Edible oils are widely used in daily cooking applications and food processing industries owing to their nutritional benefits. Various oils like soybean oil, canola oil, olive oil, palm oil and sunflower oil are rich sources of vitamins, minerals and antioxidants. Moreover, increasing health issues due to refined oils have raised awareness about benefits of consuming natural and unrefined edible oils.
The global Edible Oils Market is estimated to be valued at US$ 143.29 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the edible oils market is increasing health consciousness among consumers. There is a rising shift towards consumption of healthier edible oil options as prolonged use of refined oils is linked to various health issues like heart diseases and diabetes. Moreover, natural and cold-pressed oils retain maximum nutrients as they are produced without using any chemicals. This is increasing their demand. Consumers are also preferring edible oils with various health benefits like olive oil which contains antioxidants or coconut oil supporting heart health. Leading manufacturers are launching new product lines featuring specific health benefits to cater to evolving consumer preferences. advanced technologies, and organic and sustainable sourcing will continue to offer significant growth opportunities for players in the edible oils market during the forecast period.
Segment Analysis
The edible oils market is dominated by the palm oil segment. Palm oil accounts for approximately one-third of the total edible oil production globally due to its versatility and widespread cultivation in Southeast Asia and Africa. Palm oil has diverse applications across food processing, personal care, and other industrial sectors. It is likely to remain the most consumed edible oil globally during the forecast period due to its lower cost compared to other edible oils.
Key Takeaways
The Global Edible Oils Market Share is expected to witness high growth. The global Edible Oils Market is estimated to be valued at US$ 143.29 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Asia Pacific dominates the global edible oils market and is expected to maintain its leading position throughout the forecast period. Countries like India, China, Indonesia, and Malaysia are the major producers and consumers of edible oils in the region. Growing population and rising income levels in developing Asian countries will augment the demand for edible oils in the coming years.
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 edible oils market is moderately fragmented with the presence of many international as well as regional manufacturers. Leading players are focusing on business expansion and product innovation to strengthen their global presence.
For more insights, Read- https://www.rapidwebwire.com/edible-oils-market-demand-share-analysis/
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