Global Vegetable Oil Market size in 2020 is estimated to be $110 billion, growing at a CAGR of 5.1% during the forecast period 2021-2026. Vegetable oil is extracted from plants with chemical solvents or by crushing or pressing the plants or their seeds. Vegetable oil is extracted from various types of fruits, seeds, grains, and nuts. It is used to add flavor, enhance texture and to cook food. The popular oils are made from canola, coconut, corn, cottonseed, olive, palm, palm-kernel, peanut, safflower, soybean, and sunflower. Increasing consumption of vegetable oil coupled with growing awareness about benefits of Vegetable Oil among the people are the major factors driving the growth of the market. Moreover, rising application of vegetable oil in various industries such as pharmaceuticals, cosmetics, paints and lubricants further enhance the overall market demand for Global Vegetable Oil during the forecast period 2021-2026.
Global Vegetable Oil Market Segment Analysis - By Type
Based on the Type, Global Vegetable Oil Market is segmented into Palm oil, Soybean oil, Rapeseed oil, Sunflower oil, Olive oil, and others. The Palm oil segment is projected to dominate the market during the forecast period 2021-2026 owing to rising consumption of palm oil owing to its several health benefits such as it helps to improve vision, helps preventing cardiovascular diseases, rich in antioxidants, and improves hair growth among others. According to, International Institute of Sustainable Development, Palm oil is the most consumed edible oil in the world. The soybean oil segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 5.8% during the forecast period 2021-2026. This is mainly owing to it rising use in various industries owing to its nutritional benefits.
Global Vegetable Oil Market Segment Analysis - By Application
Based on the Applications, Global Vegetable Oil Market is segmented into Food & beverage, Animal Feed, Industrial, and others. In 2020, Food and beverage is estimated to dominate the market. This is mainly owing to its wide use in cooking for flavour and enhancing texture. Animal feed is estimated to grow with highest CAGR over the forecast period 2021-2026, owing to increasing vegetable oil sourcing as feedstock.
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Global Vegetable Oil Market Segment Analysis - By Geography
Asia-Pacific dominated the Global Vegetable Oil market share accounting for 40% of the market in 2020. This is mainly owing to increasing consumption of vegetable oil in countries such as China, Japan and others. According to the American Oil Chemist Society, China holds the largest share in terms of consumption and production of vegetable oil. And also, as 53% of the world population is located in Asia, it accounts for 45% of world oils and fats consumption.
However, the North America region is projected to be the fastest-growing during the forecast period 2021-2026. This is owing to rising consumption of food products using vegetable oil owing to increased health consciousness.
Global Vegetable Oil Market Drivers
Increasing Consumption of Vegetable Oil
Increasing consumption of vegetable oil and its use as a shortening agent to give pastry a crumbly texture, as well as several other culinary applications are driving the growth of Global Vegetable Oil market.
Rising Usage of Vegetable Oil in Industrial purpose
Rising usage of vegetable oil in industrial applications such as paints, lubricants, soaps, biofuels etc. are some factors driving the growth of the market. Vegetable oils are used as a source to produce bioethanol which is further used for biofuels production. Moreover, vegetable oil is used as substitute for mineral oil in such industrial applications.
Global Vegetable Oil Market Challenges
High price volatility of vegetable oil and strict government regulations are challenging the growth of the market. Moreover, outbreak of COVID-19 around the world has impacted all industries including food and beverage industry. Initially owing to lockdown product supply chain were disrupted. These affects supply chain of Global Vegetable Oil market. Also the prices of vegetable oil declined this year owing to the coronavirus pandemic, according to FAO Vegetable Oil Price Index.
Global Vegetable Oil Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Global Vegetable Oil Market. Global Vegetable Oil top 10 companies are Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated, Olam International Limited, Wilmar International Limited, Conagra Brands, Inc., ACH Foods Company Inc., Fuji Oil Holding Inc., Ajinomoto Co. Inc., and K. S. Oils Limited.
Acquisitions/Product Launches:
In January 2020, Bunge Ltd., American agribusiness and Food Company, has launched Canola Oil under the brand name ‘Hudson’. Canola oil has more than 90% good fats, which helps reduce cholesterol levels.
In October 2019, ACH Food Companies, Inc., a manufacturer of cooking and baking products, has acquired Anthony’s Goods, a digital brand that offers natural and organic category. This acquisition helps to expand their business.
Key Takeaways
In 2020, Asia Pacific dominates the Global Vegetable Oil Market owing to rising consumption of vegetable oil in this region.
Growing health consciousness among the people is driving the market growth of Global Vegetable Oil.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Global Vegetable Oil Market report.
High price volatility and strict government regulation are challenging the growth of the market.
Related Reports :
A. Soybean Oil Market
https://www.industryarc.com/Report/16642/soybean-oil-market.html
B. Cooking Oil Market
https://www.industryarc.com/Research/Cooking-Oil-Market-Research-509574
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