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Global Cooking Oil Market Research and Overview of Size, Share, Revenue, Trends and Forecast till 2026
Fact.MR
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Since several years, cooking oil section in supermarkets and hypermarkets has been a crowded spot, where individuals keep choosing on several cooking oil options available that are healthy to consume. Cooking oil is an essential component in daily cooking activity, be it a restaurant or home. This, in combination with increasing population percentage, especially in emerging economies, is expected to fuel the consumption of cooking oils. However, aspects related to health disorders, specifically cardiovascular disorders that occur due to consumption of unhealthy cooking oils with high fat content can negatively impact the overall sales of cooking oils.
The global cooking oil market is expected to witness steady growth during the forecast period. This growth is defined by the growing use of cooking oils across regions coupled with demand for healthy oils with high nutritional content. For example, coconut oil is expected to gain higher recognition as it increases good cholesterol level and works well under high temperatures. Fact.MR analysis reveals that the global cooking oil market is projected to expand at a volume CAGR of 5.1% throughout the period of forecast, 2017-2026. Also, the sale of cooking oil is estimated to surpass US$ 342 Bn by the end of the year of assessment (2026). Key manufacturers profiled in this research report include Cargill Incorporated, Archer Daniels Midland Company, Associated British Foods (Ach) and American Vegetable Oils, Inc.
Fast paced lifestyle and changing dietary habits of customers across regions in the globe have led to increasing demand for ready to cook and easy to cook food products. These food products are convenient to cook, eat and carry owing to which consumers are largely preferring these such packaged food products. Cooking oil being an essential element in preparing ready to cook foods, the demand for cooking oils is expected to grow at a significant rate during the period of forecast.
Asia Pacific Excluding Japan to Witness Increased Consumption and Demand for Cooking Oils
Sale of cooking oil across various regions in the globe has been significantly increasing since the past several years. However, emerging economies in the Asia Pacific excluding Japan (APEJ) region are expected to largely contribute to the growth of the cooking oil market. This is mainly driven by increasing population growth across countries in Asia Pacific excluding Japan (APEJ), especially China and India that are highly populated (Chinese population in 2017 was 1,409,517,397 and has touched 1,415,045,928 in the first four months of 2018 and is still growing).
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Moreover, governments in these regions are supporting the development of healthy cooking oils, considering the increasing health disorders and chronic diseases. In China, rates of chronic diseases is on the higher side with high expenses on medications. Consequently, cooking oil manufacturing companies in China started introducing new healthy cooking oils that DHA (docosahexaenoic acid) algal oil in order to prevent or reduce heart diseases and other health issues. With growing domestic demand for cooking oils in the APEJ region, the sales of cooking oil in this region is expected to grow exponentially to reach a significant value by the end of the year of assessment. APEJ is expected to reflect high market attractiveness for cooking oils during the assessment period.
Moreover, another factor contributing to the increasing sales of cooking oils is the channel of distribution preferred by manufactures. Apart from convenience stores, or supermarkets and hypermarkets, distributors of cooking oil are using online sales channel to enhance their reach consequently improving the sales of cooking oils. Additionally, using online sales channel also offers additional benefits apart from cooking oil delivery at homes. People can avail lucrative discounts and promotional offers on various cooking oil brands. This has accelerated the growth in sales of cooking oils across regions.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Food & Beverages MarketResearch Reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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