Research Delivers Insight into the Global Outlook for Edible Oil Market
Thanks to the increased awareness among consumers regarding the benefits of edible oils across the world, the global market for edible oils is registering a tremendous rise. With its cost efficiency, the global market is likely to remain lucrative in the years to come. According to Transparency Market Research (TMR), the opportunity in this market is anticipated to rise at a significant CAGR over the next few years.
Here is a snapshot of how the global edible oil market is performing:
Rise in Number of Restaurants and Eateries to Support Global Edible Oil Market
The global market of edible oil is primarily driven by the continued mushrooming of restaurants, eateries, and fast food joints across the world. The ongoing expansion in various finished food product industries is also reflecting positively on the demand for edible oil. In addition to this, the rise in research and development activities to produce low fat oil with added nutrients, such as rice bran oil, is projected to boost this market substantially, over the forthcoming years. Besides, the growing preference for refined oil, on account of the increasing awareness level among consumers pertaining to health and fitness, is also anticipated to impact this market positively in the long run.
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Rapeseed to Continue Witnessing High Demand
Sunflower, soybean, and rapeseed palm are the key products available in the global market for edible oil. Among these, rapeseed palm oil has been registering the most prominent demand. In 2015, the rapeseed palm segment accounted for a share of around 30% in the overall market, acquiring the lead in the global market, and is expected to remain dominant over the next few years.
Strategic Partnerships for Regional Expansion
The business landscape in the global market for metal packaging is highly competitive, thanks to the presence of established players in a large number. Archer Daniels Midland Co., Beidahuang Group, Bunge Alimentos SA, Ach Food Companies Inc., Ruchi Soya, and Adani Group are some of the key players in the global market. These players are focusing on regional expansion through mergers, acquisitions, and strategic partnerships.
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Asia Pacific to Dominate Global Edible Oil Market
In terms of the geography, the global market for edible oil is mainly spread across Latin America, North America, Asia Pacific excluding Japan, Western and Eastern Europe, Japan, and the Middle East and Africa. Thanks to the growing consumption of edible oil, Asia Pacific has been leading the global market. This regional market is likely to acquire the leading position in this market over the forecast period. The rising population base in China and India is likely to present new growth opportunities for edible oil producers in Asia Pacific. The edible oil markets in Europe and North America are also expected to register a steady progression in the near future.
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