Oils Market Forecast
Food And Beverages

2024-2033 Oils Market Forecast: Predicted Growth Rate and Market Size

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How Rapidly is the Oils Market Forecasted to Grow Between 2024 and 2033?

The oil sector has witnessed substantial growth in recent years. The market value will expand from $84.19 billion in 2023 to $89.66 billion in 2024, boasting a compound annual growth rate (CAGR) of 6.5%. Various factors contribute to this impressive growth during the historical period such as industrialization, the rise in global population, economic progression, political steadiness, diverse food culture, and infrastructure development.

The size of the oils market is anticipated to witness steady expansion in the upcoming years, reaching a value of $110.86 billion by 2028, with a compound annual growth rate (CAGR) of 5.5%. This expansion throughout the predicted period is driven by factors such as the promotion of renewable energy, health awareness movements, actions to counter climate change, the shift towards plant-based food intake, government rules, and the demands of new markets. Key market trends during this forecast period are expected to encompass the use of technology in farming, technological advancements in oil extraction, innovative packaging solutions, products with clear ingredient labeling, and the adoption of sustainable procedures.

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What Factors Are Behind the Rapid Growth of the oils Market?

The escalating need for food is anticipated to stimulate the oils market’s expansion in the near future. The term “food” is typically used to describe a substance rich in proteins, carbohydrates, fats, and additional nutrients that the human body utilizes for energy generation, fostering growth, and facilitating other crucial functions. Specific oils like olive oil, canola oil, and sunflower oil, known for their high monounsaturated fats, are commonly used in the culinary world. These oils aid in reducing heart and cardiovascular diseases, as well as enhancing healthy cholesterol levels. As an example, a report published in September 2023 by the United Stated Department of Agriculture, a government agency located in the U.S., stated that in 2022, food expenses accounted for 12.8% of the total household expenditures in the U.S., which is a noticeable growth from the 12.4% observed in 2021. In addition to this, a worldwide report on food crisis, released by the World Food Programme in 2022, predicted that a massive 205 million individuals could become critically food insecure, with an urgent need for aid. Thus, the mounting necessity for food has become a major driving force behind the thriving oils market.

What Are the Principal Segments of the Oils Market?

1) By Oil Type: Palm Oil, Soybean Oil, Canola Oil, Sunflower Oil, Other Oil Types

2) By Form: Liquid, Solid

3) By Source: Fruits And Vegetables, Herbs And Spices, Flowers

4) By Method Of Extraction: Distillation, Carbon Dioxide Extraction, Cold Press Extraction

5) By Application: Food Industry, Biofuels, Other Applications

What Emerging Patterns Are Redefining the Oils Market?

One of the prevailing trends in the oil market is the emphasis on product innovation. Major organizations in the sector are prioritizing the creation of new merchandise to maintain their market standing. For example, KTC Edibles Ltd., a leading manufacturer and provider of edible oils based in the UK, introduced certified sustainable hard palm kernel oil (KPKO) in February 2023. The 100% vegetable oil is vegan-friendly and has a low trans fat content. HPKO is an ideal ingredient in ice cream and confectionery due to its neutral flavor and scent, which particularly complements both dairy-based and vegan products. This is largely attributed to its lack of additives, allergens, and genetically altered components. KTC’s expansion of its premium edible oils and fats line now includes this Certified Sustainable Segregated HPKO, adding to a variety of other products such as the UK’s exclusive Halal beef dripping and a newly launched premium Italian lard.

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Which Geographical Regions Are Shaping the Oils Market Growth?

Asia-Pacific was the largest region in the oils market in 2023. It is expected to be the fastest-growing region in the oils market report during the forecast period. The regions covered in the oils market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Oils Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the oils market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Oils Market Include

1. Oils Market Executive Summary

2. Oils Market Segments

3. Oils Market Size And Template Market Growth Rate

4. Key Oils Market Trends

5. Major Oils Market Drivers

……

25. Key Mergers And Acquisitions In The Oils Market

26. Top Oils Companies

27. Oils Market Opportunities And Strategies

28. Oils Market, Conclusions And Recommendations

29. Appendix

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