Edible Oils and Fats Market Key Players, Growth Factors, and Applications, Forecast by 2030

The edible oils and fats market is expected to grow from US$ 52,920.00 million in 2022 to US$ 78,686.61 million by 2030; it is expected to record a CAGR of 5.1% from 2023 to 2030.

The edible oils and fats and ester of glycerol's and carboxylic acid. Oil are liquid at room temperature while fats are partially solid at room temperature. Edible oils are mainly sourced from soybean, coconut, rapeseed, palm, sunflower, cottonseed. Oils and fats are used in cooking to improve taste and give good texture to the final product. Edible oils are commonly used in industrial food manufacturing and home cooking across the world and are the primary source of unsaturated fats and vitamin E in human diets. The rising importance of the product as a key source of numerous nutritional constituents including vitamin E, selenium, phytosterols, and magnesium in the food and beverage industry is expected to remain a favorable factor over the coming years. These factors expected to drive the market growth in the forecast period in the globe.

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Based on type, the edible oils and fats market is segmented into oils and fats. The oil segment held a significant market share in 2022; however, it is also projected to register the highest CAGR during the forecast period. Soybean oil is mainly used for frying and baking and as a condiment for salads. In pharmaceutical applications, soybean oil is indicated for parenteral nutrition as a source of essential fatty acids and calories. The residue of soybean oil is used in animal feed. Thus, such broad application of soyabean oil attracts manufacturers to invest in soyabean oil processing to cater to the increasing demand. In May 2021, ADM announced the expansion of a soybean crushing plant and refinery in the US. This facility aims to increase the production of soyabean oil. Strategies by manufacturers augment the global edible fats and oils market growth for the soybean oil segment. 

Based on geography, the edible oils and fats market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific accounted for the largest share of the market. The edible oils and fats market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The market growth is attributed to increasing demand for bakery products, especially breads, cakes, pastries, and muffins, coupled with the growing influence of Western culture on the millennial and Gen-z population in the region. The bakery sector in China witnessed tremendous growth, with retail sales of bakery products accounting for US$ 34 billion in 2020, according to the United States Department of Agriculture (USDA). Moreover, manufacturers of edible oils and fats actively operate across the region and offer edible oils and fats made with fine-quality oil or its fractions. Distinct melting profiles of butter and margarines, packaging types, and the expansion of antifoaming or antioxidant agents of edible oils and fats are available across the region and widely applicable in many end-use industries such as confectionery, bakery, dairy, and infant nutrition.

Impact of COVID-19 Pandemic on Edible Oils and Fats Market

The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel bans, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the food & beverage industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and non-essential products. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various governments in Europe, Asia, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of the edible oils and fats market.

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The report segments the edible oils and fats market as follows:

The edible oils and fats market is segmented into type, and application. Based on type, the market is segmented into oil and fats. Based on application, the edible oils and fats market is segmented into food and beverages, animal nutrition, and pharmaceuticals and nutraceuticals. By geography, the edible oils and fats market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

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