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Competitive Landscape: Leading Companies and New Entrants in the Oils Market
Oils Market Size
Projected Expansion and Market Size of the Oils Industry by 2030
The oils market is projected to expand significantly, reaching a valuation of $110.31 billion by 2030. This growth corresponds to a compound annual growth rate (CAGR) of 5.2% throughout the forecast period. Several factors fuel this rise, including an increased consumer focus on nutritious diets, heightened demand for plant-based and specialty oils, growth in biofuel production utilizing edible oils, widespread adoption of sustainable extraction methods, and intensified regulatory oversight on food-grade oils. Key market trends anticipated during this period include stronger demand for health-conscious cooking oils, greater use of cold-pressed and natural varieties, advancements in extended shelf-life technologies, growth in clean-label oil products, and heightened quality control in oil processing.
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Emerging Key Players Driving the Oils Market Forward
Notable companies currently operating in the oils market include Archer Daniels Midland Company, Bunge Limited, Wilmar International Limited, Cargill Inc, Louis Dreyfus Company, Olam Group Limited, Associated British Foods PLC, Unilever PLC, Sime Darby Plantation Berhad, IOI Corporation Berhad, United Plantations Berhad, Golden Agri-Resources Ltd, Mewah International Inc, Richardson International Limited, Adani Wilmar Limited, COFCO International Limited, Musim Mas Group, EID Parry Limited, Patanjali Foods Limited, Marico Limited, AAK AB, and Borges International Group.
A notable development occurred in April 2023 when Italy-based chemical firm Groupe Berkem acquired Biopress, a France-based producer specializing in 100% natural vegetable oils and proteins. This acquisition strengthens Berkem's presence in the health, beauty, and nutrition sectors, particularly within cosmetics and nutraceutical markets, by leveraging the benefits of plant oils and proteins.
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Key Trends Influencing the Oils Industry Landscape
Leading companies are innovating by introducing certified sustainable products that meet rising consumer demand for clean-label, low trans-fat, vegan-friendly, and ethically sourced edible oils. One example is the development of certified sustainable hard palm kernel oil (HPKO), which offers excellent oxidative stability and a neutral taste profile suited for confectionery and frozen food applications.
Illustrating this trend, in February 2023, KTC Edibles Ltd., a UK-based manufacturer and distributor, launched certified sustainable hard palm kernel oil (KPKO). This 100% vegetable oil is vegan-friendly, low in trans fats, and free from allergens, additives, and genetically modified components. Its neutral flavor and odor allow it to blend well with both dairy and vegan products, making it ideal for ice cream and confectionery. KTC's portfolio also includes the UK's only Halal beef dripping and premium Italian lard, adding to its range of high-quality edible oils and fats.
Comprehensive Segment Breakdown of the Oils Market
The oils market is segmented into several categories to provide a detailed understanding:
1) By Oil Type: Palm Oil, Soybean Oil, Canola Oil, Sunflower Oil, Other Oil Types
2) By Form: Liquid, Solid
3) By Source: Oilseeds, Fruit-Based Oils, Nut-Based Oils
4) By Method of Extraction: Cold-Pressed Oils, Expeller-Pressed Oils, Solvent-Extracted Oils, Refined Oils
5) By Application: Food Industry, Biofuels, Other Applications
Further divisions include:
- Palm Oil subtypes: Crude Palm Oil, Refined Palm Oil
- Soybean Oil subtypes: Crude Soybean Oil, Refined Soybean Oil
- Canola Oil subtypes: Refined Canola Oil, Cold-Pressed Canola Oil
- Sunflower Oil subtypes: Refined Sunflower Oil, Cold-Pressed Sunflower Oil
- Other Oil Types: Olive Oil, Coconut Oil, Corn Oil, Grapeseed Oil, Peanut Oil
This detailed segmentation allows for a thorough analysis of the oils market across various product types, extraction methods, and end uses, offering insights into where growth opportunities may lie.
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