Vegetable Oil Market – Industry Analysis, Trends and Forecast (2023-2029)

 Vegetable Oil Market size was valued at US$ 177.22 Bn in 2022 and the total revenue is expected to grow at 6.52% through 2023 to 2029, reaching nearly US$ 275.77 Bn.
 Vegetable Oil Market Overview:
Plant seeds such as palm, sunflower, mustard, and others are used to extract vegetable oils. Vegetable oils are made up of triglycerides of fatty acids, which are glycerol esters and are referred to as fat. Vegetable oils, which are created from margarine and suppress polyunsaturated fats that can lower bad cholesterol, are now being marketed as a high-processed food item. Soybean seed oil is popular cooking oil. The addition of oil to hydrogen in the food industry is known as hydrogenation, and it extends the shelf life of food. cuisine, and they are frequently roasted and eaten. Growing public awareness about health and the increasing use of vegetable oil in numerous industries are the main drivers of this market's growth.

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Vegetable Oil Market Dynamics:
Growing health consciousness and desire for organic health-based products drives up demand for vegetable oil, which is made from margarine, and propels the market forward. Various manufacturers are offering vegetable oil products for various uses such as cooking, fuel production, and so on, fueling the Vegetable Oil Market's demand between 2023- 2029.

The global vegetable oil market is propelled by rising per capita incomes in emerging economies. During the forecast period, consumption is expected to rise by 1% annually. In the forecast period, developing markets are likely to catch up to established economies in terms of per capita consumption of food products containing vegetable oil, expanding at a rate of 0.4 % annually. Oilseed farming will rise, and supplies, particularly palm oil, from Indonesia and Malaysia, will increase, to meet the likely inflationary effect. India, the world's second-largest consumer, will see a 3.1 % annual increase in vegetable oil-based food consumption, trailing only China.

The main markets, Indonesia and Malaysia, are expected to increase at annual rates of 1.8 % and 1.4%, respectively, in the following years. Both countries are major exporters as well. Indonesia and Malaysia export the majority of their output, with Indonesia selling about 70% of its vegetable oil and Malaysia exporting over 80% of its entire production. However, due to rising domestic demand for usage in the food and biofuels sectors, exports from these two important markets are likely to fall slightly. Even after the predicted reduction, Indonesia and Malaysia will continue to dominate exports. Following Indonesia and Malaysia is Argentina, which is also exhibiting. India, on the other hand, is the world's top importer, accounting for more than a quarter of global imports over the projected period, with annual imports climbing at a rate of 4.7% per year. With 41% of the market share in agricultural commodity production, it is expected to maintain its dominance in the next years.

The rising environmental concerns in order to minimise the usage of palm oil, as well as the significant cost of manufacturing, are expected to hamper the Vegetable Oil Market's growth.
Vegetable Oil Market Segment Analysis:
The global Vegetable Oil Market is segmented by Type, Application and Distribution Channel.

Based on Type, the global Vegetable Oil market is sub-segmented into Soybean Oil, Rapeseed Oil, Sunflower Oil, Palm Oil, Olive Oil, Corn oil, Peanut Oil, Coconut Oil and Others. The Palm Oil segment held the largest market share of 6.52% in 2022. This is primarily due to the growing health benefits and the low cost of palm oil. Additionally, palm oil is produced from plant seeds and helps to improve vision, protect against cardiovascular illnesses, and promote hair development, all of which are driving up demand for triglycerides palm oil and driving up market growth. For the period 2023-2029, the Soybean Oil category is expected to grow at the fastest rate of 1.05 %. This is mostly due to its use in cooking, as well as the fact that it contains hydrogenation, which serves to extend the shelf life and contributes to the segment's growth.

Based on Application, the global Vegetable Oil market is sub-segmented into Food Products, Animal Feed, Cosmetics, Pharmaceuticals, Biodiesel and Others. The Food Products segment held large number of share xx% in 2022. A large portion of the total vegetable oil produced is used in the food business. In the food business, industrial utilisation and biofuels are successful. China is one of the major contributors to total global vegetable oil use. Indonesia and China account for the majority of production volume and are expected to maintain their dominance among producing countries in the next years.
Regional Insights:
Asia Pacific held the largest market share of 40% in 2022. This is due to increased accessibility of a variety of food and beverage makers, increased research and improvement in the food business, and increased government initiatives. According to the Food and Agricultural Organization (FAO), per capita consumption of vegetable oil is increasing by 3.1% per year, and India is the world's largest importer of vegetable oil, boosting the market's growth. However, due to expanding research and development efforts and increased growth in the food and beverage industry, North America is expected to outperform all other regions by clocking the highest CAGR of 3.05 % over the 2023-2029.

In Europe, the use of Vegetable Oil in the production of Biodiesel has increased by 4.1 % due to a growing desire for renewable energy sources. The Cosmetics and Personal Care Products Industry has increased its usage of Vegetable Oil by 3.3 % due to a preference for plant-based products in the creation of cosmetics.

The objective of the report is to present a comprehensive analysis of the global Vegetable Oil Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Vegetable Oil Market dynamic, structure by analyzing the market segments and project the global Vegetable Oil Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Vegetable Oil Market make the report investor’s guide.
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Vegetable Oil  Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $177.22 Bn.


Forecast Period 2023 to 2029 CAGR:
6.52%
Market Size in 2029:
US $ 275.77 Bn.


 Segments Covered:
by Type
Soybean Oil
Rapeseed Oil
Sunflower Oil
Palm Oil
Olive Oil
Corn oil
Peanut Oil
Coconut Oil
Others


by Applications
Food Products
Animal Feed
Cosmetics
Pharmaceuticals
Biodiesel
Others


by Distribution Channel
Direct Sales
Supermarkets
Convenience Store
Specialty Store
E-Commerce
Other



Vegetable Oil Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. Cargill, Inc.
2. Wilmar International Ltd.
3. Archer Daniels Midland Company
4. Bunge Ltd.
5. Olam International
6. Conagra Brands, Inc.
7. Hanoon Oil Factory
8. Colorado Mills
9. PPB Group Barhad
10. Oliyar Production Company
11. Delizio
12. Avril Group
13. Optimusagro Trade
14. RISOIL SA
15. Marico & Rein Oil CC
16. Macjerry Sunfloweroil Company Ltd.
17. KAISSA Oil
18. Parakh Group

Frequently Asked Questions:

1. Which region has the largest share in Global Vegetable Oil Market?
Ans: Asia Pacific region holds the highest share in 2022.

2. What is the growth rate of Global Vegetable Oil Market?
Ans: The Global Vegetable Oil Market is growing at a CAGR of 6.52%during forecasting period 2023-2029.

3. What is scope of the Global Vegetable Oil market report?
Ans: Global Vegetable Oil Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Vegetable Oil market?
Ans: The important key players in the Global Vegetable Oil Market are –
Cargill, Inc.,Wilmar International Ltd.,Archer Daniels Midland Company,Bunge Ltd.,Olam International,Conagra Brands, Inc.,Hanoon Oil Factory,Colorado Mills,PPB Group Barhad,Oliyar Production Company,Delizio,Avril Group,

5. What is the study period of this market?
Ans: The Global Vegetable Oil Market is studied from 2022 to 2029.