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Edible Oils and Fats Market Research Report Information By Type (Oils, Fats), By Source (Plant, Animal), By Application (Bakery & Confectionery, Convenience Foods, Sauces, Spreads and Dressings, HORECA), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030


ID: MRFR/F-B & N/1461-CR | 145 Pages | Author: Pradeep Nandi| May 2019

Global Edible Oils and Fats Market Overview

Edible Oils and Fats Market Overview Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Edible Oils and Fats Market Trends

    • Growing demand of convenient foods to propel market growth

Shortenings, margarine, confectionery fats, cooking/frying oil, and margarine are the four main conventional uses of palm oil in food goods. Both solid fat products and liquid cooking oils, particularly for purposes in industrial frying, frequently employ palm oil. It offers a wide range of technical qualities used in culinary applications, such as oxidation resistance, which extends the shelf life of finished goods. Due to its 20–22% solid fat content (SFC) at 20°C, which aids in creating fat products with a plastic range, palm oil is ideal for use as a component in shortenings and margarine. It is prone to form small beta-prime crystals, which is advantageous for several applications, particularly in the table and industrial margarine. The functional qualities of palm oil make it a valuable ingredient in food compositions.

Palm oil

can be combined with tougher fractions like palm stearin in various applications to produce goods with the required consistency without hydrogenation. Common products manufactured using palm oil and palm kernel oil include margarine and spreads, confectionery, non-dairy goods, frying and cooking oils, shortenings, vegetable ghee or vanaspati, and vegetable ghee or vanaspati in mixes with other oils. Thus, this factor is driving the market CAGR.

For stir-fries and desserts, coconut oil has traditionally been a favorite cooking oil in Southeast Asian cuisine. ly, it is being used more and more commonly as a butter alternative in baked products, desserts, and savory cooking methods like frying, sautéing, and roasting. It works well as a vegan alternative to butter. In the kitchen, coconut oil can be used in various dishes, including sauces, salads, marinades,

smoothies

, and desserts. It can spread (or drizzle) on top of meals, cook, make granola, make a seafood dip, sauté veggies, or fry food.

Moreover, it can be used to make popcorn or as a butter alternative while prepping foods like scrambled eggs and pancakes. The preferred use for coconut oil is baking. It makes baked items richer and more flavorful, resulting in a lighter finished product. Coconut oil is increasingly used in cooking, causing the cooking Oils & Fats Market to expand. Thus, it is anticipated that this aspect will accelerate edible oils and fats market revenue.

Segment Insights

Edible Oils and Fats Type Insights

The Edible Oils and Fats market segmentation, based on type includes, oils, and fats. The oils segment held the majority share in 2022 in the edible oils and fats industry data. The massive use of palm oil in China, India, Indonesia, and the European Union is responsible for this growth. There have been molecular studies on cacao using molecular markers. The broadening use of palm oil across the food industry, with its adaptability and lower price compared to other cooking oils, further fosters the segment's expansion.

Edible Oils and Fats Source Insights

The Edible Oils and Fats market segmentation, based on source, includes plants, and animals. The plants segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Due to the increased demand for essential vegetable oils like soybean, palm, and others across the food industry and industrial uses, the vegetable oil segment is predicted to develop substantially over the forecast years. Increasing demand for palm oil is expected to help the vegetable segment grow over the predicted years due to its easy availability, low cost, and taste-improving capabilities in creating confectionary goods and baked goods, hence contributing in the growth of the market of edible oils and fats.

Figure 1:  Edible Oils and Fats Market, by Source, 2022 & 2030 (USD Billion)Edible Oils and Fats Market, by Source, 2022 & 2030 Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Edible Oils and Fats Application Insights

The Edible Oils and Fats market segmentation, based on application includes, bakery & confectionery, convenience foods,

sauces

, spreads and dressings, HORECA. The bakery & confectionery segment held the majority share in 2022 in the edible oils and fats industry data. This increase is attributable to the increased use of cooking oil in baking processes worldwide. The growing use of palm oil in baking as a lubricant, emulsifier, flavor enhancer, and moisture provider are accelerating the expansion of this market.

Edible Oils and Fats Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Edible Oils and Fats market accounted for USD 55.185 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. The area's rising per-capita income and fast-food consumption are the main drivers of this region's growth. Public health organizations have worked hard to promote the consumption of low-calorie and cholesterol-free cooking oils, which well-informed and wealthy consumers use to reduce the effects of aging. The North American Region’s Cooking Oils & Fats Market is expanding due to the rising demand for wholesome, natural, and nutrient-dense food prepared with oils like palm and coconut. New product development, partnerships, partnerships, expansions, mergers, and acquisitions are the main strategies used by the organisations in the market.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  EDIBLE OILS AND FATS MARKET SHARE BY REGION 2022 (%)EDIBLE OILS AND FATS MARKET SHARE BY REGION 2022 Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Edible Oils and Fats market accounts for the second-largest market share. Until the end of the forecast period, the market for edible oils and fats is expected to rise due to the use of these products in the HORECA sector. It is anticipated that consumers in Spain, Italy, and France will increase their regular consumption of specialty oils from the Mediterranean diet, such as olive oil. Moreover, UK market of Edible Oils and Fats held the largest market share, and the Germany Edible Oils and Fats industry was the fastest growing market in the region.

Asia Pacific Edible Oils and Fats Market is expected to grow at the fastest CAGR from 2022 to 2030. The application of fish oil as a nutritional supplement has skyrocketed in developed nations like Japan and Australia in the Asia-Pacific area due to rising consumer health concerns. The growth of the Asia-Pacific region's cooking oils & fats market is further fueled by the expansion of vegetable oil production and consumption, along with cooking oils such as palm and coconut oil. Further, the China Edible Oils and Fats industry held the largest market share, and the India edible oils and fats industry was the fastest-growing market in the region.

Edible Oils and Fats Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Edible Oils and Fats market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the edible oils and fats industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the  edible oils and fats industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, edible oils and fats industry has provided medicine with some of the most significant benefits. The Edible Oils and Fats market major player such as James Richardson & Sons Limited, Wilmar International Ltd., Associated British Foods PLC, Cargill Incorporated.

Founded in Wilmington, Delaware and headquartered in Minnetonka, Minnesota, Cargill, Incorporated is a privately held American multinational food conglomerate. Established in 1865, it had the greatest revenue of any privately held company in the US. The largest animal feed manufacturer in China, New Hope Group, and Cargill formed a joint venture in May 2017 to develop a soybean crush plant. The factory is projected to have a daily processing capacity of 50,000 tonnes of soybeans, generating soymeal and oil.

The second-largest producer of palm oil in Indonesia is Astra Agro Lestari. It belongs to PT Astra International Tbk as a subsidiary. It had substantial land banks under its control, at least in 2004. There are two concessions on peatlands in Riau that are thought to have a combined total of 20,000 hectares. Astra Agro announced in January 2018 that work on a new palm oil mill plant with a 45-ton-per-hour output capacity would start in South Kalimantan in 2019.

Key Companies in the Edible Oils and Fats market includes

    • James Richardson & Sons Limited
    • Wilmar International Ltd.
    • Associated British Foods PLC
    • Cargill Incorporated
    • Bunge Limited
    • United Plantations Berhad
    • IFFCO
    • AAK AB
    • Conagra Brands Inc.

Edible Oils Fats Market Industry Developments

  • Q2 2024: Wilmar International opens new edible oil refinery in Nigeria Wilmar International commissioned a new edible oil refinery in Lagos, Nigeria, expanding its production capacity to meet growing demand in West Africa. The facility is expected to process palm and soybean oils for both domestic consumption and export.
  • Q2 2024: Cargill launches new sustainable palm oil product line for European market Cargill introduced a new line of certified sustainable palm oil products aimed at food manufacturers in Europe, responding to increased regulatory and consumer demand for traceable, deforestation-free supply chains.
  • Q1 2024: Bunge appoints new CEO to drive growth in edible oils segment Bunge Limited announced the appointment of a new Chief Executive Officer, emphasizing a strategic focus on expanding its edible oils and fats business globally, particularly in emerging markets.
  • Q2 2024: ADM acquires majority stake in Indian edible oil company Geepee Agri ADM completed the acquisition of a 51% stake in Geepee Agri, a leading Indian edible oil producer, strengthening its presence in the fast-growing South Asian market.
  • Q1 2024: Olam Agri secures $200 million contract to supply sunflower oil to Egypt Olam Agri signed a major contract with the Egyptian government to supply 100,000 metric tons of sunflower oil in 2024, supporting Egypt’s food security initiatives.
  • Q3 2024: Unilever launches plant-based margarine brand in North America Unilever introduced a new plant-based margarine under its Flora brand, targeting health-conscious consumers and the growing demand for vegan-friendly edible fats in the U.S. and Canada.
  • Q2 2024: Bunge completes $1.2 billion acquisition of Brazilian soybean oil processor Bunge finalized the acquisition of a major soybean oil processing company in Brazil, expanding its footprint in South America and increasing its edible oil production capacity.
  • Q1 2025: Wilmar International partners with NestlĂ© to develop sustainable palm oil supply chain Wilmar International and NestlĂ© announced a strategic partnership to enhance traceability and sustainability in their palm oil supply chains, aiming for full compliance with new EU deforestation regulations.
  • Q2 2025: Deoleo opens new olive oil bottling facility in Spain Deoleo, the world’s largest olive oil company, inaugurated a state-of-the-art bottling plant in Andalusia, Spain, to increase production efficiency and meet rising global demand for premium olive oils.
  • Q1 2025: Cargill invests $100 million in U.S. edible oil processing plant expansion Cargill announced a $100 million investment to expand its edible oil processing facility in Iowa, aiming to boost output of canola and soybean oils for the North American food industry.
  • Q3 2024: AAK AB acquires UK-based edible fats specialist for $250 million Swedish company AAK AB completed the acquisition of a leading UK edible fats manufacturer, strengthening its position in the European bakery and confectionery fats market.
  • Q2 2024: Bunge signs long-term supply agreement with McDonald’s for cooking oils in Asia Bunge entered into a multi-year contract to supply blended cooking oils to McDonald’s outlets across several Asian countries, supporting the fast-food giant’s regional expansion.

Edible Oils and Fats Market Segmentation

Edible Oils and Fats Type Outlook (USD Billion, 2018-2030)

    • Oils
    • Fats

Edible Oils and Fats Source Outlook (USD Billion, 2018-2030)

    • Plant
    • Animal

Edible Oils and Fats Application Outlook (USD Billion, 2018-2030)

    • Bakery & Confectionery
    • Convenience Foods
    • Sauces
    • Spreads and Dressings
    • HORECA

Edible Oils and Fats Regional Outlook (USD Billion, 2018-2030)

    • North America
      • US
      • Canada
    • Europe
      • Germany
      • France
      • UK
      • Italy
      • Spain
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • Australia
      • South Korea
      • Australia
      • Rest of Asia-Pacific
    • Rest of the World
      • Middle East
      • Africa
      • Latin America
Attribute/Metric Details
Market Size 2022 USD 120.5 billion
Market Size 2023 USD 125.66 billion
Market Size 2030 USD 161.69 billion
Compound Annual Growth Rate (CAGR)  4.29% (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 James Richardson & Sons Limited, Wilmar International Ltd., Associated British Foods PLC, Cargill Incorporated
Key Market Opportunities Demand for healthy cooking oils
Key Market Dynamics Increased Popularity of Omega-3 Fatty Acids


Frequently Asked Questions (FAQ):

The Edible Oils and Fats market size was valued at USD 120.5 Billion in 2022.

The market is projected to grow at a CAGR of 4.29% during the forecast period, 2022-2030.

North America had the largest share in the market.

The key players in the market are James Richardson & Sons Limited, Wilmar International Ltd., Associated British Foods PLC, Cargill Incorporated

The oils category dominated the market in 2022.

The bakery & confectionery had the largest share in the market.

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