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Vegetable Oil Market Overview:
Global Vegetable Oil Market Size was valued at USD 2.8 Billion in 2022. The Vegetable Oil market Product Type is projected to grow from USD 2.8 Billion in 2023 to USD 4.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.60% during the forecast period (2023 - 2032). Increased use of vegetable oil in cooking, the mechanical industries of lubricants, cosmetics, and personal care goods, as well as rising disposable money and changing consumer preferences among a big population, are all contributing to growing urbanization, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Vegetable Oil Market Trends
Growing demand for healthy vegetable oils is driving the market growth
Due to the rising incidence of several diseases like diabetes, hyperthermia, and cancer, among others, the demand for healthy vegetable oils like sunflower, mustard, and soybean oils is rising. The industry's growth is being fueled by the growing demand for vegetable oils with health benefits as consumers favor them more and more. Because more people are consuming organic foods, which is driving industry growth, the utilization of healthy vegetable oils in the processed food business is booming.
Due to the growing awareness of the rapid climate change, innovative techniques to boost the sustainable production of oilseeds are becoming more popular. This has caused a sharp increase in the output of oilseeds like soybean and sunflower, which is increasing the demand for vegetable oil. The government is also introducing several helpful programs to aid small farmers in producing vegetable oils sustainably, which is promoting the market's growth. The use of sustainable vegetable oils by many leading corporations is anticipated to spur further growth in the industry in the years to come.
Growing urbanization, rising disposable income, and changing trends of a big population, a sizable section of which is willing to experiment in the culinary business, are primarily responsible for the expansion of the vegetable oil market. Vegetable oil is being used more frequently in the food industry, mechanical industries like lubricants and cosmetics, and personal care sectors, which is driving the market's expansion. Thus, driving the Vegetable Oil market revenue.
Vegetable Oil Market Segment Insights:
Vegetable Oil Product Type Insights
The global Vegetable Oil market segmentation, based on Product Type, includes palm oil, soybean oil, canola oil, sunflower oil, peanut oil, olive oil, and others. The edible vegetable oil palm oil is made from the fruit of palm trees. It makes up one-fourth of all oils used in the production of food and is the type of vegetable oil that is used the most frequently worldwide. Due to its efficiency, palm oil has also emerged as one of the main components in numerous industrial products (including cosmetics, biofuels, personal care items, cleaning supplies, and many more). Because of its washing properties, palm oil is utilized in shampoos and soaps, for example.
Vegetable Oil Packaging Type Insights
The global Vegetable Oil market segmentation, based on Packaging Type, includes cans, bottles, pouches, and others. Pouches are the most often used type of packaging in the markets for home goods, cosmetics, and culinary oils. This can be linked to a variety of elements, including ease of pouring, portability, adaptability, and affordability, among others. Pouches are a more sustainable and environmentally friendly option to bulk drums and barrels, rigid bottles, and cans.
Vegetable Oil Distribution Channel Insights
The global Vegetable Oil market segmentation, based on Distribution Channel, includes store based and non-store based. In 2022, a wide range of various brand products were easily accessible in stores all over the world, which caused the store-based segment to rule the global vegetable oil market. A strengthened supply chain is the primary factor driving the store-based segment of the global vegetable oil market.
Figure 1: Global Vegetable Oil Market, by Distribution Channel, 2022 & 2032 (USD Billion)
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Vegetable Oil Regional Insights
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. Due to its leadership in the agricultural industry and the wide range of cuisines, cultures, and eating traditions it offers, the Asia-Pacific region held the majority of the global market share for vegetable oil in 2022. Because of the region's diversified food culture, there is a growing need for healthy oils, which is fueling the market's overall expansion in the area. In addition, the region's growing population and weak economy have led to an increase in the demand of soybean oil and palm oil. Further, In the Asia-Pacific region, the Indian Vegetable Oil market had the quickest rate of growth while China's Vegetable Oil market had the greatest market share.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL VEGETABLE OIL MARKET SHARE BY REGION 2022 (%)
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
In terms of revenue, the North American vegetable oil market was very substantial in 2022. Manufacturers are primarily focused on expanding their worldwide footprints through technology investments and the establishment of production sites around the world. In order to gain cutting-edge solutions that enhance oil quality and reduce production costs, manufacturers are collaborating with other companies. Further, In the North American area, the U.S. Vegetable Oil market had the biggest market share, while the Canada Vegetable Oil market had the quickest rate of expansion.
During the projected period, the European Vegetable Oil market is anticipated to expand at a respectable clip. Vegetable oil is being used more frequently in the production of biodiesel in Europe, up 4.1%, as a result of a growing need for sustainable energy sources. The business for cosmetics and personal care products has increased its use of vegetable oil by 3.3% as a result of a desire to make cosmetics using plant-based ingredients. Further, In the European region, the German Vegetable Oil market had the biggest market share, and the U.K. Vegetable Oil market had the quickest rate of growth.
Vegetable Oil Key Market Players & Competitive Insights
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Vegetable Oil market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Vegetable Oil sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Vegetable Oil industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Vegetable Oil sector. Major players in the Vegetable Oil market, including Conagra Brands Inc., The Manischewitz Company, Waitrose & Partners, IFFCO, The J.M. Smucker Co., Unico, Edible Oils Ltd., Woolworths Group Limited, Adani Wilmar Limited, and Marico Limited, are attempting to increase market demand by investing in research and development operations.
The leading brand in the Indian sunflower oil market by volume sales is Freedom Refined Sunflower Oil, the flagship brand of Gemini Edibles & Fats India Ltd. (GEF India). Even though Freedom Refined's sunflower oil is only sold in the states of Andhra Pradesh, Telangana, Karnataka, and Odisha, it has nonetheless attained a significant milestone. Due to consumers' enjoyment of the Freedom brand of edible oil, which is also marketed as Rice Bran Oil, Groundnut Oil, and Mustard Oil, the rating reflects the brand's wide market penetration and consumer preference. The Nielsen IQ Retail Index service includes grocers, general stores, pharmacies, cosmetic stores, Paan Plus stores, and modern trade shops. The maker of Freedom Refined Sunflower Oil, Gemini Edibles & Fats India (GEF India), announced ambitions to enter other States in June 2022, including Tamil Nadu and Kerala. In the following years, the company asserted, it plans to enter Tamil Nadu and Kerala, two states with high demand for sunflower oil, and it is currently analyzing strategic expansion.
The food, financial, agricultural, industrial, and risk management sectors are all served by the agribusiness company Cargill Inc. (Cargill). Cotton, along with cereals, oilseeds, sugar, meat, and other food products, are all handled by it, as well as their marketing, processing, and distribution. It also provides natural components for animal feed, bio-industrial products, and pet food. The company provides technical assistance, data asset solutions, risk management services, transportation and logistics services, and marketing services. It also conducts business throughout the Americas, Europe, the Middle East, and Africa in addition to Asia Pacific. Cargill's corporate office is located in the American city of Minneapolis. In November 2021, Cargill Incorporated acquired and upgraded an edible oil refinery in Nellore, India. The facility, which would boost the production volume of edible oil and assist the company extend its present supply chain to fulfill consumer demands, cost the corporation USD 35 million to buy and renovate.
Key Companies in the Vegetable Oil market include
· Conagra Brands Inc.
· The Manischewitz Company
· Waitrose & Partners
· IFFCO
· The J.M. Smucker Co.
· Unico
· Edible Oils Ltd.
· Woolworths Group Limited
· Adani Wilmar Limited
· Marico Limited
Vegetable Oil Industry Developments
June 2022: Freedom Refined Sunflower Oil's producer, Gemini Edibles & Fats India (GEF India), recently declared plans to expand into additional States, including Tamil Nadu and Kerala. In the following years, the company asserted, it plans to enter Tamil Nadu and Kerala, two states with high demand for sunflower oil, and it is currently analyzing strategic expansion.
February 2021: Bunge Loders Croklaan expanded its selection of organic oils and fats to include sunflower, rapeseed, soy, palm, shea, and coconut in order to meet the demand for organic goods in Europe.
Vegetable Oil Market Segmentation:
Vegetable Oil Product Type Outlook
· Palm Oil
· Soybean Oil
· Canola Oil
· Sunflower Oil
· Peanut Oil
· Olive Oil
· Others
Vegetable Oil Packaging Type Outlook
· Cans
· Bottles
· Pouches
· Others
Vegetable Oil Distribution Channel Outlook
· Store Based
· Non Store Based
Vegetable Oil Regional Outlook
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- U.K
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 2.8 Billion |
|
Market Size 2023 |
USD 2.8 Billion |
|
Market Size 2032 |
USD 4.4 Billion |
|
Compound Annual Growth Rate (CAGR) |
6.60% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Product Type, Packaging Type, Distribution Channel, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Conagra Brands Inc., The Manischewitz Company, Waitrose & Partners, IFFCO, The J.M. Smucker Co., Unico, Edible Oils Ltd., Woolworths Group Limited, Adani Wilmar Limited, and Marico Limited |
|
Key Market Opportunities |
Advancements in the industry and the expansion of the facilities |
|
Key Market Dynamics |
The growing urbanization, increasing utilization of vegetable oil in culinary uses, mechanical industries such as lubricants and cosmetics, and personal care industries, and increasing disposable income combined with changing trends of a huge population |
The global Vegetable Oil market size was valued at USD 2.8 Billion in 2022.
The global market is projected to grow at a CAGR of 6.60% during the forecast period, 2023-2032
Asia Pacific had the largest share in the global market
The key players in the market are Conagra Brands Inc., The Manischewitz Company, Waitrose & Partners, IFFCO, The J.M. Smucker Co., Unico, Edible Oils Ltd., Woolworths Group Limited, Adani Wilmar Limited, and Marico Limited.
The Palm Oil Product Type dominated the market in 2022.
The Pouches Packaging Type had the largest share in the global market.
Report Code :
RL65223
Published on :
Sep 2023
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