Vegetable Oil Market Rugged Expansion Foreseen by 2024
Vegetable oils are derived from plant seeds or their parts and have a wide variety of food and non-food applications. Major types of vegetable oils include sunflower oil, rapeseed oil, soybean oil, palm kernel oil, and palm oil. The use of palm oil in cooking and various applications in the food industry is gaining popularity propelled by a number of factors. In the recent years, palm oil as edible oil has increasingly gained traction in several countries of Southeast Asia and various parts of Africa and South America. World over, there is surging demand for palm oil due to its functional properties, such as a viable substitute for trans-fats, and lower cost of production than other commonly used oils such as soybean oil. This bodes well for the growth of the global vegetables oil market. In many parts of the globe, palm oil is preferred in making margarines. The soaring popularity of palm oil as feedstock in manufacturing biofuels is offering a robust impetus to the demand for the oil.
However, owing to surging environmental concerns in various developed regions, particularly in Europe, the market for palm oil is likely witnessed turbulent times ahead. The unregulated production of palm oil in several European countries has led to concerns of deforestation and the noticeable loss of peat lands. Consequently, various advocacy groups in Europe concerned with the carbon footprint opine this to adversely affect the biodiversity. Nevertheless, it is still considered as the most versatile oilseed crop world over.
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Vegetable oil is plant or vegetable derived oil that is in liquid state in room temperature. It is a plant extracted triglyceride. Vegetable oils that are solid in room temperature are known as vegetable fats. Primarily, oil is extracted from plant seeds, although they can be derived from other plant or vegetable parts aswell.
Vegetable oils that are not edible in nature are used in industrial applications, pharmaceuticals, cosmetics, paints and lubricants. The global vegetable oil market is segmented on the basis of type, extraction method, application, and geography. On the basis of type, the global market is segregated into sunflower oil, rapeseed (canola) oil, soybean oil, palm kernel oil, palm oil, and minor vegetable oil. Palm oil held the most dominant market share in 2015 and is forecasted to witness a steady growth rate over the forecast period. This is attributed to its low price among all the variants of vegetable oil and its continued demand from the food sector for use in cooking oil, frying fat, bakery fat, and margarine among others. Its growing application in the form of feedstock in the bio-fuel industry is also a major reason for its continued steady growth. Sunflower oil is experiencing significant growth in this category. This is attributed to its property ofproviding a trans-fat free alternative in the food service industry. On the basis of extraction method, the global vegetable oil market is segregated into mechanical extraction, solvent extraction, hydrogenation, and sparging. Mechanical extraction held the keymarket share in 2015 and is expected to grow at a steady rate over the forecast period.
Hydrogenation is the most speedilygrowing segment in this category. On the basis of application, the global market for vegetable oil is segregated into food, industrial, and bio diesel. Food application is further segregated into baking & frying processes, salads & cooking oils, fatty ingredients, margarine & other spreads, frozen&processed foods, and others. Industrial application is sub-divided into paints, lubricants, cosmetics, pharmaceuticals, and others. In the biodiesel segment the major application of vegetable oil is in feedstock.
Major drivers of the global vegetable oil market include increasing use of vegetable oil in the food industry as they provide a trans-fat free alternative. Increasing demand for vegetable oils in the bio fuel industry as feedstock to produce bio fuel is another major driver. Growing health benefits of a few vegetable oils is another major reason triggering the overall market growth of vegetable oil globally. High price volatility of vegetable oils is a restraint that is hindering market growth as it is resulting in lack of working capital required to carry on with the production processes. Palm oil as a reliable substitute to trans-fat in the cooking sector is a promising opportunity for the growth of the vegetable oil market globally.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific was the most dominant market in 2015 and is forecasted to maintain its dominance over the forecast period owing to the growing convenience food sector as a result of urbanization. This in turn increases the demand for palm and kernel oil. North America closely follows Asia Pacific owing to the large size of the food and food service industry which triggers continued demand for vegetable oil.
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Major players of the global vegetable oil market include Archer Daniel Midland Company, ACH Foods Company Inc, Cargill Agricola S.A., Bunge North America Inc., Chinatex Corporation, ConAgra Foods Inc., J-Oil Mills Inc., Carapelli Firenzi S.P.A, CHS Inc., and Richardson Oilseed Ltd. among others.
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