Vegetable Oil Market to grow at 6.52 Percentage CAGR, with Europe leading the market through 2030

The Vegetable Oil Market is expected to reach USD 293.73 Bn by 2030, driven by the growing awareness about the negative effects of trans fats and saturated fats found in some oils is pushing consumers toward vegetable oils with lower fat content.

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Vegetable Oil Market to Hit USD 293.73 Bn by 2030

The Vegetable Oil Market was USD 188.77 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 10.5% from 2023 to 2030, reaching USD 293.73 Bn by 2030. The rise in global population and urbanization particularly in emerging nations raises demand for packaged and processed foods, which frequently include vegetable oils. In nations like India, China, and Brazil this trend is especially prominent. The Vegetable Oil Market is expanding in non-food industries like cosmetics, pharmaceuticals, and bio-based products. In 2024, Exports of vegetable oil from the United States, excluding soybean oil, were 700,313 metric tons and were valued at USD 1.14 billion.

Vegetable Oil Market Segmentation

By Type: The Vegetable Oil Market is segmented as Palm Oil which is extracted from the fruit of the oil palm tree, which is the most widely produced and consumed vegetable oils globally, especially in Indonesia and Malaysia. Sunflower Oil is also widely consumed in Europe and parts of Asia. It is rich in vitamin E and marketed as a healthier oil with high demand. Olive Oil is mostly used in Mediterranean cooking and salad dressings.

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By Applications: The vegetable oil market is also segmented by its various applications, Vegetable oils are the key ingredients of the food industry and are widely frying, sautéing, and baking. A smaller portion of the vegetable oil market is directed toward animal feed production. The two nations that produce the most, China and Indonesia, are predicted to continue to dominate the market in upcoming years.

Vegetable Oil Market Regional Analysis

The United States is one of the biggest producers and consumers of vegetable oil, in which soyabean oil dominates the food processing industry. The non-dominating oils like Canola oil are produced in large quantities, especially in North Dakota and other U.S. states. Palm oil is also widely consumed in the US so some pressure is created to make it more healthily.

In Germany in 2023 The consumption of vegetable oils was approximately 4.48 million metric tons continuing a downfall trajectory that began in 2014. This signifies the last two years have seen an average yearly decline of 1.37%, while the last five years have seen a compound annual growth rate (CAGR) of -1.14%.

China showed a visible trend toward healthier cooking oils, as buyers look for products high in omega-3 fatty acids, such as flaxseed and canola oils. With heart health as a top priority, this development demonstrates a wider understanding of nutrition and well-being among health-conscious people.

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Vegetable Oil Market Competitive Landscape

Archer Daniels Midland Company, in 2014 acquired Swiss-German natural ingredient company Wild Flavors for $3 billion and also acquired a 75% stake in these four pet food companies for a total of $450 million.

Bunge Limited merged with Viterra Limited at $34 billion in 2023. Through this merger, Bunge will be in a stronger position to take on market leaders like Cargill and Archer-Daniels-Midland.

Cargill, Incorporated agreed to acquire the remaining 50% stake in SJC Bioenergiain 2025. Cargill declared its intention to pay $81 million to acquire Golden Growers' share of ProGold in 2024.

Conclusion

The market for vegetable oil is anticipated to grow at a significant compound annual growth rate (CAGR) due to its growing use in food, biodiesel, and cosmetics.
Rising health-conscious consumer preferences, government initiatives supporting renewable energy sources, and supply chain interruptions brought on by geopolitical and climatic changes

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