Press release
Global Oils Market: Growth Forecast, Key Players, and Industry Trends (2024 to 2029)
Oils Market Share
What Is The Projected Market Size Of The Global Oils Market And Its Growth Rate?
The global oils market has been exhibiting robust growth over the past years:
- Market size in 2024: $88.8 billion
- Expected market size in 2025: $94.42 billion (CAGR: 6.3%)
Due to factors such as industrialization, global population growth, economic development, and infrastructure development.
- Predicted market size in 2029: $118.01 billion (CAGR: 5.7%)
Owing to renewable energy policies, health and wellness trends, climate change initiatives, shift to plant-based diets, and emerging market demands.
What Is Driving The Growth In The Oils Market?
The increased demand for food is driving the growth of the oils market. The demand for oils such as olive oil, canola oil, and sunflower oil, known for their monounsaturated fats, has increased due to their application in the food preparation which helps reduce the risk of heart and cardiovascular disorders and raise healthy cholesterol levels. A report published by the United States Department of Agriculture in September 2023 revealed that food expenditures represented 12.8% of the total spending by U.S. households in 2022, marking an increase from the 12.4 percent recorded in 2021. Also, the World Food Programme predicted 205 million people could be severely food insecure and in need of immediate assistance in 2022. Therefore, the increasing demand for food propels the oils market growth.
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Who Are the Key Players Driving Oils Market Growth?
Major players contributing to the oils market growth include:
- 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
- Symrise AG
- Flavex Naturextrakte GmbH
- Firmenich SA
- Synthite Industries Ltd
- DuPont de Nemours Inc
- JM Huber Corporation
- Herbstreith and Fox Corporate Group
- Silvateam SpA
What Are The Key Trends In The Oils Market?
Key trends in the oils market include:
- Technological integration in agriculture
- Technological innovation in extraction
- Innovation in packaging
- Clean label products
- Sustainable practices
What Are The Segments Of The Global Oils Market?
The global oils market segments include:
- Oil Type: Palm Oil, Soybean Oil, Canola Oil, Sunflower Oil, Other Oil Types
- Form: Liquid, Solid
- Source: Fruits And Vegetables, Herbs And Spices, Flowers
- Method Of Extraction: Distillation, Carbon Dioxide Extraction, Cold Press Extraction
- Application: Food Industry, Biofuels, Other Applications
Which Region Leads The Oils Market?
Asia-Pacific was the largest region in the oils market in 2024. The region is also projected to exhibit the fastest growth during the forecast period. Other regions analyzed in the oils market report include Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Oils Market Global Market Report?
- Market Size Analysis: Analyze the Oils Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Oils Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Oils Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Oils Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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