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Oils Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033
Oils Market
According to The Business Research Company's, The oils market size has grown strongly in recent years. It will grow from $84.19 billion in 2023 to $89.66 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to industrialization, global population growth, economic development, political stability, culinary diversity, infrastructure development..
The oils market size is expected to see strong growth in the next few years. It will grow to $110.86 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to renewable energy policies, health and wellness trends, climate change initiatives, shift to plant-based diets, government regulations, emerging market demands.. Major trends in the forecast period include technological integration in agriculture, technological innovation in extraction, innovation in packaging, clean label products, sustainable practices..
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Market Drivers and Trends:
The increased demand for food is expected to propel the growth of the oils market going forward. Food refers to a substance mostly made up of protein, carbohydrates, fat, and other nutrients that is used by a human's body to provide energy and support development and other important processes. Oils such as olive oil, canola oil, and sunflower oil, which are known for monounsaturated fats, are used in food preparation of food which decrease the risk of heart and cardiovascular disorders and raise healthy cholesterol levels. For instance, in September 2023, according to a report published by the United States Department of Agriculture, a US-based government agency, food expenditures represented 12.8 percent of the total spending by U.S. households in 2022, marking a an increase from the 12.4 percent recorded in 2021. Furthermore, in 2022, according to a global report on the food crisis published by the World Food Programme, there could be up to 205 million people who are severely food insecure and in need of immediate assistance. Therefore, the increased demand for food is driving the growth of oils market going forward.
Product innovations are a key trend gaining popularity in the oils market. Major companies operating in the oils market are focusing on developing new products to sustain their position in the market. For instance, in February 2023, KTC Edibles Ltd., a UK-based independent manufacturer and distributor of edible oils, launched certified sustainable hard palm kernel oil (KPKO), a 100% vegetable oil acceptable for vegans and low in trans fats. The use of HPKO in ice cream and confectionery goods is ideal. KTC HPKO has a neutral flavor and odor that blends nicely with both dairy-based and vegan goods because it is free of additives, allergies, and genetically modified components. The company's increasing line of premium edible oils and fats now includes Certified Sustainable Segregated HPKO. It joins a number of other items in the KTC line, including the UK's first and only Halal beef dripping and a recently introduced premium Italian lard.
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Major Key Players of the Market:
Associated British Foods PLC; Archer Daniels Midland Company; Bunge Limited; Wilmar International Limited; United Plantations Berhad; Unilever PLC; Mewah International Inc.; Sime Darby Plantation Berhad; Cargill Inc; Richardson International; Kulim (Malaysia) Berhad; IOI Corporation Berhad; Abu Dhabi Vegetable Oil Co LLC; Parakh Foods and Oils Limited; AarhusKarlshamn; ExxonMobil Corporation; Chevron Corporation; Saudi Aramco; Gazprom; China National Petroleum Corporation; Equinor ASA; TotalEnergies SE; Eni S.p.A.; Symrise AG; Flavex Naturextrakte GmbH; Firmenich SA; Synthite Industries Ltd; Peyto Exploration & Development Corp; Callon Petroleum Co; Gulfport Energy Corp; SM Energy Co; Crescent Point Energy Corp; DuPont de Nemours Inc; JM Huber Corporation; Herbstreith and Fox Corporate Group; Silvateam SpA
Oils Market 2024 Key Insights:
• The oils market will grow to $110.86 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Rising Food Demand Fuels Oils Market Growth
• Innovative Product Offerings Reshaping The Oils Market
• Asia-Pacific was the largest region in the oils market in 2023
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