Edible oils are liquid oils extracted from plant, animal and marine sources that are suitable for human consumption. Some of the major edible oils include palm oil, soybean oil, sunflower oil, canola oil, olive oil, peanut oil and mustard oil. Edible oils provide advantages like high nutritional value, various health benefits and versatile cooking applications. With increasing health consciousness among people, demand for edible oils with high smoke points like olive oil and peanut oil has risen significantly.
Global edible oils market is estimated to be valued at USD 233.05 Bn in 2024 and is expected to reach USD 321.43 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Key Takeaways
Key players operating in the edible oils market are Kamstrup, Danfoss, Qundis, Itron, Zenner, Engelman, Ista, Landis+Gyr, Diehl, Sontex, Brunata, Apator, Techem, Techno-Trade, GWF MessSysteme, Weihai Ploumeter, Axioma Metering, Zhifang Huaxu, Sensus Metering Systems, Emerson.
The Edible Oils Market Demand is witnessing high growth owing to rising income levels, growing urbanization, changing dietary patterns and increasing health awareness among people. Developing regions with large population bases like Asia Pacific and Middle East are major demand generators.
Technological advancements like improved extraction processes, purified refining techniques and innovative bottling solutions have enabled improved quality and consistency in edible oils. This has further boosted their consumption globally.
Market Trends
- Plant-based oils are gaining significant popularity among health-conscious consumers due to cardiovascular and weight management benefits. Soybean, Canola and Olive oils are being preferred for various culinary and salad dressing applications.
- Genetically modified crops are being developed to produce Edible Oils Market Size and Trends with desired fatty acid and nutrient profiles. This is helping overcome issues like inconsistent yields and boosting production of Premium variety oils.
Market Opportunities
- Growth in foodservice industry and rising demand for exotic cuisines across regions presents opportunity for wider usage of specialty oils like sesame, peanut and mustard oils.
- Increased focus on convenience is driving demand for bottled, packaged and ready-to-use edible oils. Innovative formats like healthy cooking oils in spray bottles are gaining traction.
Impact of COVID-19 on Edible Oils Market Growth
The COVID-19 pandemic has significantly impacted the edible oils market. During the initial lockdowns across various countries, the demand fell sharply as consumption from out-of-home channels like restaurants and cafes reduced drastically. Supply chain disruptions also led to issues in the production and transportation of edible oils. However, as people started cooking more at home due to restrictions, the demand soon recovered from households. Many companies pivoted their strategies to focus more on retail channels and smaller pack sizes suitable for home consumption. While supply chains have improved post lockdowns, rising edible oil prices remain a challenge due to crop failures, shortage of containers and high freight costs. Going forward, companies need to maintain reliable supply sources, focus on affordability through efficient production and expand e-commerce platforms to continue meeting demand in the post-COVID market environment.
In terms of geographical concentration, Asia Pacific accounts for the largest value share in the global edible oils market. Countries like India, China and Indonesia have seen strong demand due to large populations and cooking oil consumption habits. Within Asia Pacific, India is the dominant market led by widespread use of edible oils like soybean and mustard oil in Indian cuisine. However, Southeast Asian countries like Vietnam and Thailand are growing at a faster pace currently due to rising income levels, Western influence on diets and increasing consumption of palm and coconut oils.
The Middle East & Africa region has emerged as the fastest growing area for edible oils globally in recent years on account of improving lifestyles, expanding food industries and increasing health awareness. Palm oil produced in Indonesia and Malaysia is highly popular in this region due to hot climates enhancing its versatility. Countries like Saudi Arabia, United Arab Emirates and Nigeria contribute majorly to regional edible oils demand and are projected to offer lucrative opportunities over the forecast period.
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