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Edible Oils Global Market Report 2023: High Demand from Confectionery & Bakery and Food Processing Sector Bolsters Growth
Global Edible Oils Market
Dublin, March 14, 2023 (GLOBE NEWSWIRE) -- The "Edible Oils Market by Type (Palm Oil, Soybean Oil, Sunflower Oil, Rapeseed Oil, Olive Oil), Packaging Type (Pouches, Jars, Cans, and Bottles), End Use (Domestic, Food Service and Industrial) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The edible oils market is projected to reach USD 268.9 billion by 2027 growing at a CAGR of 4.8% from 2022 to 2027. It is anticipated that the world's oilseed production will attain an all-time high in the 2022-2023 marketing year. Rising soybean and rapeseed outputs are projected to partially offset a potential decline in sunflower seed production. Furthermore, FAO's biannual Food Outlook study, published in November 2022, predicted that the overall oilseed production will rise by 7% in comparison to the prior marketing year to achieve 654.5M tonnes.
Climate change, the detrimental effects of animal agriculture on the environment along with a rising understanding of the health benefits of a plant-based diet are gradually influencing consumers to turn to plant-based foods. Consequently, there has been a noticeable increase in the demand and consumption of plant-based edible oils.
In fact, as a response to the changing consumer trends and needs, processed food manufacturers are widely employing edible oils in place of animal fats for the manufacturing of Ready-to-eat (RTE) products, leading to the expansion of the edible oils market.
Edible oils have high demand in the food processing industry.
The edible oils market has been segmented into domestic, industrial, and food service, based on end use. The industrial sector accounted for the largest market share in 2021. There is the widespread application of edible oils particularly canola, soybean and palm oil for roasting, frying, and grilling of chips, baked goods, wafers, crackers, and other snack items in the food processing industry. Internationally acclaimed potato chips brand, Lay's, utilizes canola, corn, soybean, and/or sunflower oil to enhance the flavor and crunchiness of its potato chips. Additionally, Nissin Food Products Co., Ltd., a Japanese international food company that specializes in the production and sale of convenience food and instant noodles, widely uses palm oil to manufacture its flagship instant cup noodles.
Asia Pacific is projected to witness substantial growth during the forecast period in the edible oils market.
Indonesia and Malaysia are the world's largest producers of palm oil. Palm oil has been of great importance to the instant noodles industry for ages. The 'instantness' of instant noodles is brought by deep frying the noodles in large volumes of palm oil. Countless APAC nations, including China, Japan, and even Australia, view instant noodles as a fundamental dietary item. According to the most recent World Instant Noodles Association (WINA) data, Asian countries account for eight of the top ten countries with the biggest instant noodle demand worldwide, providing room for the expansion of the already well-established palm oil market in the region.
Market Dynamics
Drivers
Increase in Oilseed Production
Growth in Global Demand for Food
High Demand from Confectionery & Bakery and Food Processing Sector
Growth in Research & Development and Product Launches of Edible Oils
Restraints
Labeling Requirements for Edible Oil Products to Ensure Consumer Safety
High Price Volatility for Edible Oils
Opportunities
Increase in Trend of Microencapsulation Technology
Unique Composition of Fatty Acids in Palm to Attract Interest of Food Manufacturers
Numerous Benefits Associated with Soybean Oil
Demand for Healthy and Clean-Label Products to Prompt Demand for Sunflower Oil
Ukraine-Russia War to Propel Demand for Rapeseed Oil
Increase in Consumer Shift Toward Healthier Oils as Alternatives
Challenges
High Capital Investments in Manufacturing Edible Oils
Increase in Dependence on Imports to Lead to High Costs of End Products and Food Security Concerns
Key Attributes:
Report Attribute | Details |
No. of Pages | 398 |
Forecast Period | 2022 - 2027 |
Estimated Market Value (USD) in 2022 | $212.6 Billion |
Forecasted Market Value (USD) by 2027 | $268.9 Billion |
Compound Annual Growth Rate | 4.8% |
Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Edible Oils Market, by Type
7.1 Introduction
7.2 Palm Oil
7.3 Soybean Oil
7.4 Sunflower Oil
7.5 Rapeseed Oil
7.6 Olive Oil
7.7 Other Edible Oils
8 Edible Oils Market, by Packaging Type
8.1 Introduction
8.2 Pouches
8.3 Jars
8.4 Cans
8.5 Bottles
8.6 Other Packaging Types
9 Edible Oils Market, by End Use
9.1 Introduction
9.2 Domestic
9.3 Food Services
9.4 Industrial
10 Edible Oils Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent and Related Markets
14 Appendix
Companies Mentioned
Archer Daniels Midland
Aceitera General Deheza
Adani Wilmar Limited
Ajanta Soya Limited
American Vegetable Oils, Inc.
Associated British Foods plc
Aveno Nv
Basso Fedele & Figli Srl
Borges International Group, S.L.U.
Bunge Limited
Cargill, Incorporated
Golden Agri-Resources Ltd.
Graincorp.
Hebany
Louis Dreyfus Company
Richardson International Limited
Sime Darby Plantation Berhad
Sunora Foods.
The Nisshin Oillio Group, Ltd.
United Plantations Berhad
Vicentin S.A.I.C.
Wilmar International Limited
For more information about this report visit https://www.researchandmarkets.com/r/k9r46l
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