April 20, 2024
Edible Oils Market

Edible Oils Market is Estimated to Witness High Growth Owing to Rising Health Consciousness

Edible oils are extracted from plant and animal sources and are consumed directly or used in food preparations and cooking. They are a rich source of fatty acids and vitamins that provide energy and support several vital functions in the body. Key edible oils include soybean oil, palm oil, sunflower oil, rapeseed oil and olive oil among others which provide various health benefits like heart health, weight management and nutrient absorption. Due to growing awareness about the roles of fats in nutrition, individuals have been substituting hydrogenated oils and fats with healthier edible oils.

The Global Edible Oils Market is estimated to be valued at US$ 143.29 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the Edible Oils market are AJF Cigars, Boutique Blends Cigars, Fenn Thompson & Co. Royal Cigar Works, Gurkha Cigar Group, Imperial Brands, Joya De Nicaragua, S.A., Scandinavian Tobacco Group, Swedish Match AB, and Swisher. The increasing demand for plant-derived oils due to its associated health benefits is expected to offer lucrative opportunities for edible oils producers to expand their market share. Several leading edible oil producers are focusing on expanding their production capacity and global footprint to cater to the rising global demand.

Market drivers

The Global Edible Oils Market Demand is expected to grow at a significant rate due to rising health consciousness among individuals. As people become more aware about the roles of dietary fats in nutrition and weight management, they are gravitating towards healthier plant-based edible oils over saturated and trans-fat containing options. This increasing demand for low cholesterol and heart-healthy oils is a major growth driver for the edible oils market.
Political: The edible oils market is subject to various agricultural policies and import/export regulations set by governments across countries. Such policies influence the availability and prices of edible oils.

Economic: Factors such as changing consumer preferences towards healthier oils, rising disposable incomes, and growing food industry are driving the demand for edible oils. At the same time, volatile commodity prices and fluctuations in currency exchange rates pose challenges.

Social: Growing health awareness is shifting consumer preference towards oils that are considered healthier. Rising population and food consumption trends influence the consumption of edible oils.

Technological: Development of advanced oil extraction technologies is helping improve yields and extract high-quality oils. Investment in storage and distribution infrastructure aids in ensuring seamless supply chains. Investments are also being made in crops with higher oil content.

In terms of value, the edible oils market is concentrated in Asia Pacific due to heavy consumption countries like India, China, and Indonesia. Asia Pacific is estimated to account for over 60% of the global edible oils market value by 2030.

The Latin America region is poised to become the fastest growing regional market for edible oils during the forecast period. Factors such as burgeoning population, rapid urbanization, rising incomes, and growth in food processing are expected to boost edible oils demand from the region over the coming years. Countries like Brazil and Mexico will be the major demand centers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it