by The edible oils market is engaged in the production and distribution of various edible vegetable and seed-based oils such as soybean oil, sunflower oil, coconut oil, palm oil and canola oil. Edible oils provide essential fatty acids and vitamins that are necessary for a healthy diet. They are used for cooking purposes and as ingredients in processed foods, bakery products and confectionery items to enhance texture and flavor. Growing awareness about the various health benefits of consuming specific edible oils such as coconut and olive oil is supplementing the market growth.
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 2024 To 2031.
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.
Rising health consciousness and changing dietary patterns have increased the demand for Edible Oils Market Demand with specific health benefits. Product launches with unique ingredient blends and varieties tailored towards different cooking styles present lucrative opportunities in the market.
Emerging economies across Asia Pacific and Latin America with large population bases are gradually adopting western dietary habits which will drive the market expansion of key global edible oil brands in these untapped regional territories.
Market Drivers
Increasing focus on preventive healthcare and preference for natural cooking ingredients without trans-fat is a key market driver. Specific healthful edible oils like olive oil that have anti-inflammatory properties and reduce risks of cardiovascular diseases are gaining greater traction. Population growth and rising global food consumption also augment the demand for widely used edible oil varieties.
PEST Analysis
Political: The Edible Oils Market is highly regulated by governments around the world. Governments influence trade policies, impose taxes, and monitor product quality and safety standards.
Economic: Fluctuations in key commodity prices like soybean, palm, and canola impact the profitability of edible oil producers. The market also depends on consumer spending power which is influenced by macroeconomic factors.
Social: Consumer health awareness and preference for natural cooking oils is a major driver for the market. Demand increases for oils with attributes like high smoke points and nutritional value.
Technological: Advancements in oil extraction technologies have improved yields and efficiency. New hybrid seeds also help increase agricultural productivity and oil content per acre.
The edible oils market in terms of value is highly concentrated in Asia Pacific due to large population size and strong domestic consumption. Countries like India and China account for major shares of the global market. South America is another significant region driven by large soybean and palm oil production in Brazil.
The Middle East and Africa region is poised to be the fastest growing market for edible oils during the forecast period. Factors such as rapid urbanization, rising affluence, and population growth are increasing demand for packaged and branded edible oils. Countries with large imports like Egypt, Turkey, and Nigeria will contribute substantially to regional market expansion.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
