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Growing Health Awareness During COVID-19 Pandemic

Consumers are now more conscious about the food they eat after the onset of the COVID-19 pandemic. Edible oils are an essential component in cooking. As it is said that less animal fat is always better, people are more prone to use vegetable oil for household cooking. Vegetable oils are nothing but a mixture of triglycerides. The increasing number of COVID-19 cases is anticipated to revive the growth of the vegetable oils market. Vegetable oils are extracted from various plant sources such as palm, corn, soy, etc. Vegetable oils market stakeholders from different countries have been effortlessly working on increasing the production of vegetable oils due to increasing consumption all over the world. Strategic approaches by manufacturing companies in the food & beverages sector are creating lucrative revenue opportunities.

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U.S., Indonesia, and Malaysia Offer Growth Opportunities

Since soybean is the highest consuming edible oil in the U.S., Midwest countries are indulging in soybean cultivation for fulfilling demands from consumers. Apart from soybean, there has been major production and export of palm oil to other countries to support the economy. Indonesia and Malaysia are fulfilling the global demand for palm oil. These countries are the top producers of highly popular palm oil. China is also the fastest growing market in terms of production of vegetable oils. The Government is supporting manufacturers and market contributors in the vegetable oils market to create growth opportunities. Moreover, the increasing trend of consuming vegetable oils regularly for the health of the heart and various other benefits has strengthened the demand and production of vegetable oils.

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Expansion of Distribution Channels to Drive Global Market

The vegetable oils market is expected to register a CAGR of 7% during the forecast period. The vegetable oils market is projected to reach US$ 327.3 Bn by 2031. Tremendous growth of online and offline distribution channels in the vegetables oil market is creating revenue opportunities for manufacturers. The increasing number of supermarkets, grocery stores, hypermarkets, online stores, etc. is paving the ways to stay ahead of the competition. Furthermore, advancements in the e-commerce industry are augmenting vegetable oils market growth.

R&D Activities, Awareness, and Promotions by Indian Government to Offer Growth Opportunities

The Indian Government is supporting small- and mid-scale manufacturers to fill the gap between rising consumption and production of vegetable oils. Instead of importing vegetable oils or edible oils from other countries, the Indian Government is involving in activities to increase vegetable oil production. The ongoing research & development activities in the food & beverages sector shows promising results in the vegetable oils market and are likely to offer lucrative growth opportunities. Technological trends, innovative manufacturing processes, and ongoing scientific research to find out vegetable oil resources are some of the driving factors of the vegetable oils market.

Manufacturers Gaining Understanding of Organic Products

Manufacturers in the vegetable oils market are moving toward increasing production of organic edible oils due to the rising demand from the food industry. Philippines and Indonesia have a large number of vegetable oil producers that provide plant-based organic oils that can be used in baking, dairy products, confectionary items, pharmaceutical products, etc. Premium quality organic vegetable oils such as sunflower oil, safflower oil, coconut oil, and palm oil are the essential component of household cooking. Since the threatening coronavirus outbreak, people are more prone to consume plant-based oils than the animal-based monounsaturated oils/fats.

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Analysts’ Viewpoint

The consumption of healthy food is the necessity of a healthy lifestyle. Vegetable is one of the most crucial parts of cooking. Vegetables oils can also be used in various personal care products, soaps, perfumes, etc. It has been found that vegetable oils when consumed consistently in moderate amount can reduce the risk of developing heart complications to a great extent. Vegetable oils are good for improving metabolism. In order to reduce the burden of importing vegetable oil from other countries, governments should focus on supporting domestic production of edible oil plants. Moreover, to take potential measures to increase the production of vegetable oils, researchers and stakeholders in the vegetable oils market should join forces to fulfill the demands of consumers. Manufacturing companies can increase efforts to overcome challenges in the vegetable oil production methodologies and increase R&D in extracting and refining processes required in the production.

Vegetable Oils Market: Overview

  • The market value for vegetable oils is estimated to value US$ 166.3 Bn in 2021, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is expected to reach US$ 327.3 Bn by 2031, registering a CAGR of 7% during the forecast period.
  • In terms of nature, the conventional segment holds a market share of 94.3% in 2021, and the organic segment is expected to register a CAGR of 6.4% during the forecast period. The conventional segment is anticipated to be valued at US$ 66,124.1 Mn by the end of the forecast period.
  • The retail end use segment is projected to hold a market share of 49.7%; however, the pharmaceutical segment is anticipated to expand at a CAGR at 7.5% during the forecast period

Vegetable Oils: Market Frontrunners

  • Demand for vegetable oils has been consistently increasing in various end-use industries, owing to the versatility that vegetable oils offer in producing several end products
  • Adoption of vegetable oils in many end-use industries, including food, animal feed, medicines, personal care & cosmetics, foodservice, and retail/household is clearly due to their operational flexibility and nutritional value
  • As the population grows, more demand for vegetable oils is anticipated from these industrial segments, wherein food industry, foodservice industry, and retail/household are expected to be major demand accelerators in the market. To appeal to a wide range of customers, key players in this industry offer numerous types of oils in varied packaging and according to their intended use.
  • Based on type, palm oil dominates the global market with an approximate share of 30.7% followed by soybean oil, and is anticipated to witness growth at a value CAGR of 6.2%

Vegetable Oils Market: Trends

  • Increasing demand for organic food products to benefit vegetable oils market: The global market for organic food items is growing at an unprecedented rate. This tendency is mostly attributed to rise in consumer health consciousness. Since an early age, customers have been dealing with a variety of lifestyle-related issues such as diabetes, obesity, cardiovascular difficulties, etc. These health concerns have heightened consumer awareness and pushed them to pay more attention to their dietary needs. Consumers are in search of healthier and more nutritional food products, such as palm oil, sunflower oil, and other vegetable oils. These organic products aid in weight management and the prevention of diabetes and cardiovascular disease. Organic food ensures high-quality standards by using safe and sustainable manufacturing methods. As a result, the demand for organic products such as vegetable oils is increasing.
  • Shifting customer demand for transparency & traceability in vegetable oils supply chain: Consumers are curious about where the food ingredients come from, how the company manufactures the food, and the quality of the ingredient utilized. Consumers have demanded openness as a result of the increased usage of chemicals in manufacturing and increased understanding of the health risks associated with tainted foods. Due to technological advancements and availability, consumers can now track the course of food goods from sourcing to consumption, ensuring product safety and quality. Many vegetable oils companies are enticing customers by offering a transparent and traceable supply chain that caters to their requirements.
    • ConnOils LLC sources and processes its raw materials from traceable sites, which enable it to share the complete information of raw materials to finished products with its customers

Vegetable Oils Market: Strategies

  • Manufacturers are primarily focusing on expanding their footprints across the globe by investing in technologies and setting up their manufacturing plants at various locations. Manufactures are collaborating with other companies to gain state-of-the-art solutions, which help in optimizing production cost and better oil quality.
    • Cargill, Incorporated invests heavily in expanding its footprints to increase its product availability across the globe. For instance, Cargill, Incorporated plans to invest US$ 475 Mn to upgrade its soy processing operations for oil and proteins, with modernization and expansion projects across its network to increase access, speed up the processing for the U.S. farmers, and cater to the demands of customers. This helped the company to strengthen its footprint in the U.S. and provided better market opportunities.

Vegetable Oils Market: Key Players

  • Some of the key players in the market includes
    • Cargill, Incorporated
    • Adani Wilmar Ltd.
    • Ruchi Soya Industries Ltd.
    • Associate British Foods Plc
    • Archer Daniels Midland Company
    • Karkotis Manufacturing & Trading Public Ltd.
    • Borges International Group
    • S.L
    • Bunge Limited
    • Arkema
    • Louis Dreyfus Company
    • Olam International
    • CannOils LLC
    • 3F Industries Ltd.
    • Mewah Group
    • IFFCO
    • Momin Oil Industry
    • Omani Vegetable Oils & Derivatives Co. LLC
    • Areej Vegetable Oils & Derivatives S.A.O.C
    • Abu Dhabi Vegetable oils Co.
    • United Oil Processing and Packaging

Vegetable Oils Market Snapshot

Attribute

Detail

Market Size Value in 2021 (Base Year)

US$ 166.3 Bn

Market Forecast Value in 2031

US$ 327.3 Bn

Growth Rate (CAGR)

7%

Forecast Period

2021-2031

Quantitative Units

US$ Mn for Value & Tons for Volume

Market Analysis

  • It includes cross segment analysis at global as well as regional level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porters Five Forces analysis, supply chain analysis, parent industry overview, etc.

Competition Landscape

  • Market Share Analysis by Company (2021)
  • Company Profiles section includes overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy & recent developments, key financials, etc.

Format

Electronic (PDF) + Excel

Market Segmentation

  • Nature
    • Organic
    • Conventional
  • Type
    • Palm Oil
    • Soybean Oil
    • Sunflower Oil
    • Corn Oil
    • Rapeseed Oil
    • Peanut Oil
    • Coconut Oil
    • Other Oils
  • End Use
    • Food Industry
    • Pharmaceutical
    • Cosmetics & Personal Care
    • Industrial
    • Animal feed
    • Foodservice Industry
    • Retail/Household
  • Distribution Channel
    • Business to Business
    • Business to Consumers
      • Hypermarkets/Supermarkets
      • Convenience Stores
      • Specialty Stores
      • Online Retail

Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle east & Africa

Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Companies Profiled

  • Cargill, Incorporated
  • Adani Wilmar Ltd.
  • Ruchi Soya Industries Ltd.
  • Associate British Foods Plc
  • Archer Daniels Midland Company
  • Karkotis Manufacturing & Trading Public Ltd.
  • Borges International Group, S.L,
  • Bunge Limited,
  • Arkema, Louis Dreyfus Company,
  • Olam International,
  • CannOils LLC,
  • 3F Industries Ltd.
  •  Mewah Group
  • IFFCO
  • Momin Oil Industry
  • Omani Vegetable Oils & Derivatives Co. LLC
  • Areej Vegetable Oils & Derivatives S.A.O.C
  • Abu Dhabi Vegetable oils Co.
  • United Oil Processing and Packaging

Customization Scope

Available upon Request

Pricing

Available upon Request

Vegetable Oils Market – Scope of Report

Transparency Market Research (TMR) has recently published a market study on the vegetable oils market. It provides a detailed assessment of key market dynamics, including drivers, trends, opportunities & restraints, and detailed information about the vegetable oils market structure. The market study presents exclusive information about how the vegetable oils market will grow during the forecast period of 2021-2031.

Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) are elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the vegetable oils market during the forecast period.

The study is intended to offer a holistic market overview to stakeholders in the vegetable oils market, including manufacturers, suppliers, distributors, cultivators, brands and investors, and to help them develop winning growth strategies. Stakeholders in the vegetable oils market, which include investors, industry experts, researchers, and journalists, and business researchers, can leverage the information and data presented in TMR’s study.

The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the vegetable oils market. Furthermore, small businesses and new entrants in the vegetable oils market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.

Key Questions Answered in TMR’s Vegetable Oils Market Report

  • Which country will continue to remain the most profitable for vegetable oil market players?
  • Which factors will induce a change in the demand for vegetable oil during the assessment period?
  • How will the changing trends impact the vegetable oils market?
  • How can market players capitalize on the low-hanging opportunities in the vegetable oils market in developed countries?
  • Which companies are leading the vegetable oils market?
  • What are the winning strategies of stakeholders in the vegetable oils market to catapult their position at the forefront?

Vegetable Oils Market – Research Methodology

In TMR’s study, a unique research methodology is used to conduct extensive research on the growth of the vegetable oils market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.

Secondary sources referred to by analysts for compiling the vegetable oils market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary source.

Information acquired from primary and secondary sources is compiled in a comprehensive manner. This also acts as a validation from companies in the Vegetable oil market, which makes TMR’s projections more accurate and reliable.

Vegetable Oils Market – Segmentation

TMR’s study on the vegetable oils market offers information divided into important segments — nature, type, end use, distribution channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.

Nature
  • Organic
  • Conventional
Type
  • Palm Oil
  • Soybean Oil
  • Sunflower Oil
  • Corn Oil
  • Rapeseed Oil
  • Peanut Oil
  • Coconut Oil
  • Other Oils
End Use
  • Food Industry
  • Pharmaceutical
  • Cosmetics & Personal Care
  • Industrial
  • Animal Feed
  • Foodservice Industry
  • Retail/Household
Distribution Channel
  • Business to Business
  • Business to Consumers
    • Hypermarkets /Supermarkets
    • Convenience Stores
    • Specialty Stores
    • Online Retail
Region
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

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Vegetable Oil Market