Edible Oils Market is Estimated to Witness High Growth Owing to Rising Health Awareness
Edible oils such as vegetable oils, olive oil, and sunflower oils are rich sources of vitamins E and K along with essential fatty acids that provide numerous health benefits. They promote heart health, lower cholesterol levels, and reduce inflammation in the body. Increasing consumer awareness about the health advantages of consuming edible oils regularly is driving the demand for these products. Edible oils can be used for cooking purposes as well as in salad dressings and dips.
Global edible oils market is estimated to be valued at USD 233.05 Bn in 2024 and is expected to reach USD 321.43 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Key Takeaways
Key players operating in the edible oils market include Kamstrup, Danfoss, Qundis, Itron, Zenner, Engelman, Ista, Landis+Gyr, Diehl, Sontex, Brunata, Apator, Techem, Techno-Trade, GWF MessSysteme, Weihai Ploumeter, Axioma Metering, Zhifang Huaxu, Sensus Metering Systems, and Emerson. The key players are focusing on new product launches, mergers & acquisitions, and technological advancements to expand their market share. For example, Kamstrup launched advanced meters for heat, cooling, and water in 2021.
The Edible Oils Market Demand from the food processing and foodservice industries presents significant growth opportunities for market players. The expanding applications of edible oils in cosmetics and personal care products is another key opportunity.
Driven by rising incomes and health awareness, the demand for edible oils is growing rapidly across developing regions such as Asia Pacific and Latin America. Leading companies are focusing their expansion strategies on these high potential emerging markets to tap the opportunities.
Market Drivers
Rising health awareness regarding the various benefits of edible oils is a major driver for the market. Edible Oils Market Size and Trends are rich in fatty acids that are essential for the human body. Regular consumption of edible oils lowers cholesterol levels and reduces the risk of cardiovascular diseases. The health advantages associated with edible oils are the primary factor fueling their increased demand.
PEST Analysis
Political: Government support and promotion of edible oil production through subsidies benefit edible oil producers and farmers. Regulations regarding food quality and safety standards impact the edible oils market.
Economic: Rising income levels and growing population translate to increased demand for food including edible oils. Fluctuations in agricultural commodity prices affect the prices of edible oils.
Social: Changing dietary habits and preferences toward healthier oils lead to new product launches. Rising health consciousness increases demand for lower cholesterol oils.
Technological: Advancements in oil extraction technologies improve yields. Innovations in oil processing leads to better shelf life and nutritional quality of edible oils. New techniques aid cheaper and faster production.
Geographical concentration of Edible Oils Market
The Asia Pacific region accounts for the largest share of the global edible oils market in terms of value. Countries such as India, China, Indonesia and Malaysia are major producers, consumers and importers of edible oils. Vast cultivation of oilseeds along with favorable climatic conditions aid efficient production. Growing population, changing diets and rising incomes propel market growth in the region.
Fastest growing region for Edible Oils Market
The Middle East and Africa region is expected to witness the fastest growth in the edible oils market during the forecast period. Increasing health consciousness and product innovations catering to regional tastes drive market expansion. Economic development and consumer spending power in countries support market demand. Population surge and urbanization further support market value growth in the region.
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