Global Cooking Oils and Fats Market Gaining From Popularity of Processed Foods

The global market for cooking oils and fats is gaining traction from a number of factors, such as growing demand from the vastly populated emerging economies such as India and China, increasing consumption of processed foods, incremented usage of high quality edible oils, health benefits associated with the consumption of fats and cooking oils, escalating demand for biodiesel, and requirement coming from the bakery and confectionery market. On the other hand, health concerns regarding the excessive consumption of fats and oils, legislations pertaining to labeling of fats and oils, safety issues, and high cost of raw materials are some of the factors obstructing the global cooking oils and fats market from attaining its true potential.

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As per the findings of a recent report by Transparency Market Research, the demand in the global cooking oils and fats market will increment at a CAGR of 0.7% during the forecast period of 2015 to 2021, reaching a valuation of US$65.2 bn by 2021, up from its evaluated worth of US$59.8 bn in 2014. Emerging application of fats and oils as alternatives of trans-fats and rapid growth in the raw material cultivation and production are two trends that are expected to favor the market in the near future.

Which segments are most lucrative?

Based on product type, the TMR report segments the global cooking oils and fats market into spreadable oils and gats, vegetable and seed oil, butter, olive oil, cooking fats, and margarine. Currently, vegetable oils segment offers the maximum demand, both in terms of volume and value. Sunflower, rapeseed, soybean, coconut, palm, and cotton seed are some of the commonly used raw materials for cooking oils and fats, which finds application in various food segments as well as in other industrial applications. Growing awareness among the consumers regarding the low-cholesterol, low-calorie content, low fat, tastes, and textures offered by vegetable cooking oils and fats is expected to drive the demand for this segment in the near future.

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Which region is most profitable in the global cooking oils and fats market?

Geographically, the TMR report takes stock of the potential of cooking oils and fats market in the regions of Europe, North America, Asia Pacific, and the Rest of the World. In 2014, the Rest of the World accounted for the maximum demand, and is expected to remain most profitable, incrementing the demand at a CAGR of 1.60% during the forecast period of 2015 to 2021. Increasing disposable income and changing lifestyle are some of the key factors driving the demand from this region.

How stiff is the competition among the leading vendors?

As per the findings of the TMR report, the global cooking oils and fats market is moderately fragmented, with Unilever plc, Ajinomoto Co. Inc., Associated British Foods plc, Wilmar International Ltd, and CHS Inc. holding prominent positions. Product innovation is the most prominent strategy for the players in this market to gain ground over their competitors.

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This release was published on openPR.