Global Vegetable Oil Market Is Expected To Reach 262 Million Tons By 2024

Vegetable oil is a natural oil produced from plant materials such as soy bean, palm fruit, rapeseed, cotton seed, sunflower seed, coconut, maize, etc. At fairly low temperature, it usually remains liquid and mostly comes in a light yellow colour with mild, bearable odour. It has a plethora of benefits as it reduces the risk of cardiovascular diseases, improves metabolism and digestion, lowers chances of breast cancer, and provides balanced and healthy ratio of omega-6 and omega-3 fatty acids.

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Vegetable oil is used as a cooking medium for frying, as a salad dressing or as shortening agent in baking. It also has non-food uses in products like cosmetics, greases, lubricants, candles, and soaps and detergents. Another recent non-food use of vegetable oil is in the biofuel industry as a feedstock in the production of biodiesel and as an alternative to mineral oil for use in power stations. According to a new report by Expert Market Research, the global vegetable oil market reached a volume of 203 Million Tons in 2018 and is further expected to reach 262 Million Tons by 2024.

The production of vegetable oil witnessed a steady growth during 2014-2018. Introduction of the application of vegetable oil as biodiesel feedstock coupled with biofuel policies have led to an increase in its demand in the biofuel industry. Initiation of research and development by companies and governments has helped the manufacturers of vegetable oil in reducing the trans-fat content of the oil and improving yield. Moreover, rising population, growing demand in food sector, increasing disposable incomes, growing health consciousness among consumers along with a strong demand from emerging markets are some of the other factors that have facilitated the market growth.

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Key findings from the report:

• The major end-uses of vegetable oil include food, industrial and biofuel. In 2018, food represented the largest end-use segment with the majority of the market share.

• There are several types of vegetable oil such as palm oil, soybean oil, canola oil, sunflower oil, coconut oil, etc.

• Region-wise, Indonesia dominated the market with a share of more than a fifth of the total global production in 2018. It was followed by China, Malaysia, European Union, US, Argentina and Brazil.

• The global vegetable oil market is surrounded by a number of players. Some of these players include Cargill, ADM, Louis Dreyfus, Bunge and Wilmar.

• Expert Market Research has analysed the global vegetable oil market according to end-uses, major regions and top players:

Market breakup by End-use:

• Food
• Industrial
• Biofuel

Market breakup by Vegetable Oil Type:

• Palm Oil
• Soybean Oil
• Canola Oil
• Sunflower Oil
• Coconut Oil

Market Breakup by Region:

• Indonesia
• China
• Malaysia
• European Union
• US
• Argentina
• Brazil

Top players:

• Cargill
• ADM
• Louis Dreyfus
• Bunge
• Wilmar

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