Press release
Global Vegetable Oil Market Surge Towards Solid Growth by 2024
Vegetable oil is extracted from plants in the form of triglycerides; it is in the liquid state at room temperature. It is also available in the solid state at room temperature which is known as vegetable fats. Mainly oil is extracted from oil seeds but it can be extracted from plant or vegetable parts as well. It is not edible in nature but can be used in various industrial applications that include paints & lubricants, pharmaceuticals, cosmetics, and others.
Global Vegetable Oil Market: Growth Factors
Vegetable oil is largely used in the food industry; it provides a trans-fat free alternative. The vegetable oils are used in the fuel industry as feedstock in order to produce biofuel which is the major factor that is influencing the vegetable oil market. Palm oil is the best alternative for trans-fat for the cooking purpose thus giving rise to the market growth. Increasing health concerns and major benefits that are offered by the vegetable oils is the key driver that is triggering the overall market growth. Huge capital investment is required for the production processes of vegetable oil and the unstable prices of the vegetable oil may hinder the vegetable oil market to some extent.
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Global Vegetable Oil Market: Segmentation
The segmentation of the vegetable oil market includes its application, type, and extraction method. The application segment of the market is divided into biodiesel feedstock, food, and industrial. The food segment is further sub-segmented into salads and cooking oils, baking and frying processes, fatty ingredients, processed and frozen foods, margarine, and other spreads. The industrial segment is sub-segmented into lubricants, pharmaceuticals, paints, cosmetics, and others. Based on type segment, the market is segregated into palm kernel oil, sunflower oil, soybean oil, minor vegetable oil, rapeseed (canola) oil, and palm oil. The palm oil is the dominating segment among others. The extraction method segment is fragmented into sparging, solvent extraction, mechanical extraction, and hydrogenation.
Global Vegetable Oil Market: Regional Analysis
Region-wise, the vegetable oil market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Major revenue share of the market is obtained due to the rapid urbanization and accelerating convenience food sector in the Asia Pacific region.
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This may lead to increase in demand for the kernel and palm oil thus fueling the growth of the market. Increasing consumption of vegetable oils and growing awareness about biofuel and convenience foods in the Asian subcontinent region is expected to drive the market in the near future. North America also has a good contribution to the food and food service industry that may trigger continued demand for vegetable oil.
Global Vegetable Oil Market: Competitive Players
Major market players operating in the global vegetable oil market include Chinatex Corporation, Archer Daniel Midland Company, Bunge North America Inc., ACH Foods Company Inc, and Cargill Agricola S.A. Other influencing players include Carapelli Firenze S.P.A, ConAgra Foods Inc., Richardson Oilseed Ltd., J-Oil Mills Inc., and CHS Inc.
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