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Global Cooking Oil Market: Key Insights and Opportunities Expected to Grow Till 2026 | Key Players are Bunge Limited, Carapelli Firenze S.p.A., Nature Fresh, Fortune, etc.
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With increasing awareness regarding various lifestyle diseases such as diabetes, high cholesterol and obesity, health and fitness has gained high focus among individuals. They are becoming more aware regarding use of appropriate quantity of cooking oils. With this fact in focus, manufacturers have been producing cooking oils with high nutrient value and less fatty matter. Increasing incidences of cardiovascular diseases across the globe has prompted individuals to consume health cooking oils. For example, in United States, around 610,000 people die owing to heart disorders every year (According to American Health Association). Ever since, scientists have researched upon best cooking oils for consumption. This is likely to impact the growth of the cooking oil market during the assessment period.
According to FactMR, the sales of cooking oils are expected to increase at a steady pace during the forecast period. The global cooking oil market is projected to expand at a value CAGR of 5.5% during the period of assessment (2017-2026). Also, FactMR analysis has revealed that the volume sales of cooking oils is estimated to surpass 250,000,000 tons by the end of the year of assessment (2026). Health advantages associated with the consumption of various vegetable oils such as olive oil, coconut oil and canola oil is expected to influence the sales of cooking oils. Manufacturers of cooking oils have introduced new brands that are rich in nutrient value thus promoting health. For example, Avnash Industries Ghana Ltd., has introduced Lafia cooking oil that is rich in nutrients and is a refined form of palm oil fortified with Vitamin A. Other key participants profiled in this research report include Archer Daniels Midland Company, American Vegetable Oils, Inc., Cargill Incorporated and Sime Darby Sdn Berhad.
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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