Market Synopsis:

Vegetable Oil Market Size Anticipated to reach at a CAGR of 6.5% and reach a value of USD 3,786 million by 2030. 

The global vegetable oil market insight continues to thrive, driven by increasing consumer demand for healthier cooking alternatives and the versatile use of vegetable oils in various culinary applications. Sustainable and eco-friendly production practices have gained prominence, as consumers become more conscious of the environmental impact of their choices. This has led to a surge in the popularity of oils like olive, avocado, and coconut, known for their health benefits and sustainability credentials. Additionally, the ongoing research and development efforts to create innovative, value-added vegetable oil products are expected to further fuel market growth, making it an exciting sector to watch in the food industry.

The growth of the vegetable oil market can be described to its high nutritional value. It has relatively higher nutrient content as compared to its alternatives such as mustard oil. This, in turn, has increased its consumption levels in the past few years and is poised to continue the same consumption pattern over the next couple of years. A moderate CAGR is projected for the global vegetable oil market across the review period 2018 to 2023 by Market Research Future in its latest observation.

Introduction of oils with added benefits to heart health is one of the key factors having a great influence on the growth of the vegetable oil market. It is poised to keep adding to the revenues generated by market players in the years to come. Also, the shift towards a health-conscious food pattern is prognosticated to boost the sales of oil made from vegetables. This, in turn, is expected to catalyze the expansion of vegetable oil market over the next couple of years.

Factors such as increasing income and rising awareness about the benefits of vegetable oil are poised to drive the proliferation of the market over the next few years. In addition, increasing applications in industrial uses, hydrogenated oils, and fuel are further anticipated to accelerate revenue generation in the vegetable oil market in the foreseeable future.

Market Segmentation:

By product type, the vegetable oil market is segmented into olive oil, palm oil, canola oil, sunflower oil, soybean oil, peanut oil, and others.

The global vegetable oil market, on the basis of packaging type, has been segmented into pouches, bottles, cans, and others.

The segments, on the basis of distribution channel include store based (convenience stores, hypermarkets and supermarkets, and others) and non-store based.

Market Outlook:

The Vegetable Oil Market outlook is poised for continued growth in the coming years, driven by increasing consumer awareness of the health benefits associated with vegetable oils, as well as their versatile culinary applications. With a rising global population and changing dietary preferences towards healthier options, vegetable oils, including olive, sunflower, and soybean oils, are expected to maintain their popularity. Furthermore, the growing demand for plant-based alternatives in various food products and the expanding biofuel industry will likely contribute to the market's positive outlook. However, sustainability concerns and price fluctuations in the commodity market remain key challenges for industry players to navigate in this dynamic landscape.

Regional Assessment:

On the basis of region, the global vegetable oil market has been segmented into four important regions - Europe, Asia Pacific, North America, and the Rest of the World (RoW). Asia Pacific is anticipated to secure the pole position through the assessment period. The increasing population of the region, in conjunction with rising health benefits, is projected to favor the growth of the regional vegetable oil market in the forthcoming years. In addition, rising production of vegetable oil in fast-developing countries such as India and China are poised to have an encouraging influence on the expansion of the vegetable oil market over the next couple of years.

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Competitive Dashboard:

The key players in the global vegetable oil market are focusing on the expansion of their product portfolio to capitalize on developmental opportunities. Also, increasing investments in research & development are being observed by the industry leaders for introducing innovative products. In order to gain an edge over competitors, market participants are adding ingredients to boost the nutrient profile of the oil. For instance, many producers are focusing on the addition of ingredients that facilitate the upliftment of heart health. In addition, investments in advertisements are projected to further boost the profile of these players in the years to come. Packaging innovations are also expected to fuel competition among the brands over the next few years.

The Manischewitz Company (US), Waitrose & Partners (UK), Conagra Brands, Inc. (US), The J.M. Smucker Co. (US), Unico (Canada), IFFCO (UAE), Woolworths Group Limited (Australia), Marico Limited (India), Edible Oils Ltd. (UK), and Adani Wilmar Limited (India) are some of the major participants of the vegetable oil market.

Latest Industry Developments:

In May 2019, the Indian government has a mission named ‘National Mission for Vegetable Oils’ for promoting indigenous production of vegetable oils and lessen the reliance on imports for the same.

Key Players are:

Conagra Brands Inc. (US), The Manischewitz Company (US), Waitrose & Partners (UK), IFFCO (UAE), The J.M. Smucker Co. (US), Unico (Canada), Edible Oils Ltd. (UK), Woolworths Group Limited (Australia), Adani Wilmar Limited (India), and Marico Limited (India)

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