Edible Oils Market Size Expected to Reach USD 329.30 Billion by 2031 with a CAGR of 5.22 Percent Driven by Growing Demand for Processed and Organic Oils

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Edible Oils Market Size, Share & Trends Analysis Report By Type (Palm Oil, Soybean Oil, Sunflower Oil, Rapeseed Oil, Olive Oil), Packaging Type (Pouches, Jars, Cans, and Bottles), End Use (Domestic, Food Service and Industrial)- Market Outlook And Industry Analysis 2031"

The global edible oils market is estimated to reach over USD 329.30 billion by 2031, exhibiting a CAGR of 5.22% during the forecast period.

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Edible oil, derived from seeds, plants, and vegetables, is rich in fatty acids, phospholipids, and antioxidants. It is widely utilized in the food processing industry and for direct human consumption. Edible oil's low cholesterol, fat, and calorie content appeals to health-conscious consumers globally, contributing to its growing demand. Increasing crop yields and oil production in developing economies are key factors driving the expansion of the global edible oil market. The rising popularity of olive oil and soybean oil is expected to further accelerate market growth over the forecast period. Additionally, the growing consumer preference for organic edible oils and the rapid expansion of the food sector are projected to drive the edible oil market's growth trajectory.

Moreover, the increasing use of corn oil in commercial applications is anticipated to create substantial market opportunities in the coming years. Canola oil, with a lower fat content of approximately 6% compared to other edible oils, is positioned as a healthier and more cost-effective alternative to olive oil. The diverse health and culinary benefits of edible oil continue to drive consumer demand, thereby supporting sustained market growth.

List of Prominent Players in the Edible Oils Market:
• Archer Daniels Midland Company (ADM)
• Borges International Group, S.L.U
• Cargill Incorporated
• Bunge Limited
• Associated British Foods Plc
• Wilmar International Limited
• Louis Dreyfus Company
• Aceitera General Deheza S.A.
• American Vegetable Oils, Inc.
• United Plantations Berhad
• Golden Agri-Resources Ltd.
• Adani Wilmar Limited
• The Nisshin Oillio Group, Ltd.
• Richardson Internation Limited
• Hebany
• Graincorp
• Vicentin S.A.I.C
• Sunora Foods
• Aveno Nv
• Basso Fedele & Figli Srl
• Ajanta Soya Limited.

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Market Dynamics
Drivers:
The increasing global consumption of processed foods is expected to significantly drive market growth. The growing consumer preference for packaged and processed food products is anticipated to elevate the demand for edible oils, particularly for use in food preparation by small food chains, households, and restaurants. Additionally, rising income levels, coupled with urbanization and the expansion of the middle class, are contributing to more diverse dietary patterns, thereby increasing the demand for processed food products. According to a report by the Organization for Economic Cooperation and Development (OECD) and the Food and Agriculture Organization (FAO), the availability of vegetable oil in the least developed countries is projected to grow by 1.3% annually, reaching 9 kg per capita in 2030, compared to 7.96 kg per capita in 2020. Furthermore, the United States Department of Agriculture (USDA) forecasts that imports of cooking and edible oils into developing nations will increase by 34%, accounting for 79% of global import growth, driven by factors such as population growth and the expansion of the tourism industry. These factors are anticipated to propel market growth in the coming years.

Challenges:
Maintaining the nutritional integrity of edible oils remains a longstanding concern. The widespread adulteration of high-value edible oils with lower-quality alternatives poses a significant health risk to consumers. For example, in March 2021, Indian authorities discovered eight 15-liter containers of counterfeit Fortune soybean oil, a brand owned by Wilmar International Ltd. Although codex standards for edible oils are being continuously revised to enhance their utility in addressing authenticity issues, the rising incidence of oil counterfeiting is expected to impede market growth.

Regional Trends:
The Asia-Pacific edible oils market is projected to secure a substantial share of global revenue and is expected to grow at a high compound annual growth rate (CAGR) over the forecast period. This growth is primarily attributed to the high concentration of the aquaculture industry in China, India, Vietnam, and Indonesia. Additionally, increasing health awareness among consumers in developed markets such as Japan and Australia is driving the adoption of fish oil. Olive oil, known for its health benefits, has exhibited the fastest growth rate in the region. The rising demand from the food industry, driven by a growing base of health-conscious consumers, an expanding population, and evolving living standards, along with the presence of major palm oil-producing nations in the region, is expected to bolster market expansion. Moreover, the increasing consumption of processed food remains a key factor driving the demand for edible oils.

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Recent Developments:
• In March 2022, Desmet, a well-known player in the engineering and delivery of processing facilities and technologies for the edible oil and biofuel industries, was bought by Alfa Laval. The Desmet Ballestra Group had a division called Desmet. The acquisition bolstered Alfa Laval's position in renewable energy and allowed the company to expand its portfolio of edible oils.

Segmentation of Edible Oils Market-
By Product Type-
• Palm Oil
• Soybean Oil
• Sunflower Oil
• Sunflower Oil
• Rapeseed Oil
• Olive Oil
• Others
By Packaging Type-
• Pouches
• Jars
• Cans
• Bottles
• Others
By End-use-
• Domestic
• Industrial
• Food Service
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.