Edible Oils Market to Surpass USD 370.1 Billion by 2034, Growing at a CAGR of 4.1%

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 2034"

The global edible oils market is estimated to reach over 370.1 billion by the year 2034, exhibiting a CAGR of 4.1% during the forecast period.

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Edible oils, extracted from seeds, plants, and vegetables, are rich sources of fatty acids, phospholipids, and antioxidants. They are extensively utilized in the food processing industry and for direct consumption due to their nutritional composition. The low levels of cholesterol, fat, and calories in these oils make them particularly attractive to health-conscious consumers worldwide, thereby fueling market demand. In addition, enhanced agricultural yields and increased oil production in emerging economies are key contributors to the global market's expansion.

The rising consumer inclination toward organic edible oils, along with the rapid growth of the food and beverage sector, is expected to further bolster the market. Notably, the growing popularity of olive and soybean oils is anticipated to be a significant growth catalyst during the forecast period. Furthermore, the increasing adoption of corn oil in various commercial applications presents lucrative opportunities for market development. Canola oil, offering a lower fat content-approximately 6%-in comparison to other edible oils, is gaining recognition as a healthier and more economical substitute for olive oil. The wide-ranging health benefits and culinary versatility of edible oils continue to support consistent global 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 growing global consumption of processed food products is a major factor propelling the demand for edible oils. The increasing consumer inclination toward packaged and convenience foods is expected to significantly boost edible oil usage, particularly among small food service establishments, households, and the restaurant sector. Rising income levels, urbanization, and the expansion of the middle-income population are contributing to evolving dietary patterns and increased consumption of processed foods. According to a joint report by the Organization for Economic Cooperation and Development (OECD) and the Food and Agriculture Organization (FAO), vegetable oil availability in the least developed countries is projected to increase by 1.3% annually, reaching 9 kg per capita by 2030, up from 7.96 kg per capita in 2020.

Additionally, data from the United States Department of Agriculture (USDA) indicates that imports of cooking and edible oils in developing nations are expected to rise by 34%, accounting for 79% of global import growth, driven by population expansion and the growing tourism sector. These developments are anticipated to support robust market growth over the forecast period.

Challenges:
One of the key challenges facing the edible oils market is ensuring the nutritional authenticity of products. The prevalence of adulteration, where premium edible oils are diluted with lower-quality substitutes, poses serious health risks. For instance, in March 2021, Indian authorities uncovered multiple containers of counterfeit Fortune soybean oil, a product of Wilmar International Ltd. Despite ongoing revisions to Codex Alimentarius standards aimed at enhancing oil authentication measures, the persistent issue of counterfeit oils is expected to hinder market expansion.

Regional Trends:
The Asia-Pacific region is anticipated to command a significant share of global edible oil revenues and register strong growth throughout the forecast period. This is largely due to the concentration of aquaculture industries in countries such as China, India, Vietnam, and Indonesia. Additionally, in developed markets like Japan and Australia, rising health consciousness is fueling demand for fish oil supplements. Olive oil, renowned for its health benefits, has emerged as the fastest-growing product segment in the region. Factors such as increasing consumer demand for healthier food options, population growth, improving living standards, and the strong presence of major palm oil-producing countries are expected to further stimulate market development. Moreover, the region's growing consumption of processed foods continues to be a critical driver of edible oil demand.

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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

Read Overview Report- https://www.insightaceanalytic.com/report/edible-oils-market/1675

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This release was published on openPR.