Market Research Future (MRFR) studied the global edible oils and fats market 2021 over the analysis period till 2023. As per MRFR study, the edible oils and fats market is expected expand at 4.29 % CAGR over the evaluation tenure. By 2023, the global Cooking Oils and Fats Market value can touch, USD 153.11 Bn.
The increase in consumption of edible fats and oils by the food and beverage industry for the preparation of refined and snack foods, and bakery and confectionaries and the surge in the demand for bakery and related food products can support the growth of the edible oil market in the analysis period. The increase in the demand for edible oils and fats in HoReCa sector is likely to add to the market expansion. The growing preference for fried goods, bread, and cookies that are textured with edible oils is also expected to prompt the Cooking Oils and Fats Market in the review period.
In addition, the rise in per capita disposable income and change in preference of taste of customers, along with the adoption of lifestyles, can add momentum to the Cooking Oils and Fats Market. The availability of several functional food made from edible oil that can contribute to the reduction of the risk of coronary disorders and breast cancer can bolster the edible oil and fats market. The surging awarness about extraordinary health benefits of edible fat and oil, such as, anti-inflammatory properties, and the increasing adoption of food fortified with omega-3 fatty acids as a dietary supplement can prompt the market surge. The surge in sales of soybean, flax seed oil, and canola for intake of edible oil can also prompt the market upsurge. However, the lack of awarness about the need for required dosage of edible oil and fats are observed to surge cases of obesity and cardiovascular disorders, which can pose a threat to the growth of the market.
The segment study of the edible oils and fats market is based on type, application, and source.
The type-based segments of the study of the global market of edible oils and fats are oils and fats. The oil segment is likely to secure the largest share of the Cooking Oils and Fats Market over the fat segment. However, the fat segment is expected to garner a decent revenue for the global market in the analysis term. The utility of edible oils in different stages of cooking, such as frying and sautéing, can contribute to the growth of the edible oil market over the assessment period. The growing demand for edible oil as key source of several nutritional components, such as; vitamin E, magnesium, selenium, and phytosterols, can prompt the expansion of the global market.
The source-based segments of the global Cooking Oils and Fats Market are animal and plant. The growing preference for edible oils extracted from vegetable in the preparation of cuisines can support the edible oil and fats market in the evaluation tenure. The surge in demand for plant-based products can contribute to the rapid growth of the plant source segment. MRFR data suggests that the plant segment can rise at 4.21 % CAGR over the forecast term.
The application-based segments of the edible oil and fats market are Bakery & Confectionery, Spreads and Dressings Convenience Foods, Sauces, and HORECA among others. The HoReCa segment is expected to register decent share of the edible oil market. The segment of bakery and confectionary is expected to rise at 4.16 % CAGR in the assessment period. The surge in the adoption of edible oils and fats by food-chain franchises, cafes, hotels, and restaurants, can support the market growth in the review period.
MRFR regional data suggest that North America cooking oil companies can value USD 31.20 Bn by 2023. The market in EU can exhibit 4.06% CAGR in the review tenure and APAC Cooking Oils and Fats Market can surge at 4.81% CAGR by 2023. The presence several oil and fat producers in the regions and the increase in their adoption by restaurants and hotels can promote the market rise.
Cargill, Incorporated (US), Archer Daniels Midland Company (US), Bunge Limited (US), Wilmar International Ltd. (Singapore), James Richardson & Sons, Limited (Canada), Associated British Foods PLC (UK), AAK AB (Sweden), Conagra Brands, Inc. (US), United Plantations Berhad (Malaysia), and IFFCO (UAE) are some key companies in the edible oils and fats market that are listed by MRFR in the recent report.
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