Global Vegetable Oil Market Report Forecast By Oil Type (Palm Oil, Soybean Oil, Rapeseed Oil, Sunflower Oil, Olive Oil, Others), Application (Food, Feed, Others), Distribution Channel (B2B, B2C), Countries and Company Analysis 2024-2032

Global Vegetable Oil Market Analysis

Global Vegetable Oil Industry Outlooks

A liquid fat obtained from a variety of plants, mostly from seeds or fruits, is called vegetable oil. Canola, corn, soybean, and sunflower are common sources. It is a common ingredient in baking and cooking, adding moisture and acting as a flavor enhancer and heat transmission medium. Biofuels, skincare items, and soaps are also made with vegetable oils. Essential fatty acids are abundant in them, although the nutritional content varies based on the supplier. Certain vegetable oils include large amounts of unsaturated fats, which, when taken in moderation, are usually thought to be heart-healthy.

Driving Forces of Vegetable Oil Market

Evolving customer tastes toward healthy options

There is an increasing need for vegetable oils that are low in saturated fats and high in unsaturated fats in today's health-conscious society. Avocado, canola, and olive oils are examples of oils high in monounsaturated and polyunsaturated fats that are gaining popularity over traditional oils heavy in saturated fats like coconut or palm oil. Furthermore, oils high in omega-3 fatty acids are becoming more popular due to their well-established health advantages. This trend is being exacerbated by scientific studies, public awareness efforts, and labeling initiatives. The demand for particular types of vegetable oils that are marketed as being healthier is growing as more people base their decisions on the health benefits of oils.

Growing Demand for Vegetable Oils With Fortification

A multiplicity of micronutrient deficiencies that have a detrimental impact on the productivity and health of all demographic groups, as well as cause grave public health concerns, are the primary cause of enriched vegetable oils. Furthermore, a lot of expecting moms have low vitamin D levels in their babies. Vitamin A and D fortification of cooking oil is a tried-and-true, practically and financially viable method. Fortifying cooking oil can help people consume 25% to 30% more vitamin A and D than is necessary, according to the FSSAI. As consumer awareness has grown, several countries have launched extensive campaigns to support the fortification of staple foods, particularly oils. The significance of food fortification and its ability to help meet worldwide nutrition targets are also acknowledged by governments. For instance, in order to boost immunity and fight malnutrition, particularly deficiencies in micronutrients, the FSSAI (Food Safety and Standards Authority of India) presented a proposal in 2021 mandating the mandatory fortification of cooking and edible oil with vitamins A and D.

Important players are also making the required progress in fortifying vegetable oils. For example,To fortify edible oils regardless of production volume, BASF West Africa and EDCEL Limited released the Vitamin A premix for edible oils in September 2021. According to the firm, these kinds of efforts would give millers who fall under the Small and Medium Scale Enterprise (MSMEs) category access to reasonably priced vitamin A packs. Sales should be boosted by these initiatives as well as the growing need for vegetable oils with added nutrients.

Increasing use in industry

Vegetable oils are becoming much more popular among consumers due to their many industrial applications outside of the culinary sphere. The market is being driven further by the fact that these oils are essential components used in the creation of soaps, detergents, cosmetics, and even biofuels. Vegetable oils are essential in a wide range of industrial processes due to their versatility. Demand for vegetable oils rises along with the expansion and diversification of industry. For example, the expanding vegetable oil industry is being helped forward by the growing biofuels sector, especially biodiesel. Vegetable oil consumption is being further driven by companies investing in research to find new industrial applications.

Asia Pacific Vegetable Oil Market

China is the country that consumes and produces the most vegetable oil in Asia-Pacific, which is the region that holds a significant share in the global vegetable oil market. Despite the high level of output, consumption outpaces the volume of production, leading to larger import volumes relative to export quantities. For example, China's population consumed over 2.6 million metric tons of sunflower seed oil in 2021, up from about 2.07 million tons the year before, according to the US Department of Agriculture.

The main vegetable oils sold in China include olive, sunflower, rapeseed, palm, soybean, and peanut oils. Soybean and palm oil held the biggest market shares in China for vegetable oils throughout the previous five years. Xiwang Food, Cofco Corporation, and Wilmar International Ltd (Yihai Kerry) are a few of the leading edible vegetable oil businesses present in the Chinese and Asian markets. Another significant participant in the market is Japan. Olive oil is mostly imported into Japan from Southern Europe and is used both for cooking and non-food purposes. The US Department of Agriculture reports that Japan's olive oil consumption increased from 69 thousand metric tons in 2020 to approximately 75,000 metric tons in 2021.

In a similar vein, India is moving quickly to become self-sufficient in edible oil. The government announced the NMEO-OP (National Edible Oil Mission-Oil Palm) in August 2021 with the goal of achieving national oilseed self-sufficiency and boosting domestic oilseed production. The government declared that it would invest over 11,000 crores under the National Mission on Oilseeds and Oil Palm to provide farmers with every possible advantage, including better seeds and technologies to boost vegetable oil production. Over the course of the projection period, it is anticipated that these measures will increase sales, consumption, and productivity in the area.

Global Vegetable Oil Company Analysis

The key players in vegetable oil industry are Archer – Daniels -Midland Company, Wilmar, AAK (Aarhuskarlshamn), Unilever Plc, Bunge, Cargill, Sime Darby and Associated British Foods.

Global Vegetable Oil Company News

July 2022 - Eni Kenya B.V. started producing the first vegetable oil for bio-refineries after completing the building of the oilseed collecting and pressing plant (agri-hub) in Makueni, Kenya. The initial agri-hub would have an installed capacity of 15,000 tons, and by 2022, the company expects to produce 2,500 tons.

June 2022 - Gemini Edibles & Fats India (GEF India), the company that produces Freedom Refined Sunflower Oil, has declared its intention to grow into other states, namely Tamil Nadu and Kerala. The company declared that in the upcoming years, it intends to enter Tamil Nadu and Kerala, two states with significant sunflower oil demand, and is contemplating strategic development.

Nov 2021 - Cargill Incorporated spent USD 35 million to buy and upgrade an edible oil refinery in Nellore, India. This investment increased the facility's production capacity and enabled the business to expand its current supply chain to satisfy customer demands.

Feb 2021 - In response to the growing demand for organic products in Europe, Bunge Loders Croklaan increased its range of oils and fats, providing a consistent and expandable supply of organic oils and fats such as sunflower, rapeseed, soy, palm, shea, and coconut.

Oil Type – Market breakup in 6 viewpoints:

1. Palm Oil
2. Soybean Oil
3. Rapeseed Oil
4. Sunflower Oil
5. Olive Oil
6. Others

Application – Market breakup in 3 viewpoints:

1. Food
2. Feed
3. Others

Distribution Channel – Market breakup in 2 viewpoints:

1. B2B
2. B2C

Countries – Market breakup in 25 viewpoints:

North America

• United States
• Canada

Europe

• France
• Germany
• Italy
• Spain
• United Kingdom
• Belgium
• the Netherlands
• Turkey

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Malaysia
• Indonesia
• New Zealand

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE

All the key players have been covered from 4 Viewpoints:

• Business Overview
• Key Persons
• Recent Development & Strategies
• Financial Insights

Key Players Analysis:

1. Archer – Daniels -Midland Company
2. Wilmar
3. AAK (Aarhuskarlshamn)
4. Unilever Plc
5. Bunge
6. Cargill
7. Sime Darby
8. Associated British Foods

Customization Services available

• Analysis of Market Size and Its Segments
• More Company Profiles (Upto 10 without any additional cost):
• Additional Countries (Other than mentioned Countries):
• Region/Country Specific Reports:
• Market Entry Strategy:
• Region-Specific Market Dynamics:
• Regional Market Share Analysis:
• Trade Analysis:
• Production Insights:
• Others Customized Requests:

For more information contact our analysts.

Need More Assistance?

• Talk to our analysts to get more precious information on the current market trends.
• Include more countries and segments and customize the report based on the final requirement.
• Get a competitive advantage in your industry by knowing the report findings and making a positive impact on your revenues and operations.
• Our analysts are always ready to provide more help and pertinent information if you need any additional assistance.