Vegetable Oil Market Analysis by Top Manufacturers with Recent Trends 2033

The global vegetable oil market was valued at USD 302.1 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.3% through the forecast period, reaching USD 524.6 billion by 2032, according to a new report. Growth is being fueled by rising demand for fortified oils, expanding industrial use, and increasing consumer interest in plant-based and natural products.

A key factor driving this market is the growing push for fortified vegetable oils to address widespread micronutrient deficiencies. Vitamin A and D deficiencies, particularly among pregnant women and children, have led to health concerns that governments and food safety authorities are actively working to address. In India, the Food Safety and Standards Authority of India (FSSAI) has proposed mandatory fortification of edible oils. Industry players such as BASF West Africa have also introduced Vitamin A premixes for small- and medium-sized producers.

The use of vegetable oils is not limited to food products. Their versatility makes them essential in a wide range of industries including cosmetics, personal care, pharmaceuticals, and especially biofuels. The rising focus on renewable energy is further boosting demand for vegetable oils in biodiesel production. Research efforts, such as the collaboration between India's Central Mechanical Engineering Research Institute and the Council of Scientific and Industrial Research to develop biodiesel from vegetable oil, are also contributing to the market's expansion.

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However, the market faces significant challenges. Palm oil, the most widely consumed vegetable oil globally, has been linked to large-scale deforestation, especially in Indonesia and Malaysia. Environmental concerns over the destruction of rainforests and greenhouse gas emissions may impact future growth as governments and environmental groups push for more sustainable alternatives.

In terms of product type, palm oil led the market in 2023, accounting for the largest revenue share. Its wide use in cooking, processed foods, and non-food products such as soaps and cosmetics makes it a preferred choice globally. Major companies like Nestlé have committed to sourcing palm oil responsibly, adding momentum to this segment. Meanwhile, soybean oil is expected to see the fastest growth due to its increasing use in cooking and food manufacturing. Brands like Wesson continue to promote soybean oil as a healthier option with high utility.

By application, the food products segment dominated the market in 2023 and is expected to continue leading in the coming years. Vegetable oils are used extensively in frying, baking, and food processing. Companies like Kraft Heinz and Nabisco use vegetable oils to improve the texture, flavor, and shelf life of their products.

Packaging type also plays a role in market dynamics. The pouch segment accounted for the largest share in 2023 and is expected to grow the fastest. Pouches are preferred for being lightweight, cost-effective, and more environmentally friendly than bottles or cans. Brands such as O-Live & Co. are adopting pouch packaging for premium oils, appealing to eco-conscious consumers.

Some major players included in the global vegetable oil market report are:

Wilmar International Ltd.

Conagra Brands, Inc.

Manischewitz Company

Cargill, Inc.

Bunge

Olam Agri Holdings Pte Ltd.

Hanoon Oil Factory

Colorado Mills

PPB Group Barhad

Oliyar

Avril SCA

Optimus Agro

RISOIL SA

Macjerry Sunfloweroil Company Ltd.

KAISSA Oil

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