The edible oils and fats market is projected to grow at a CAGR of 2.70% during the forecast period
According to the report The global edible oils and fats market was valued at US$131.675 billion in 2018 and is anticipated to grow at a CAGR of 2.70% to reach a market size of US$154.492 billion by 2024. The growth of the edible oils and fats market is highly dependent upon a large number of food chains and restaurants across the globe. The food aggregator businesses such as Zomato and Swiggy, which are becoming highly popular, are also fuelling the sales of these restaurants. Furthermore, the health benefits associated with consuming such fats and oils are also escalating their use, for example, the presence of omega-3 fatty acids and high-protein in some of the variants of edible fats and oils is expected to propel their usage.
With rising disposable incomes of people, the adoption of western lifestyle is also gaining momentum. Apart from simply using edible fats and oils in everyday cooking, they are increasingly being used in the bakery segment. Geographically, the Asia-Pacific region is projected to witness high growth in this market due to the high consumption of edible oils by people in this region. Increasing disposable incomes and urbanization is also escalating the growth of this market. The North American region is also projected to face an upsurge in the demand for edible oils and fats owing to the rising awareness of health benefits associated with consuming them. Big players in the market are investing their resources to develop healthier versions of edible oils and fats to gain traction among health-conscious people. For instance, in 2018, Cargill India launched "NutriFreshActi Heart' cooking oil to mainly catering to people with heart diseases.
With regards to the various applications of edible oils and fats, the cooking segment is expected to hold a substantial share of the market and is also expected to increase throughout the forecast period due to rising food consumption with the population increase. For the segment by type, butter and ghee are anticipated to face a high demand owing to the expanding demand for protein-rich foods. As far as a distribution channel is concerned, though offline shares the majority stake, the online segment is anticipated to rise exponentially over the forecast period.
Some of the major players covered as part of the report are Paras Group, Archer Daniels Midland, Adani Group, Cargill, Incorporated, K.S. Oils Limited, and KAISSA, among others.
o By Type
o Coconut Oil
o Groundnut Oil
o Sunflower Oil
o By Distribution Channel
o By Food Application
o By Geography
o North America
o South America
o United Kingdom
o The Middle East and Africa
o Saudi Arabia
o South Africa
o Asia Pacific
View a sample of the report or purchase a complete study at https://www.knowledge-sourcing.com/report/edible-oils-and-fats-market
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