Cooking Oils & Fats Market Scenario Highlighting Major Drivers & Growth, 2031

The global cooking oils & fats industry generated $63.34 billion in 2020, and is projected to reach $104.66 billion by 2031, witnessing a CAGR of 4.5% from 2022 to 2031.

Increase in awareness of fat and oil fortification, rise in relevance of vegetable oil as a crucial element in lowering the risk of cardiovascular disease & breast cancer, increase in demand in confectionery & bakery, processed & ready-to-eat foods, and the expansion of hotels, cafés, & restaurants drive the growth of the global cooking oils & fats market. Moreover, governments of various countries have established a slew of policies to encourage the production and use of vegetable oils, which present new opportunities in the upcoming years.

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Increase in awareness of adverse side effects of transfat in traditional users is expected to hamper the cooking oils and fats market growth.

Cooking oils and fats are primarily composed of polyunsaturated, saturated, and monounsaturated fatty acids, which are the fundamental components of every individual's normal diet. Oils and fats are the primary sources of essential fatty acids and are calorie-dense macronutrients.They are good transporters of fat-soluble vitamins A, D, E, and K. Oils and fats are important in the baking and confectionery industries.

Increase inrelevance of vegetable oil as a crucial element in lowering the risk of cardiovascular disease and breast cancer is expected to function as a positive factor for the growth of the global cooking oils & fats market. Another key element driving the growth of the global cooking oils and fats market is the growing awareness of fat and oil fortification. In addition, increase in demand in confectionery & bakery, processed & ready-to-eat foods, and the expansion of hotels, cafés (HORECA), & restaurants is expected to have a significant influence on the global cooking oils and fats market opportunities for growth.

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Several governments of various countries have established a slew of policies to encourage the production and use of vegetable oils, causing the industry to expand. The Renewable Energy Directive has largely pushed the European Union's usage of vegetable oil for biofuel (RED). The directive, enacted in 2009, calls for renewable energy to account for 10% of road and rail transportation energy consumption by 2020. This aim must be implemented by EU member states (countries), together with national regulations and incentives such as blending requirements. Palm oil accounts for approximately 20% of the European Union's output of biodiesel (fatty acid methyl ester) and renewable diesel (hydro-treated vegetable oil). Rapeseedand animal fats are two additional important feedstock for the production of diesel alternatives.

The cooking oils and fats market segments are on the basis of product type, form, distribution channel, and region. On the basis of product type, the market is segmented into vegetable & seed oil, spreadable oils & fats, butter, margarine, olive oil, and others. By form, the market is segmented into liquid and solid. On the basis of distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, online channels, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and rest of LAMEA).

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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, North America is projected to manifest the fastest CAGR of 5.9% during the forecast period.

Leading players of the global cooking oils & fats market size analyzed in the research include Ajinomoto Co. Inc., Archer-Daniels-Midland Company, Associated British Foods Plc., Bunge Ltd., Cargill Incorporated, CHS Inc., Conagra Brands Inc., Fuji Oil Holdings Inc., Ghananuts Company Limited, and Wilmar International Ltd.

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