Edible Oils Market

Edible Oils Market Outlook (2023 to 2033)

The Market for Edible Oils can be expected to expand at a value based CAGR of 3.9% and show an increase in revenue from US$ 189,899.1 Million to around US$ 278,405.86 Million by 2033.

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Edible Oils Consumption Analysis (2018 to 2022) Vs. Market Estimations (2023 to 2033)

The Global Edible Oils Market has witnessed significant growth in the historical period registering a CAGR of 3.21% in the historical period and was valued at US$ 189,899.1 Million in 2023.

The food & beverage industry has been utilizing edible oils in various forms for multiple numbers of applications. Edible Oils are used to frying, salad dressings, cooking, and are also used in bakery, cosmetics, and personal care industries. The increasing demand for healthy oil is boosting the market for edible oils and is anticipated to flourish in the upcoming period. The global market for Edible Oils is estimated to reach an approximate valuation of US$ 278,405.86 Million in the forecast period.

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What are the Key Trends in the Market for Edible Oils?

“Changing Dietary Habits and Living Standards”

Life has become hectic and fast paced. This is the leading cause of health-related issues in the population. The increasing awareness about health and food leads to consumers preferring a healthy home-cooked diet in their daily lives. This drives a demand for more products in the edible oil market. Edible oils are prepared from various natural sources and have vitamins and minerals that are essential for maintaining proper metabolic functioning of the body.

“Rising Awareness of Benefits of Edible Oil”

CVDs (Cardiovascular diseases) are one of the main causes of mortality and morbidity globally. These diseases occur due to multiple gene interactions as well as environmental factors such as dietary habits and sedentary lifestyles. The quality of edible oils is widely considered to be intricately related to the pathogenesis of CVDs. Edible oil is among the vital dietary components in regular food intake. However, the benefits of edible oils can be deteriorated by continuous heating that causes lipid oxidation. The repeated usage of frequently heated edible oil is not unusual as it decreases the cost of food preparation. However, its negative impact is captured in the resultant products due to oxidation of lipids during the heating process. A prolonged intake of repetitively heated oil has been revealed to increase total cholesterol, blood pressure, and also lead to vascular inflammation.

“Growing Inclination towards Non-GMO Products”

Health has been a major driving force in the consumption of food and beverages only after taste and price due to the alarming rise in health problems. This has resulted in consumers taking preventive measures by being selective of the products that they consume. This is mainly seen in consumers who are aware of the various claims and certifications that are present for such products. Non-GMO is one such trend that has become very popular in many countries across the globe. North America, Europe, South Asia, and Oceania are regions where consumers are looking for labels that have the non-GMO claim on their products. The modification of products has been known for being risky for the well-being of humans, which has resulted in the increased demand for non-GMO products.

“Emergence of Non-food Uses of Edible Oil”

The demand for edible oils is also currently increasing for non-food uses such as for the production of cosmetics, personal care, and bio-diesel among other products. This trend is opening up new opportunities for manufacturers in the edible oil market. Coconut and avocado oils are widely used in skincare, hair care, and body care as they provide several benefits.

• For instance, hair care, skincare, cosmetics, and other personal care products that are offered by companies such as Marico, Emami, and others mostly use edible oils such as coconut, avocado oil in their products.

“Innovative Products Offering Nutritive Benefits”

Product innovation is a key strategy for manufacturers operating in the edible oil market to sustain their position in the industry. Companies operating in this field resort to extensive research and development activities to present new offerings to their consumers. Companies have opportunities in terms of adding innovative benefits to the products in terms of health and nutrition.

• In May 2016, Adani Wilmar launched diabetics care oil under its Fortune brand. The Adani Wilmar is the first Indian company that has launched this type of edible oil, and is thus effectively targeting the health-conscious population.

“Change in Consumer Preferences in Selection of Edible Oil”

With constantly changing edible oil preferences among customers, market players face challenges to choose the most effective strategies to entice consumers. The manufacturers thus have to cope-up with the changing consumer preferences and eating habits and thus have to modify their product offerings accordingly to keep up with the changing demands of the consumers. Strong branding and promotional activities coupled with the updating company’s inventory with new products requires a lot of financial backing. Hence, continuous change in consumer preferences might pose a challenge to the company due to greater financial inputs required.

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Country-wise insights

What is the Outlook for the South Asia & East Asia Edible Oils Market?

South and East Asia account for approximately 40% of the market share in the global edible oils market. South and East Asia have a dense cluster of multinational as well as local edible oils manufacturers. This has improved the market shares as well as market infiltration of these two regions. South Asia is anticipated to grow at a CAGR of ~5% and East Asia is expected to grow at a CAGR of ~ 6% during the forecast period. The Middle East and Africa are predicted to show a higher growth rate in comparison to other regions. The increasing rate of urbanization and changing lifestyle of consumers are propelling the demand for healthy foods thus for the edible oils. Also, the increasing popularity of organic, GMO-free, cholesterol-free trends are anticipated to boost the growth of the edible oils market.

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Category-wise insights

What is the Segmental Breakdown of the Edible Oils Market?

By type, the global edible oils market is segmented as palm oil, soybean oil, sunflower oil, olive oil, corn oil, rapeseeds oil, and others. By nature, the global edible oils market is segmented into organic and conventional. By end-use, the global edible oil market is segmented into industrial, food service, and retail.

Why is the organic segment expected to show higher growth as compared to its counterpart?

Organic products are good for the health because they are made with natural fertilizers. Even though pesticides and added chemicals are not used, these products are without harmful chemicals. Organic edible oils contain more minerals, fibres, essential vitamins, and antioxidant compounds than conventional products. As a result of the increased health and nutritional value these products provide to consumers, demand for organic edible oils is increasing.

Competitive Dashboard

Manufacturers of edible oils are evolving their marketing approaches according to the ongoing market trends. Most prominent suppliers of edible oils are now targeting the nutritional enhancement of the edible oils offered by them. Manufacturers have started offering various edible oils with various health benefits. Apart from that, the quality of the edible oils is kept at a high priority. In March 2018, Bunge Limited acquired Loders Croklaan. After this acquisition, Bunge Limited has become a global leader for B2B in the oil ingredients segment with a full product portfolio of tropical oils and softseed along with world-class innovation as well as application capabilities.

• In February 2019, Cargill launched a new palm oil product PalmAgility. The company launched the product due to the growing demand for palm oil in bakery products.
• In August 2018, Archer Daniels Midland Company announced the acquisition of certain assets of Brazil-based oilseed company Algar Agro. Assets included the production facility in Uberlândia and Porto Franco. This acquisition strengthened the company’s position in the Brazilian food and Oil market.
• In September 2019, Bunge Limited (Brazil), one of the leading food companies and agribusiness declared an agreement to purchase 30% of agricultural inputs reseller in Rio Grande do Sul, Agrofel Grãos e Insumos. This venture is allied with Bunge Limited’s strategy to emphasis on its staple businesses, hence strengthening its grains commencing position in the Brazilian market.
• In Oct 2018, ConAgra Brands Inc. successfully acquired Pinnacle Foods. Through this strategic acquisition, the company added new brands in the portfolio such as Duncan Hines, Birds Eye, Vlasic, Earth Balance, along with the emerging brands, such as Glutino, Gardein, Udi's, EVOL, and Wish-Bone among others.

Edible Oils Industry Report Scope

Edible Oils Industry Research by Category

By Nature:

• Organic
• Conventional

By Product Type:

• Palm Oil
• Soybean Oil
• Sunflower Oil
• Olive Oil
• Corn Oil
• Rapeseeds Oil
• Others

By End Use:

• Industrial
• Food Service
• Retail

By Distribution Channel:

• Business to Business
• Business to Consumer
  • Hypermarkets/Supermarkets
  • Specialty Stores
  • Convenience Stores
  • Online Retails

By Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa