Oils and Fats Market Trends
Growing awareness of health benefits and risks associated with different types of cooking oils and fats is one of the key drivers of demand for cooking oils and fats. Consumers are becoming more health-conscious and are paying attention to the type of oil or fat they use in their cooking. Consumers are aware that different types of oils and fats have different nutritional properties, and this awareness is driving demand for healthier options. For example, olive oil is perceived to be a healthier option compared to other oils like vegetable oil or palm oil, due to its high levels of monounsaturated and polyunsaturated fatty acids, and its potential ability to reduce the risk of heart disease. Thus driving the market CAGR.
On the other hand, consumers are also aware of the risks associated with certain types of oils and fats. For example, trans fats, which are commonly found in partially hydrogenated oils, have been linked to an increased risk of heart disease, and have been banned in many countries. Consumers are now actively seeking out products that do not contain trans fats and other harmful oils. In response to this growing demand for healthier options, many cooking oil and fat manufacturers are introducing new products that are perceived to be healthier, such as oils with lower saturated fat content or with added omega-3 fatty acids. Moreover, according to a survey conducted by the International Food Information Council Foundation, 49% of respondents said that they had changed their cooking oil consumption habits to be more healthful, driven by growing awareness of the health benefits and risks associated with different types of oils. Such aspect is projected to be a major market driver for Cooking Oils and Fats market revenue.
Cooking Oils and Fats Market Segment Insights
Cooking Oils and Fats Type Insights
The Cooking Oils and Fats market segmentation, based on Type, includes Oils and Fats. The Oils segment holds the largest market share. This is because oils are the most widely used cooking medium in the world and are used in a variety of cuisines, from traditional to modern. Oils are also used extensively in the production of processed foods, such as snacks and baked goods.
In recent years, there has been a growing demand for healthier oil options, such as olive oil, avocado oil, and coconut oil. These oils are perceived to have health benefits and are often marketed as a healthier alternative to traditional vegetable oils. For example, olive oil is high in monounsaturated fats, which have been linked to a reduced risk of heart disease.
FIGURE 1: COOKING OILS AND FATS MARKET, BY TYPES, 2022 & 2030 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cooking Oils and Fats Source Insights
The Cooking Oils and Fats market segmentation, based on Source, includes Plants, and Animals. The Plants segment holds the largest market share. This is because plant-based oils are more commonly used in cooking and are preferred by consumers due to their health benefits and versatility in cooking.
Plant-based oils are derived from various sources such as soybeans, sunflowers, corn, canola, and palm fruit. These oils are rich in unsaturated fatty acids, including monounsaturated and polyunsaturated fats, which are considered healthier options than saturated fats found in animal-based oils.
Cooking Oils and Fats Application Insights
The Cooking Oils and Fats market data has been bifurcated by Application into Bakery & Confectionery, Convenience Foods, Sauces Spreads & Dressings and Others. The Convenience Foods segment holds the largest market share. Convenience foods, which include products such as frozen dinners, snack foods, and ready-to-eat meals, are a major driver of demand for cooking oils and fats. Convenience foods require cooking oils and fats for a variety of purposes, including frying, baking, and sautéing. Cooking oils and fats are also used as ingredients in convenience foods such as snacks, spreads, and dressings.
The "Bakery & Confectionery" segment is also a significant contributor to the demand for cooking oils and fats. Baked goods such as cakes, pastries, and breads require oils and fats for their texture and flavor. Cooking oils and fats are also used in the production of confectionery products such as chocolates and candies.
Cooking Oils and Fats Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World.
Asia-Pacific is home to some of the world's largest consumers of cooking oils and fats, including China, India, and Indonesia. These countries have a rich culinary tradition that relies heavily on oils and fats in cooking, making them major consumers of these products. Additionally, the rising disposable incomes in these countries have led to an increase in demand for higher-quality oils and fats, which are often imported from other regions. In addition to the large and growing consumer base, the Asia-Pacific region is also home to several major manufacturers of cooking oils and fats. These companies benefit from the region's large population, which provides a ready market for their products, as well as the lower labor and production costs in the region, which is driving Asia-Pacific Cooking Oils and Fats market.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: COOKING OILS AND FATS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Cooking Oils and Fats market accounts for the second-largest market share. Europe has a large and growing population, which provides a ready market for cooking oils and fats. Additionally, the region's changing demographics, such as aging populations and increasing urbanization, are driving changes in consumer habits and preferences, leading to an increased demand for convenience foods and healthier options. Further, the UK Cooking Oils and Fats market held the largest market share, and the Germany Cooking Oils and Fats market was the fastest growing market in the European region.
The North America Cooking Oils and Fats Market is still a significant market for cooking oils and fats. The region's market size and growth rate are moderate compared to the Asia-Pacific region, which has a larger population and faster economic growth. Nonetheless, there are several factors that contribute to the demand for cooking oils and fats in North America. Moreover, USw Cooking Oils and Fats market held the largest market share, and the Canada Cooking Oils and Fats market was the fastest growing market in the Asia-Pacific region.
Cooking Oils and Fats Key Market Players & Competitive Insights
The major market players pursuing a variety of market developments that are focusing on developing new products, expanding their geographic reach, and enhancing their production capabilities to meet the growing demand for Cooking Oils and Fats industry. Additionally, they are also investing in research and development to develop healthier and more sustainable products that meet changing consumer preferences. Overall, the Cooking Oils and Fats market is highly competitive, with players competing on factors such as price, quality, and innovation.
The Cooking Oils and Fats market major player such as Bunge Limited (US), Associated British Foods PLC (UK), Conagra Brands Inc. (the US), Archer Daniels Midland Company (US), United Plantations Berhad (Malaysia), IFFCO (UAE), AAK AB (Sweden), Cargill Incorporated (US), James Richardson & Sons Limited (Canada), Wilmar International Ltd (Singapore), and Others.
Bunge Limited is a leading agribusiness and food company based in the United States. Bunge's operations span across five continents and include activities such as sourcing, processing, and distributing grains, oilseeds, and other agricultural products. In addition to its core commodities business, Bunge is also a major player in the Cooking Oils and Fats market. The company offers a wide range of cooking oils and fats, including vegetable oils, specialty oils, and animal fats. Some of its key brands include Delicia, Sanharo, and Salada. Bunge's cooking oils and fats are used in a variety of applications, including baking, frying, and salad dressings.
Associated British Foods PLC (ABF) is a diversified food, ingredients, and retail company based in the United Kingdom. Within the Ingredients segment, ABF is a major player in the Cooking Oils and Fats market. The company offers a range of cooking oils and fats under its various brands, including Mazola, Flora, and Crisp 'n Dry. Its products include vegetable oils, margarines, and shortenings that are used in a variety of applications, including baking, frying, and food processing.
Key Companies in the Cooking Oils and Fats market includes
Cooking Oils and Fats Industry Developments
May 2021: ADM built a soybean crushing facility in North Dakota, United States, with an estimated investment of USD 350 million. By 2023, the plant is anticipated to be finished and operating. Crushing soybeans, refining oil, and processing of soy-related products are all functions of the plant.
November 2021: To increase the capacity of the plant that produces vegetable oil in Malaysia, Cargill invested about USD 35 million. Due to the facility's dry palm fractionation capability, specialty fats for spreads, coatings, and chocolate can be produced.
Cooking Oils and Fats Market Segmentation
Cooking Oils and Fats Type Outlook
Cooking Oils and Fats Source Outlook
Cooking Oils and Fats Application Outlook
Cooking Oils and Fats Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 76.2 billion |
| Market Size 2023 | USD 79.6 billion |
| Market Size 2030 | USD 103.6 billion |
| Compound Annual Growth Rate (CAGR) | 4.5% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Source, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Bunge Limited (US), Associated British Foods PLC (UK), Conagra Brands Inc. (the US), Archer Daniels Midland Company (US), United Plantations Berhad (Malaysia), IFFCO (UAE), AAK AB (Sweden), Cargill Incorporated (US), James Richardson & Sons Limited (Canada), Wilmar International Ltd (Singapore), and Others. |
| Key Market Opportunities | Growing QSR worldwide |
| Key Market Dynamics | Increasing Demand for Vegetable Oil in Energy and Cosmetic Industry |
Cooking Oils Fats Market Highlights:
Frequently Asked Questions (FAQ) :
The Cooking Oils and Fats market size was valued at USD 76.2 Billion in 2023.
The market is projected to grow at a CAGR of 4.5% during the forecast period, 2023-2030.
North America had the largest share of the market.
The key players in the market are Bunge Limited (US), Associated British Foods PLC (UK), Conagra Brands Inc. (the US), and Archer Daniels Midland Company (US).
The Oils category dominated the market in 2023.
The Plants segment had the largest share in the market in 2023.
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