The global edible oil and fats market is anticipated to reach USD 162.51 billion, by 2025. Moreover, the market is expected to grow at a CAGR of 7.6% during the forecast period, 2018 to 2025, according to a new report by Million Insights. Rising demand for omega-3 as a dietary constituent, increasing investment by the manufacturer for product innovation and the changing lifestyle of the consumers is expected to fuel the demand for the market during the forecast period.
A growing number of restaurants and hotel chains in developing countries like India and China account for strong government policies intended to improve the city infrastructure is anticipated to drive the utility of consumable oils. Additionally, changing the inclination of consumers who fall in the middle-class income group in several countries including UAE and Saudi Arabia to prefer going out for dinner during the weekends is anticipated to create new opportunities for the foodservice industry in the coming years.
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The rising concentration of departmental and general stores in growing economies such as Brazil, South Africa, China, Mexico and India is expected to create a wide variety of choices for the consumers. This will positively impact the growth of the market. Additionally, the increasing significance of various dietary constituents such as selenium, magnesium, and phytosterols and vitamin E in food & beverage industry is anticipated to fuel the demand for edible oil & fats market.
The rising consumption of fruits, nuts, vegetables, whole grains and beans in the developed countries such as Italy, France and Spain are anticipated to fuel the demand for low calories specialized oils such as olive oil and coconut oil. Moreover, fluctuating diet intakes along with frenzied lifestyles among young working-class consumers are anticipated to alter the preferences of the customers. This is expected to drive the demand for coconut oil and sunflower oil for cooking. Furthermore, Coconut oil could be a healthy source of greasy corrosive, which is insusceptibility against pathogens and bacteria.
The rising number of offline channels like hypermarkets & supermarkets in developing countries is expected to boost the demand for organized retail stores, which will also drive the market. Some of the key players in the global market are Cargill, Wilmar International, International Foodstuff Company Holdings Limited and Archer Daniels Midland Company.
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Further key findings from the report suggest:
• Rising demand for low calorie products, product innovation and increasing number of offline channels such as hypermarkets & supermarkets and general stores, is expected to drive the demand for the market.
• Soybean oils are anticipated to predict fastest CAGR of 8.3% during the period, 2018 to 2025, credited to expanding infiltration of soy as a key source of nutritious ingredients such as vitamin E, vitamin K and omega-6.
• Asia Pacific region has captured more than 30% of global market share, in 2018. The region is anticipated to witness significant growth, owing to increasing population, disposable income and urbanization in developing countries such as Bangladesh, India, and China
• Rising number of collaboration and strategic partnership will help the manufacturer, distributor and retailers in expanding their customer base, which is expected to drive the demand for edible oils and fats market.
Million Insights has segmented the global edible oil & fats market on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2015 – 2025)
• Edible Oil
• Edible Fat
Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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