Edible oils are used for cooking and flavoring purposes as they provide essential nutrients including Vitamin E, fatty acids, and antioxidants. Edible oils such as olive, canola, soybean, sunflower, and corn oils are widely used in food preparations owing to their nutritious properties and health benefits. They help lower blood pressure and risks of heart diseases due to the presence of unsaturated fatty acids.
The global Edible Oils Market is estimated to be valued at US$ 180 billion in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023.
Market key trends:
Demand for healthy alternatives has been a key trend fueling the growth of the edible oils market. Many consumers are shifting towards edible oils that provide enhanced nutrients and lower risks of health issues. This trend has accelerated the demand for olive, canola, and soybean oils as they contain monounsaturated and polyunsaturated fatty acids known to reduce bad cholesterol in the body. Major players are launching new product lines and variants of these oils to cater to the rising consumer demand. Furthermore, natural and organic oils are also gaining immense traction attributed to clean label and health halo around them.
Segment Analysis
The global edible oils market is dominated by the vegetable oils segment. Vegetable oils account for over 80% of the total edible oils market share globally. Within vegetable oils, soybean oil is the most widely produced and consumed oil across the world. Soybean oil is versatile and affordable, and offers a mild taste, making it suitable for various cooking purposes. This has aided the widespread adoption of soybean oil in the food industry. Other popular vegetable oils in the edible oils market include canola oil, sunflower oil, and palm oil.
Key Takeaways
The Global Edible Oils Market Size is expected to witness high growth over the forecast period.
Regional analysis: Asia Pacific currently dominates the global edible oils market, accounting for over 50% of the overall demand. China, India, and Indonesia are the top three edible oils consuming countries globally. The large population and improving living standards in the region support the robust edible oils consumption.
Key players operating in the edible oils market are Cargill, Archer Daniels Midland, Bunge, Wilmar International, Associated British Foods, ACH Food, and Conagra Brands. The edible oils market is moderately consolidated in nature.
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