Global Fats And Oils Market Analysis: Size, Drivers, Trends, Opportunities And Strategies
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The fats and oils market has demonstrated robust growth, expanding from $170.87 billion in 2023 to $184.28 billion in 2024, with a compound annual growth rate (CAGR) of 7.9%. This growth in the historical period is credited to strong economic growth in emerging markets, an increase in the world population, and shifts in dietary patterns. Looking forward, the market is poised for continued strong growth, reaching $237.8 billion in 2028, with a projected CAGR of 6.6%. The anticipated growth is driven by government support, rising demand for vegetable oil in energy and cosmetic industries, heightened demand from health-conscious consumers, and increasing demand in the food service and retail sectors. Key trends for the forecast period encompass the production of cooking oils through fermentation with a clean, neutral taste and high smoke point, a focus on leveraging e-commerce platforms, the adoption of novel fat technologies, the development of automated cooking oil management systems, and the creation of innovative products using advanced technologies.
Many countries worldwide are grappling with declining crop prices due to overcapacity, leading to reduced raw material costs for fats and oils manufacturing companies. As of November 2022, the Cabinet Committee on Economic Affairs in India announced an $8.4 billion (Rs 7000 crore) bailout package for sugar production sectors. This aimed to establish a minimum selling price of refined sugar at $0.35 (Rs 29 per kilogram) to counter the recent drop in prices to Rs 23-24 resulting from overproduction. Additionally, a buffer stock of 3 million tonnes of sugar for one year was created. This overproduction trend is projected to contribute to increased profit margins for food and beverage companies, enabling fat and oil manufacturers to enhance productivity and sustain market growth. The market size for 2023 is influenced by these dynamics, with the situation expected to persist through 2024 and 2028.
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What Are The Key Trends That Influence Fats And Oils Market Share Analysis?
Manufacturers are increasingly offering avocado oil to meet the rising demand from health-conscious consumers. Avocado oil, rich in healthy fats and vitamins, is sought after for its health benefits. Global avocado fruit production is expected to rise by nearly 200,000 metric tons annually, with Mexico producing around 1.8 million metric tons, further driving demand for avocado oil.
Which Market Players Are Driving Growth In The Fats And Oils Market?
Major companies operating in the market are Bunge Limited, Wilmar International Limited, Archer Daniels Midland Company (ADM), Mewah International Inc, AAK AB, Cargill, Incorporated, The Nisshin Oillio Group, Musim Mas Group, Fuji Oil Co. Ltd, Associated British Foods PLC, Miyoshi Oil & Fat Co Ltd, IOI Group, Fairchem, Australian Chemical Industries Int Co, Jayant Oils And Derivatives Ltd, Atlas Chemicals, Guangdong Jiangmen Chemical Plant, Shanghai Yan’an Grease Chemical Co Ltd, Gysmecol (Guangzhou) Technology Co Ltd, Eastman Chemical Company, BASF SE, Aker BioMarine, Oleon NV, Emery Oleochemicals GmbH, Kao Oleochemical, Ashland Global Specialty Chemicals Inc, Zaplaza Tec, Krasnogorsk Oil Plant Llc, Th Ekobiotek-Uktaine Ltd, Verona Agroexport, Pe Rpc Elitphito, Oliya Voluni, Flp Kasap, Bulk Apothecary, Vigon International, Ingredients Online, Sonneborn LLC, Welch Holme & Clark Co Inc, Amazonian Natural Oils, Copacol foods, Crista Industria E Comercio Ltda, Romero E Jacobucci Ltda, Arab Sudanese Vegetable Oil Company (ASVOC), Emek Yag Sanayii AS, Egenin Kalbi, Balsari Yag Sanayi Ve Ticaret Limited Sirketi, United Foods Company, Abu Dhabi Vegetable Oil Company (ADVOC), AJWA Group Food Industries, Olam Togo SARL.
How Is The Global Fats And Oils Market Segmented?
The fats and oils market covered in this report is segmented –
1) By Type: Fats, Oils
2) By Product Type: Palm Oil, Sunflower Oil, Olive Oil, Soybean Oil, Rapeseed Oil, Other Product Types
3) By Source: Plants, Animals
4) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
5) By Application: Food And Beverages, Personal Care, Pharmaceutical, Animal Feed, Other Applications
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The Fats And Oils Global Market Report 2024 provides an overview of the fats and oilsmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The fats and oils market forecast analyzes fats and oils market size, fats and oils market share, leading competitor and their market positions.
The Table Of Content For The Fats And Oils Market Include
1. Fats And Oils Market Executive Summary
2. Fats And Oils Market Segments
3. Fats And Oils Market Size And Template Market Growth Rate
4. Key Fats And Oils Market Trends
5. Major Fats And Oils Market Drivers
……
25. Key Mergers And Acquisitions In The Fats And Oils Market
26. Top Fats And Oils Companies
27. Fats And Oils Market Opportunities And Strategies
28. Fats And Oils Market, Conclusions And Recommendations
29. Appendix
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