Cooking Oil Market [2023-2031] Research Report by Product Type, Application, Region And Global Forecast

The global cooking oil market size was US$ 154,911.2 million in 2021. The global cooking oil market is forecast to grow to US$ 250,881.4 million by 2030 by registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.

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While most cooking oils are liquefiable at room temperature, saturated fat-containing oils like coconut oil and palm kernel oil remain solid even at a very low temperature. The majority of oilseeds used for frying, baking, and other types of cookery are used to obtain cooking oil.

COVID-19 Impact Analysis
The COVID-19 pandemic had a significant influence on the cooking oil sector. The main problem faced by the key companies was a lack of manpower because people were forced to stay at home. Additionally, a large workforce was needed to manufacture, process, and deliver the cooking oil. Since, pandemic forced people to stay at home, it created a shortage of workforce, which ultimately affected the market.
Additionally, buyers of bulk cooking oil, including cafes, restaurants, and hotels, saw a decline in demand. Additionally, food processing businesses closed their doors due to a shortage of laborers, which affected the demand for cooking oil. Hotels and restaurants, which use a bulk of cooking oil, had to close their operations for more than a year. As a result, it significantly impeded the demand for cooking oil.

Factors Influencing the Market
Due to growth in public awareness of the benefits of chemical-free products, customers worldwide are adopting chemical-free or organic items. The fact that organic cooking oils are produced by a variety of animals, plants, and other species using regular metabolic processes is also catching consumers' attention. Moreover, the growing processed food industry is expected to positively affect the market in the coming years.
The growing global population is expected to bring lucrative growth opportunities for the cooking oil market. Apart from that, the rising number of hotels and restaurants and increasing interest in tours is expected to benefit the cooking oil market in the coming years.

Regional Analysis
During the forecast period, Asia Pacific is forecast to dominate the cooking oil market, followed by North America. The Asia-Pacific region has long been regarded as the market leader for cooking oil worldwide. Additionally, China has the greatest population in the world, with 1.4 billion people. As a result, it will bring untapped growth opportunities for the market.
North America will also record potential growth due to the rising consumption of processed food and fast food in the region. Apart from that, the growing popularity of American cuisine is expected to benefit the cooking oil market during the study period.

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Competitors in the Market
• Archer-Daniels-Midland Company
• Bunge Limited
• Louis Drayfus Company
• Cargill
• Wilmar International.
• American Vegetable Oil
• Fuji Oil
• Indo Agri
• J-Oils
• Richardsons International
• Other Prominent Players

The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.

As of the end of 2022, the Cooking Oil industry experienced notable growth in its workforce. Starting in January, employment within the Cooking Oil sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Cooking Oil output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector's production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.

Forecasts indicate that the global Cooking Oil output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Cooking Oil market, remains both its largest producer and consumer. Remarkably, China's market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation's GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Cooking Oil market.

Market Segmentation
The global cooking oil market segmentation focuses on Product, End-User, Distribution Channel, and Region.
By Product Type Outlook
• Palm oil
• Soy oil
• Sunflower oil
• Peanut oil
• Olive oil
• Rapeseed oil
• Others

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By End-Users Outlook
• Residential
• Food services
• Food processor
By Distribution Channel Outlook
• Supermarket/Hypermarket
• Independent retail stores
• Business to Business
• Online sales channels
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

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Table of Contents:

Chapter 1: Introduction to the Global Cooking Oil Industry

Chapter 3: Dynamics of the Market

Chapter 4: Profiles of Leading Companies

Chapter 5: Competition in the Global Cooking Oil Market among Players

Chapter 6: Market Size across Global Regions

Chapter 7: Application Segments in the Global Market

Chapter 8: Segment Analysis of the Global Cooking Oil Industry

Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers

Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders

Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors

Chapter 12: Evaluation of Market Impact Factors

Chapter 13: Forecasted Global Cooking Oil Market Size (2023-2031)

Why is our study consequential?

Our study holds paramount importance for various reasons, a few of which include:

• Assisting businesses in gauging the viability of new or existing products or services.

• Facilitating business enterprises in the identification and cultivation of novel market segments.

• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.

• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.

• Analyzing market trends to aid businesses in devising adaptive strategies.

• Guiding businesses in the optimal placement of their products.

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This release was published on openPR.