Edible Oils Market to Witness a Boost Due to Demand for Cooking Oils

The global edible oils market is undergoing dynamic shifts driven by technological advancements, sustainability initiatives, and market demands.

According to the Markets and Data Research report,“Global Edible Oils Market Assessment, Opportunities and Forecast, 2017-2031F”, the global edible oils market was estimated at USD 236.12 billion in 2023, and is anticipated to reach USD 331.33 billion by 2031, growing at a CAGR of 4.18% during the forecast period. The global edible oils market is poised for growth, driven by a confluence of factors that promise to reshape the industry. The primary drivers for the growth of the market are increasing demand for cooking oils such as palm oil, peanut oil, and other specialty oils.

Furthermore, the market growth for edible oils will be sustained by adopting urban lifestyles, leading to the consumption of processed and packaged foods, generally made using edible oils. Asia-Pacific is emerging as a key player, led by India and China's expanding population growth and consumption of edible oil.

North America is experiencing steady growth, fueled by a recovering economy and growing health awareness among consumers. The market shows a notable shift towards eco-friendly edible oils, with manufacturers investing in sustainable material sourcing and innovative packaging designs. Additionally, digitalization plays a significant role, with the adoption of advanced oil extraction technologies and packaging techniques.

North America is experiencing steady growth, fueled by a recovering economy and growing health awareness among consumers. The market shows a notable shift towards eco-friendly edible oils, with manufacturers investing in sustainable material sourcing and innovative packaging designs. Additionally, digitalization plays a significant role, with the adoption of advanced oil extraction technologies and packaging techniques.

Challenges include fluctuating raw material prices, which impact the production costs of edible oil. Geopolitical factors and supply chain disruptions influence the market dynamics. Overall, the industry displays resilience amid these challenges, with a focus on innovation and sustainability shaping the future of the global edible oils market.
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Spread through 333 pages, the "Global Edible Oils Market" report includes an in-depth TOC, over 201 market data figures, latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

Key Takeaways:

1 - The edible oils industry is witnessing a transformative phase with advancements in oil extraction technology, ensuring enhanced yield and reduced environmental impact.

2 - Companies are investing in ethical sources of raw material, reducing carbon footprint, and exploring innovative recycling methods, aligning with global sustainability goals.

3 - Growing awareness and preference for healthier edible oils is driving innovation in the industry, compelling manufacturers to produce healthier oil options.

4 - Emerging economies present significant growth opportunities for the edible oils market. Increased urbanization, rising disposable incomes, and a growing edible oil sector in regions such as Asia-Pacific and North America are driving the demand for edible oils in the market.

Global edible oils market is segmented in the following categories:

By Nature: Organic and Conventional

By Product Type: Palm Oil, Soybean Oil, Olive Oil, Avocado Oil, Canola Oil, Sunflower Oil, and Others

By Packaging Type: Cans, Bottles, Pouches, Jars, and Others

By Application: Seasoning, Frying, Baking, Food Processing, and Others

By Region: North America, Europe, South America, Asia-Pacific, and Middle East and Africa

Based on nature, conventional oils currently hold the majority market share as compared to organic oils. The dominance is majorly attributed to lower production costs, greater production volumes and lower market prices than organic substitutes. Furthermore, the availability and accessibility of these oils to a wider range of consumers contribute to their dominance in the global market. However, a gradual increase in demand for organic oils can be observed with more people becoming conscious of their health and of the environment. It may lead to a shift in market dynamics in the future.

Based on product type, palm oil dominates the market since it holds the major share and is expected to continue being one of the most popular edible oils in forecast period as well. The dominance is attributed to its versatility, high yield, and comparatively lower cost of production. Palm oil has various applications including cooking. Apart from this, the easy availability of oil solidifies its leading position in the global market.

Based on packaging, cans majorly make up the global edible oils market, which is expected to continue over the course of the forecast period. It can be attributed to the oils' versatility and popularity among consumers for everyday use in baking, cooking, and frying. Furthermore, cans are used for storing oils without affecting their quality and nutritional value and have a better shelf life as compared to bottles and pouches.

In the global edible oils market, Asia-Pacific is geographically dominant. The region is witnessing a surge in demand for edible oils due to a constantly rising population rate, swift economic expansion resulting in urbanization, and changing nutritional habits of consumers. By reaching out to this region through nations such as China and India, many well-known players are concentrating on expansion. The region's need for healthier oil options is always expanding. As a result, the region's commercial expansion is expected to experience rapid growth due to the variety of opportunities presented by the region's varied culinary traditions. With a fusion of traditional and modern elements, the edible oil industry in Asia-Pacific is both vibrant and attractive.

Major companies operating in Global Edible Oils Market include:

• Cargill, Incorporated
• Adani Wilmar Limited (AWL)
• Agro Tech Foods Ltd (Conagra Brands, Inc.)
• Bunge Global SA
• Borges Agricultural & Industrial Edible Oils
• Sime Darby Berhad
• Louis Dreyfus Company B.V.
• Golden Agri-resources Ltd. (Sinar Mas)
• Archer Daniels Midland Company
• Hebani Group

Companies in the edible oils market actively participate in research and development (R&D) initiatives to promote innovation, improve current technologies, and create new solutions.

In October 2023, UK-based KTC Edibles, in collaboration with the sustainable agriculture company Daabon, introduced Planet Palm, a new collection of certified traceable, sustainable, and responsibly sourced palm oil products for food manufacturers in the United Kingdom. The company aims to produce sustainable palm oil products, changing its perception among consumers.

“Global Edible Oils Market Assessment, 2017-2031F”, evaluates the future growth potential of global edible oils market and provides statistics and information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers to take investment decisions for their organizations more strategically. Moreover, the report also identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the global edible oils market.

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