Global Oils Market Size, Drivers, Trends, Opportunities And Strategies – Includes Oils Market Outlook
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Increased food consumption is likely to stimulate innovation in oil manufacturing, propelling the market during the forecast period.
The global oils market is expected to grow from $89.68 billion in 2022 to $96.14 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The global oils market size is expected to reach $118.91 billion in 2027 at a CAGR of 5.5%.
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Global Oils Market Segments Include:
- By Oil Type: Palm Oil, Soybean Oil, Canola Oil, Sunflower Oil, Other Oil Types
- By Form: Liquid, Solid
- By Source: Fruits And Vegetables, Herbs And Spices, Flowers
- By Method Of Extraction: Distillation, Carbon Dioxide Extraction, Cold Press Extraction
- By Application: Food Industry, Biofuels, Other Applications
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global oils market in 2021.
Major Market Players in the oils market include Associated British Foods PLC, Archer Daniels Midland Company, Bunge Limited, Wilmar International Limited, United Plantations Berhad, Unilever PLC, Mewah International Inc., Sime Darby Plantation Berhad.
Product innovations are a crucial trend that is gaining traction in the oil sector. To maintain their market position, major oil firms are working on the development of new goods. KTC Edibles Ltd., a UK-based independent manufacturer and distributor of edible oils, for example, launched certified sustainable hard palm kernel oil (KPKO) in February 2023, a 100% vegetable oil suitable for vegans and low in trans fats. HPKO is appropriate for usage in ice cream and confectionary products. Because it is devoid of additives, allergens, and genetically engineered components, KTC HPKO has a neutral flavour and odour that combines well with both dairy-based and vegan products. Certified Sustainable Segregated HPKO has been added to the company’s growing collection of premium edible oils and fats. It joins a variety of other products in the KTC portfolio, including the UK’s first and only Halal beef dripping and a premium Italian lard that was just introduced.
The Oils Global Market Report 2023 provides a oils market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The oils market forecast analyzes oils market size, oils market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Oils are fatty liquids derived from plants, animals, or synthetic materials that are used in frying, baking, and food preparation. These oils’ principal function is to lengthen the shelf life of the food, but they also serve as a natural flavouring element.
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