Global Fats and Oils Market Growth Outlook and Industry Trends

Chicago, March 01, 2023 (GLOBE NEWSWIRE) — The global fats and oils market It is projected to grow at a CAGR of 3.8% to reach $285.2 billion from $236.7 billion by 2021. Oils and fats are natural food ingredients that are derived from plants and animals. There are nearly 30 different types of vegetable oils and animal fats that are being marketed. Palm oil, soybean oil, rapeseed oil and sunflower oil are the four main types of oils that account for almost 80% of the world’s edible oil production. Global economic growth has led to an increase in changing dietary patterns, which in turn has led to an increase in demand for processed foods and confectionery products. In emerging economies such as India and China, growing urban populations with changing eating habits are driving demand for processed foods, fueling demand for specialty fats and oils.

Explore the TOC in-depth on the “Fats and Oils Market”.

387 – Tables
58 – Figures
327 – Pages

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Scope of the report:

Food manufacturers formulate their products because of technical characteristics such as taste, shelf life, and nutritional characteristics of the fats and oils imparted to many food products. Fats and oils contribute to the tenderness of cakes, aerate dough to give cakes the necessary texture, add flavor to food products, act as lubricants for food products and their processing equipment, and add moisture to food products.

Olive oil consumption is expected to soon witness the fastest growth in the fats and oils market. It consists of a mixture of triacylglycerol, with some fatty acids, mainly palmitic, palmitoleic, oleic and linoleic acids. The health benefits associated with regular use of olive oil in the human diet range from increasing metabolism, preventing heart disease, curing depression, and preventing cancer. It is also known to help lower low-density lipoprotein (LDL) cholesterol and reduce the risk of type 2 diabetes, cardiovascular disease, and certain types of cancer, including breast cancer.

Vegetable oils with qualities such as low fat, low cholesterol and low calories are witnessing growth in the fats and oils market. Emerging markets offer greater opportunities for vegetable cooking oils in the form of high market penetration and increased per capita consumption. Markets in developed regions are witnessing innovations in different flavors and fortification of oils and an increase in the number of end-use applications. Thus, vegetables are becoming the key source for the production of fats and oils.

According to the Food and Agriculture Organization (FAO), India, the world’s second-largest consumer after China and the world’s largest importer of vegetable oil, is expected to maintain a high growth in consumption per capita of 3.1% per year. and reach 24 kg (52.9 lb) per capita by 2027. Hence, the high rate of consumption in the region is estimated to account for the largest market share of the Asia Pacific region in the global market.

Key players in this market include Associated British Foods PLC (UK), Archer Daniels Midland Company (US), Bunge Limited (US), Wilmar International Limited (Singapore), United Plantations Berhad (Malaysia), Unilever PLC (UK ), Ajinomoto Co., Inc. (Japan), Mewah International Inc. (Singapore), Cargill, Incorporated (USA), Richardson International Limited (Canada), International Foodstuff Company (United Arab Emirates), Goodhope Asia Holdings Ltd. (Singapore), Vega Foods (Singapore), Welch, Holme & Clark Co., Inc. (USA), Oleo Fats (Philippines), CSM Ingredients (USA), AAK International (UK), Fuji Oil Co., Ltd. (Japan), Gemini Edible & Fats India Pvt Ltd. (India) and KS Oils (Singapore).

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Macro to Micro Fats and Oils Market Growth Factors:

Macro factors:

1. Increasing Population: The growing global population is one of the major drivers of the fats and oils market. As the population grows, so does the demand for food products, which in turn drives the demand for fats and oils.
2. Economic Growth: The economic growth of a country plays an important role in the growth of the fats and oils market. Economic growth leads to rising income levels, which drives demand for processed and convenience food products that use fats and oils.
3. Urbanization: The increasing urbanization of the world’s population has led to a change in dietary patterns. Consumers are increasingly turning to convenience food products that use fats and oils, such as prepared meals, snacks and baked goods.
4. Health and wellness: Consumers are becoming more health conscious, leading to increased demand for healthier fats and oils, such as olive oil, avocado oil and coconut oil .

Microfactors:

1. Product Innovation: Companies are continuously innovating and bringing new products to market, such as low-fat oils and trans-fat-free oils, to meet changing consumer preferences.
2. Branding and Marketing: Effective branding and marketing strategies help companies differentiate their products and increase their market share.
3. Supply chain efficiency: Companies are continuously striving to optimize their supply chain to reduce costs and increase efficiency.
4. Industry Consolidation: The fats and oils market is highly consolidated, with a few major players dominating the market. Mergers and acquisitions are common in the sector, leading to greater market concentration.
5. Regulatory Environment: Regulations related to labeling, safety and health claims can significantly affect the fats and oils market. Companies must comply with these regulations to ensure that their products can be marketed and sold.

Hypothetical challenges of the fats and oils market in the near future

• Health Concerns: Consumers are becoming more health conscious, leading to a shift towards healthier oils and fats. This trend may affect the demand for traditional oils and fats, such as palm oil, which has been associated with health problems.
• Sustainability: There is growing concern about the environmental impact of the fats and oils industry, particularly in terms of deforestation, greenhouse gas emissions and water use. Companies may need to adopt more sustainable practices to meet changing consumer demand and regulatory requirements.
• Volatility in Commodity Prices: Commodity prices, such as soybeans, palm and coconut, can be volatile and subject to supply chain disruptions. This volatility can affect the profitability of companies in the fats and oils market.
• Changing Regulatory Environment: Regulations related to labeling, safety and health claims can significantly affect the fats and oils market. Companies must comply with these regulations to ensure that their products can be marketed and sold.
• Competition from alternative sources: Alternative sources of fats and oils, such as algae and insects, are gaining ground in the market. These sources can provide a more sustainable and cost-effective alternative to traditional fats and oils, leading to greater competition for companies in the sector.

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Few use cases of the fats and oils market:

1. Food and beverage industry: Fats and oils are essential ingredients in many food products, including snacks, baked goods and processed foods. They provide texture, flavor and help improve the useful life of the products.
2. Personal care industry: Fats and oils are commonly used in the personal care industry to make cosmetics, soaps, and shampoos. They help to hydrate and nourish the skin and hair.
3. Biofuel industry: Vegetable oils are used as feedstock to produce biodiesel, which is an alternative to petroleum-derived diesel. Using biodiesel can help reduce greenhouse gas emissions and improve air quality.
4. Animal feed industry: animal fats and oils are used animal feed industry to provide essential nutrients to livestock and improve their health and productivity.
5. Industrial Applications: Fats and oils are also used in a wide range of industrial applications, including lubricants, surfactants and solvents. They provide unique properties, such as viscosity and lubricity, that make them useful in these applications.

See the adjacent reports: Food and Beverage Market Research Reports & Consulting.

Related reports:

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Specialized market of fats and oils

Industrial oils market

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