The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Oils Global Market Report 2024, the oils market is expected to show significant growth in the forecast period.

The oils market has experienced robust growth in recent years, fueled by a myriad of factors. Let’s delve into the trends and projections shaping this vital industry.

Market Growth Projections

• Historic Trends: The market has shown substantial growth, with figures climbing from $84.19 billion in 2023 to $89.66 billion in 2024, representing a noteworthy CAGR of 6.5%. Factors such as industrialization, population growth, economic development, and culinary diversity have been instrumental in this trajectory.
• Forecasted Outlook: Anticipated growth indicates a continued upward trend, with the market set to reach $110.86 billion by 2028, growing at a CAGR of 5.5%. Drivers include renewable energy policies, health trends, climate change initiatives, and emerging market demands.

Rising Food Demand Driving Market Expansion

• Global Food Expenditure: The burgeoning demand for food is a key driver propelling the oils market forward. With food expenditure representing a significant portion of household spending, oils play a crucial role in food preparation and consumption.
• Addressing Food Insecurity: Reports highlighting severe food insecurity underscore the critical need for oils to sustain and nourish populations, further boosting market growth.

View More On The Oils Market Report 2024 – https://www.thebusinessresearchcompany.com/report/oils-global-market-report

Innovative Product Offerings Reshaping the Market

• Product Innovation Trends: Key players in the market are focusing on product innovations to maintain their competitive edge. For instance, KTC Edibles Ltd.’s launch of certified sustainable hard palm kernel oil (KPKO) caters to evolving consumer preferences for sustainable and healthy options.
• Strategic Acquisitions: Acquisitions, such as Groupe Berkem’s acquisition of Biopress, demonstrate a strategic approach to expanding portfolios and tapping into new market segments, particularly in cosmetics and nutraceuticals.

Market Segmentation

The oils market is segmented based on various factors:

1. Oil Type: Palm Oil, Soybean Oil, Canola Oil, Sunflower Oil, Other Oil Types
2. Form: Liquid, Solid
3. Source: Fruits And Vegetables, Herbs And Spices, Flowers
4. Method Of Extraction: Distillation, Carbon Dioxide Extraction, Cold Press Extraction
5. Application: Food Industry, Biofuels, Other Applications

Regional Landscape

• Dominance of Asia-Pacific: Asia-Pacific emerged as the largest region in the oils market in 2023 and is poised to maintain its position as the fastest-growing region in the forecast period. This underscores the region’s pivotal role in driving global market dynamics.

Request A Sample Of The Global Oils Market Report 2024:

https://www.thebusinessresearchcompany.com/sample_request?id=9827&type=smp

The Oils Global Market Report 2024  provides an in-depth analysis on the oils market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the oils market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Essential Oils Global Market Report 2024

Fats And Oils Global Market Report 2024

Magnetic Resonance Imaging Coils Global Market Report 2024

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: