Cooking Oils & Fats Market will Reach $65,260 Million, Globally by 2022
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The global cooking oils and fats market is expected to witness notable growth in the coming years. Increase in applications of cooking oils and fats in the emerging countries is expected to foster the market growth in the coming years. Moreover, increase in use of high quality edible oils and fats, growth in disposable income of consumers, and high demand for cooking oils and fats in the food services industries and households drive the market. However, high cost of raw materials for cooking oils and fats products and adverse effects due to excess consumption of oils and fats are some of the restraints for the growth of the cooking oils and fats market. Market players intend to launch healthier cooking oils and fats to cater to the high demand from health-conscious consumers.
The global cooking oils and fats market is segmented on the basis of product type and geography. Based on product type, the market is segmented into vegetable & seed oils, spreadable oils & fats, butter, margarine, olive oil, and other oils & fats. Among product types, vegetable & seed oil segment occupied a dominant share of 54% in the global market in 2015, and is expected to maintain this trend during the forecast period. In addition, butter and spreadable oils & fats segments are expected to grow at significant CAGRs of 1.03% and 1.63%, respectively from 2016 to 2022 to garner $6,223 million and $10,424 million, respectively, by 2022.
The market is segmented based on geography into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region generated the highest revenue in the global market in 2015, with $23,910 million and is expected to attain a market value of $26,176 million by 2022, registering a CAGR of 1.16% during the forecast period. Moreover, Asia-Pacific region is expected to dominate the global market during the forecast period, followed by Europe and North America.
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The prominent players profiled in this report include Unilever PLC, Cargill, Inc., International Foodstuff Company Limited, United Plantations Berhad, Wilmar International Limited, Archer Daniels Midland Company, Associated British Foods plc, Bunge Limited, CHS Inc., and ConAgra Foods Inc.
Key Findings of Cooking Oils & Fats Market Study
The vegetable and seed oil segment occupied the highest share in 2015, and is expected to grow at a significant CAGR of 0.92%, in terms of value, during the forecast period.
Asia-Pacific is the leading market for cooking oils and fats, followed by Europe.
The butter segment is expected to grow at the highest CAGR of 1.63%, in terms of value, from 2016 to 2022.
The U.S. is the leading market for cooking oils and fats in the North American region, growing at a CAGR of 0.70%, in terms of value.
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