Edible Oils Market Report: Growth Forecasts, Consumer Trends, and Key Players

Edible Oils Market by Type (Palm Oil, Soybean Oil, Sunflower Oil, Olive Oil, Rapeseed Oil), Packaging Type, Packaging Technology, Extraction Technology, Grade, Application, End Use, Distribution Channel and Region - Global Forecast to 2029
The global edible oils market [https://www.prnewswire.com/news-releases/edible-oils-market-worth-306-92-billion-by-2029--exclusive-report-by-marketsandmarkets-302325876.html] is estimated at USD 250.78 billion in 2024 and is projected to reach USD 306.92 billion by 2029, at a CAGR of 4.1% from 2024 to 2029. The global edible oils market is witnessing high growth, led by increasing population, ever-increasing disposable incomes, and changing dietary patterns in the world. Food processing, industrial applications, and various forms of baking and cooking account for widespread applications in the market. Key players that are engaged in this market include Wilmar International (Singapore), Cargill Incorporated (US), and Bunge (US). These companies cater to the expanding demand for oils like soybean, palm, sunflower, and olive oils, enhancing their footprints across developed and emerging countries.

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Edible Oils Market Opportunities [https://finance.yahoo.com/news/edible-oils-market-worth-306-100000867.html]: Rising Sunflower Oil Demand Offers Growth Potential Due to High Olive Oil Prices

The increasing demand for sunflower oil in Spain presents significant growth opportunities, as consumers find it harder to afford olive oil, which is becoming more expensive. The Asociacion Nacional de Industriales Envasadores y Refinadores de Aceites Comestibles (Anierac) reports that sales of sunflower oil increased by 24.5% between October 2023 and March 2024, while sales of olive oil decreased by 17.5%. This follows a 61% increase in olive oil prices from May 2023 to May 2024, alongside a second consecutive year of reduced production. Meanwhile, sunflower oil experienced a decline of 35%, which is relatively cheaper compared with quality cooking oils offered to households.

Due to the availability of economical substitutes, sunflower oil is expected to capture a larger market share among Spanish consumers. If olive oil production levels off in 2024/25, the current price difference will provide sunflower oil producers with a crucial opportunity to strengthen their market position while adapting to changing consumer preferences.

Industrial end use holds largest share in edible oils market

Industrial use is the major contributor to the edible oils market, with the food processing industry being the biggest driver. The increasing demand for edible oils in baking, frying, and processed food production remains the foundation of growth since most edible oils enhance the texture, flavor, and shelf life of these food products.

According to the Applied Human Factors and Ergonomics (AHFE) report that came out in November 2021, the enormous bakery market in Europe is estimated at USD 226 billion in 2020, accounting for 41% of the global market share. Countries like Germany, France, and the UK, where bread and pastries are staple foods, are at the forefront of producing and consuming bakery products. This strong demand for baked goods drives the need for edible oils, including palm oil and sunflower oil, which are essential ingredients in bakery operations.

The bakery producers increased operations to meet both domestic and export demands, thereby enhancing the demand for a consistent edible oil supply chain. This, therefore, implies that the food processing industry drives the global edible oils market, providing a feasible warranty for sustained growth in this sector.

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Asia Pacific to experience fastest growth between 2024 and 2029

The Asia-Pacific region would tend to grow more rapidly in the edible oils market due to a growing population, rising disposable incomes, and an increasing preference for healthy cooking oils. Wilmar International Ltd (Singapore), United Plantations Berhad (Malaysia), and the Adani Group (India) are the key players that fundamentally form part of the region's dynamic market landscape.

In June 2020, the subsidiary Unitate of United Plantations Berhad rolled out NutroOlive, a healthy combination of Extra Virgin Olive Oil and Red Palm Oil. This innovative product is rich in carotenoids, monounsaturated fatty acids, antioxidants, and natural vitamins, making it healthy and environmentally friendly for frying, baking, salad dressings, and cooking. Furthermore, the Round Table on Sustainable Palm Oil certified NutroOlive sustainable, a trend toward health-conscious and eco-friendly edible oils.

These innovations clearly reflect the growing market in Asia Pacific, where consumer demand for premium and sustainable products further establishes the region as a leader in the global edible oils market.

Leading Edible Oils Companies [https://www.marketsandmarkets.com/ResearchInsight/edible-oils-market.asp?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=edible-oils-market]

The report profiles key players such as ADM (US), Bunge (US), Associated British Foods plc (UK), Wilmar International Ltd (Singapore), United Plantations Berhad (Malaysia), Sime Darby Berhad (Malaysia), BORGES AGRICULTURAL & INDUSTRIAL EDIBLE OILS, S.A.U. (Spain), Cargill Incorporated (US), GrainCorp (Australia), Adani Group (India), The Nisshin OilliO Group, Ltd. (Japan), Beidahuang Group (China), AJANTA SOYA LIMITED (India), Patanjali Foods Ltd. (India), and Louis Dreyfus Company (Netherlands).

Recent Developments of Edible Oils Industry [https://www.marketsandmarkets.com/PressReleases/edible-oils.asp?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=edible-oils-market]

In September 2024, ADM (US) acquired Vandamme Hungaria Kft (Hungary). This added a 700 metric ton/day non-GM multi-seed and corn germ processing facility. It will boost ADM's capacity to fulfill the growing demand for non-GM edible oils in Europe while associated with its global sustainability efforts and increased commitment to food security throughout the world.

In August 2024, Bunge (US) Launched Fiona Refined Sunflower Oil in Hyderabad, Telangana. It is further fortified with vitamins A, D, and E and boasts the novel VitoProtect formula, which increases vitamin transfer during cooking by as much as 50 percent compared with standard sunflower oils. This launch addressed increasing consumer demand for healthier oils to cook while maintaining nutritional value.

In March 2023, Wilmar International Ltd. acquired the remaining 24% stake in Calofic Corporation (Vietnam), the leading producer and distributor of vegetable oils. This acquisition makes Calofic an indirect wholly-owned subsidiary of Wilmar, enhancing its presence and market position in Vietnam. This shows that the company is committed to aggressively expanding its regional footholds.

Key Questions Addressed by the Edible Oils Market Report [https://www.marketsandmarkets.com/Market-Reports/edible-oils-market-198285285.html?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=edible-oils-market]:

What is the edible oils market?

Which factors are driving the growth of the edible oils market?

Which regions dominate the edible oils market?

What is the expected growth rate of the edible oils market?

Who are the major players in the edible oils market?

What is the current size of the edible oils market?

What are the latest trends in the edible oils market?

How is the edible oils industry responding to sustainability concerns?

What is the future outlook for the edible oils market?

How is the food service industry influencing the edible oils market?

What are the major challenges faced by the edible oils industry?

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