Press release
Global Vegetable Oil Market Sees Significant Growth Driven by Health Initiatives and Industrial Applications
Vegetable Oil Market
Key Drivers of Growth
Addressing Micronutrient Deficiencies
One of the primary factors driving the market is the widespread issue of micronutrient deficiencies affecting various demographics. Enriched vegetable oils are emerging as an effective solution to improve public health. For example, fortifying cooking oils with vitamins A and D can increase dietary intake by 25% to 30%. Governments worldwide, including India's Food Safety and Standards Authority (FSSAI), are endorsing such initiatives, recognizing their role in combating malnutrition. Recent collaborations, such as BASF West Africa's partnership with EDCEL Limited to introduce a Vitamin A premix for vegetable oils, highlight industry efforts to enhance the nutritional quality of edible oils.
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Industrial Applications Expanding
Beyond cooking, vegetable oils are gaining traction in various industrial sectors. These oils are vital components in the production of soaps, cosmetics, detergents, and biofuels. The growing biofuels market, particularly biodiesel, is a significant driver for vegetable oil demand. Furthermore, ongoing research and development are uncovering new industrial applications for vegetable oils. Notably, the Central Mechanical Engineering Research Institute and the Council of Scientific and Industrial Research in India are working on converting vegetable and animal oils into biodiesel, further solidifying the market's potential.
Market Restraints
Despite these positive developments, the vegetable oil market faces challenges. Increased palm oil production has led to significant deforestation, especially in Indonesia and Malaysia, where 83% of the world's palm oil is produced. The connection between palm oil and deforestation poses severe risks to biodiversity and contributes to greenhouse gas emissions. Environmental concerns and government measures aimed at reducing palm oil usage may hinder future market growth.
Market Segment Insights
Types of Vegetable Oil
The global vegetable oil market is segmented by type, with palm oil leading the revenue share in 2023. Its versatility makes it a common choice in food production and various commercial products, including cosmetics and biofuels. Companies like Nestlé are taking steps to ensure responsible palm oil sourcing, which supports market growth.
The soybean oil segment is witnessing the fastest growth rate, driven by its widespread use in cooking and food preparation. Brands like Wesson are promoting soybean oil for its high smoke point and mild flavor, further boosting its popularity.
Application Areas
In terms of applications, the food products segment accounted for the largest revenue share in 2023, showing the fastest growth. Vegetable oils are essential for frying, baking, and as stabilizers in processed foods. For example, Nabisco utilizes vegetable oils in their products to enhance moisture and shelf life, while Kraft Heinz employs them in salad dressings to improve texture and flavor.
Packaging Trends
The vegetable oil market is also segmented by packaging type, with pouches leading in both revenue share and growth rate. Pouches offer cost-effectiveness, portability, and convenience, making them an appealing choice for consumers. Brands like O-Live & Co. are using pouches for their Extra Virgin Olive Oil, promoting the environmentally friendly aspects of this packaging option.
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Vegetable Oil Top Companies and Competitive Landscape
The global vegetable oil market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective vegetable oil.
Some major players included in the global vegetable oil market report are:
Wilmar International Ltd.
Conagra Brands, Inc.
Manischewitz Company
Cargill, Inc.
Bunge
Olam Agri Holdings Pte Ltd.
Hanoon Oil Factory
Colorado Mills
PPB Group Barhad
Oliyar
Avril SCA
Optimus Agro
RISOIL SA
Macjerry Sunfloweroil Company Ltd.
KAISSA Oil
Vegetable Oil Latest Industry Updates
In November 2021, Cargill Incorporated purchased and improved an edible oil refinery in Nellore, India, investing USD 35 million to increase edible oil production volume and help the organisation expand its current supply network to meet consumer demand.
In July 2022, Eni Kenya B.V. has finished constructing the oilseed collecting and pressing plant (agri-hub) in Makueni, Kenya, and began producing the first vegetable oil for bio-refineries. The initial agri-hub would have an installed capacity of 15,000 tons, and by 2022, the company expects to produce 2,500 tons.
In June 2022, Freedom Refined Sunflower Oil and Gemini Edibles & Fats India (GEF India) announced plans to expand into additional states in the country, including Tamil Nadu and Kerala. The company declared that in the forecast period, it intends to enter Tamil Nadu and Kerala, two states with significant sunflower oil demand, and is contemplating strategic development.
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For the purpose of this report, Emergen Research has segmented global vegetable oil market on the basis of type, application, packaging type, processing method, distribution channel and region:
Type Outlook (Revenue, USD Billion; 2020-2033)
Palm Oil
Soybean Oil
Sunflower Oil
Rapeseed Oil
Olive Oil
Corn Oil
Coconut Oil
Peanut Oil
Others
Application Outlook (Revenue, USD Billion; 2020-2033)
Food Products
Animal Feed
Industrial
Pharmaceuticals
Biodiesel
Cosmetics
Others
Packaging Type Outlook (Revenue, USD Billion; 2020-2033)
Cans
Bottles
Pouches
Others
Processing Method Outlook (Revenue, USD Billion; 2020-2033)
Mechanical extraction
Solvent extraction
Hydrogenation
Distribution Channel Outlook (Revenue, USD Billion; 2020-2033)
Direct Sales
Supermarkets
Convenience Store
Specialty Store
E-Commerce
Others
Regional Outlook (Revenue, USD Billion; 2020-2033)
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of MEA
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Look Over transcripts provided by Emergen Research
Vegetable Oil Market Size@ https://www.emergenresearch.com/industry-report/vegetable-oil-market/market-size
Vegetable Oil Market Share@ https://www.emergenresearch.com/industry-report/vegetable-oil-market/market-share
Vegetable Oil Market Trends@ https://www.emergenresearch.com/industry-report/vegetable-oil-market/market-trends
Vegetable Oil Regional Market Demand@ https://www.emergenresearch.com/industry-report/vegetable-oil-market/regional-market-demand
Vegetable Oil Market Analysis@ https://www.emergenresearch.com/industry-report/vegetable-oil-market/market-analysis
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