Global Cooking Oil and Fats Market: Snapshot
Cooking oil is plant, animal, or synthetic fat that are used in frying, baking, and other purposes of cooking, while fats broadly refer to one of three main macronutrients, along with carbohydrates, and protein. Cooking oils and fats have been an integral part of foods across the globe for several decades and form an imperative part of a healthy diet. While saturated fats increase the cholesterol level in human body, monounsaturated and polyunsaturated fats lower the cholesterol levels considerably. Although dietary fat helps in circulating some essential vitamins and are essential for many body processes, some food and drinks contain exceeding number of only one nutrient, for example fried foods and soft drinks, which have significant amount of fat and sugar respectively.
Owing to factors such as rising population across the globe, trends pertaining to packaged foods, increased disposable income among the urban population, availability of high quality cooking oils and fats, the global market for cooking oils and fats is expected for a progressive future. However, the rising awareness about the ill-effects of excessive intake of cooking oils and foods is hindering the growth rate. The market for cooking oils and fats was valued at US$59.8 bn in 2014, and rising at a CAGR of 0.7% during the forecast period of 2015 to 2021, the valuation is estimated to reach US$65.2 bn by 2021.
Rest of the World Serving Maximum Demand
Geographically, the global cooking oils and fats market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In terms of revenue in 2014, the region of Rest of the World contributed the maximum demand, owing to factors such as increasing disposable income and changing lifestyle trends. The Rest of the World cooking oils and fats market is predicted to expand at rate more than twice as much as that of the global market, at a 1.60% CAGR during the period from 2015 to 2021. The Asia Pacific cooking oils and fats market is predicted to be the second largest market in the coming few years, owing to factors such as vast population and the trend of western life-style.
Vegetable Oils Gaining Demand on Rising Health Awareness
On the basis of products, the global cooking oils and fats market is segmented into vegetable and seed oil, spreadable oils and fats, butter, margarine, olive oil, and cooking fats. In 2015, vegetable oils segment accounted for the most prominent share in the fats & oils market, both in terms of value and volume. Vegetable oils from sources such as sunflower, soybean, rapeseed, palm, coconut, and cotton seed find applications in foods and other industrial applications. Increasing health concerns among the end-users and the wide range of products with different tastes and textures available are expected to fuel the demand for vegetable cooking oils during the forecast period. Vegetable oils with qualities such as low-cholesterol, low-fat, and low-calorie content are augmenting the growth in the fats & oils market.
Some of the key companies currently operational in global cooking oils and fats market are Wilmar International Ltd, Associated British Foods plc, Unilever plc, CHS Inc, and Ajinomoto Co. Inc.
Cooking oils and fats form an imperative part of a healthy diet. Dietary fat is imperative for human health. Saturated fats increase the cholesterol level in a human body while Monounsaturated and Polyunsaturated fats tend to lower the cholesterol level in the human body. Food and drinks contain several essential nutrients, fats being one of them. Some food and drinks contain a large number of only one nutrient such as fried foods, which contain a large number of fat and soft drinks, which contain a large number of sugar. Dietary fat is imperative for many body processes. Dietary fat helps circulating some essential vitamins around the human body and helps in making hormones.
The increasing demand for cooking oils and fats in emerging markets such as India, Indonesia and Argentina is the major factor that is pushing the demand for the cooking oils and fats market. The increase in the disposable income of the consumers and the increasing busy lifestyle of the consumer is also another reason which is fuelling the demand for processed foods and ready to drink beverages across the world. This factor, in turn is fuelling the demand for cooking oils and fats market globally. In addition, increasing use of high quality edible oils associated with the moderate consumption of oils and fats is also another major factor that is fuelling the demand for the global cooking oils and fats market.
Excessive consumption of fats and oils pose as a major threat to the global cooking oils and fats market. A lot of processed foods such as Pizzas, French Fries, and Doughnuts contain a large number of trans fats which is not good human health, if consumed on a regular basis. The consumption of trans fats raises the LDL in the human body. In addition, consumption of trans fats increase the incidences of several heart diseases, type 2 diabetes and cancer). Moreover, the high price of raw materials makes it difficult for any new player trying to enter the cooking oils and fats market.
Suitable alternatives for trans fats is expected to serve as an opportunity for the oils and fats
market across the world.
Wilmar International Ltd., Unilever plc, Associated British Foods plc, Ajinomoto Co. Inc, CHS Inc are some of the major players that are operating in the global cooking oils and fats market.
The report has been segmented by product type, and geography and it includes drivers, restraints and opportunities (DRO’s), Supply Chain analysis of the cooking oils and fats market. The study highlights current market trends and provides forecasts from 2015 to 2021. We have featured the current market scenario for the global cooking oils and fats market and identified future trends that will impact demand for cooking oils and fats during the forecast period.
By product, the market has been segmented into Vegetable and Seed Oil, Spreadable Oils and Fats, Butter, Margarine, Olive Oil and Cooking Fats. By geography, the market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (Row). The report provides the current market size and anticipates its status over the forecast period.
The report also analyzes factors driving and inhibiting growth in the cooking oils and fats market. The report will help manufacturers, suppliers, and distributors to understand the present and future trends in this market and formulate strategies accordingly.
The report segments the cooking oils and fats market as:
Global Cooking Oils and Fats Market, by Product Type
- Vegetable and Seed Oil
- Spreadable Oils and Fats
- Olive Oil
- Cooking Fats
Global Cooking Oils and Fats Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World (RoW)
- South Africa