Fats and Oils Market to Showcase Vigorous Demand during the Period until 2026 | Market Key Players are Associated British Food Plc, Ajinomoto Co. Inc., United Plantations Berhad, Cargill Inc., etc.
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Fats and oils are widely employed for both industrial uses and food applications across the globe. Diet fats and oils play a pivotal role in encouraging growth of cells, and are considered to be highly concentrated sources of energy. In addition, demand for edible fats and oils, source of essential fatty acids (EFA), is mainly being driven by rising consumption of animal-based products.
Consumers across the globe have become more informed about differences between healthy and unhealthy fats and oils. Majority of these consumers now express a greater willingness for considering and trying fats and oils extracted from non-traditional sources, along with perceived benefits of being sustainable, organic or non-bioengineered. Currently, food products that comprise minimally processed fats and oils, which are free from genetically modified organisms (GMO) and are organic, are being more preferred by young consumers worldwide.
The Millennial and young consumers prefer avoiding overly processed ingredients and foods, which in turn bolsters demand for unrefined, natural oils. On account of their increasing health-consciousness, most of the consumers globally are readily embracing and seeking out specific animal-based and plant-based fats, which include fats from butter, eggs, olive oil, and avocados. Adoption of butter-based fats is resurging on the back of its provision of a stellar performance in facilitating simple and clean ingredient labels. This is mainly because simple and clean labels is the new normal for Gen Z and Millennial consumers.
Popularity of plant-based oils will increasingly benefit from surging availability of less-known types of oils, along with more mainstream & wider distribution of oils that have established appeal. For all oils sourced from plants, there is significant rise in interest regarding expeller-pressed, cold or unrefined oil. These characteristics are witnessing a paramount importance among Millennials during selection of fats & oils for application in home-prepared foods, pantry-stocking, restaurant meals and processed food products. Shifting consumer buying patterns have gained attraction of fats & oil suppliers, prompting them to update their product portfolios for reflecting potential demand for varieties along with added benefits.
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In terms of volume, the global market for fats and oils is projected to reflect a moderate expansion during the forecast period 2017 to 2026, according to a recent report published by FactMR. Worldwide sales of fats and oils are estimated to bring in roughly US$ 110,000 Mn revenues by 2026-end. Asia-Pacific excluding Japan (APEJ) is anticipated to remain the leading revenue contributor to the global fats and oils market. China and India will remain the most lucrative countries in APEJ for growth of the market. End-use of fats and oils in Europe varies across its countries. For example, biodiesel application accounts for a major share of Germany’s market growth, while food application continues to be a major application of fats and oils in France. Europe is projected to account for a major portion of the global fats and oils market’s revenue share during the forecast period.
Edible vegetable oils will continue to be the top-selling product in the market, in terms of value. Demand for edible vegetable oils will mainly be fuelled by the advent of high-grade products on the back of recent advances in their production processes. Increasing consumption of animal-based products will also promote adoption of edible vegetable oils in the near future.
On account of the occupancy of numerous regional and international vendors, nature of the global market for fats and oils is fragmented. Vendors in the market are competing in terms of pricing, portfolio, and product differentiation. Leading players in the market, as profiled by FactMR’s report, include Associated British Food Plc, Ajinomoto Co. Inc., United Plantations Berhad, Bunge Limited, Archer Daniels Midland Company, Wilmar International Limited, International FoodStuff Company Limited, and Cargill, Inc.
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