by Edible oils play an important role in human nutrition and health as they provide essential fatty acids, which help support cell growth and development. From cooking oils to spreadable fats, different types of edible oils such as olive oil, sunflower oil, soybean oil, and palm oil are rich sources of monounsaturated and polyunsaturated fatty acids and fat-soluble vitamins. With the rising awareness about the link between diet and several chronic diseases like heart disease and obesity, people are increasingly shifting towards healthier cooking options and consuming edible oils that are high in unsaturated fats and low in saturated fats. The growing health and wellness trends have significantly boosted the demand for edible oils in recent years.
The global Edible Oils Market is estimated to be valued at US$ 143.29 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the edible oils market is the increasing preference for non-GMO and clean-label oils. With more consumers reading labels and wanting to avoid genetically engineered ingredients, companies are focusing on sourcing non-GMO oils and positioning their products as natural and clean. Many leading brands have responded to this demand by removing GMO ingredients and artificial preservatives from their oil products. Additionally, the growing vegan and vegetarian population has alsoaugmented the demand for non-dairy and plant-based cooking oils,pushing companies to widen their product portfolios. This focus on natural and plant-based oils without artificial ingredients or genetically modified origins is expected to continue shaping the edible oils market significantly over the forecast period.
Porter’s Analysis:
Threat of new entrants: Low barriers to entry in the edible oils market provides opportunity for new players to enter. However, established brands have stronger distribution networks and customer loyalty which act as a deterrent.
Bargaining power of buyers: Global buyers have significant bargaining power due to availability of substitutes. They can negotiate lower prices and demand high quality and tailormade products.
Bargaining power of suppliers: Presence of numerous suppliers of key raw materials like soybean, palm, and canola limits their bargaining power. Suppliers have to maintain quality and timely delivery to survive in competitive market.
Threat of new substitutes: Substitutes like olive oil and butter pose threat. Innovation and product diversification helps edible oils sector to counter threats from substitutes.
Competitive rivalry: Intense competition exists among leading players. Companies focus on new product launches, branding, and marketing activities to gain competitive advantage.
Key Takeaways:
The Global Edible Oils Market Share is expected to witness high growth over the forecast period. Rapid population growth, rising disposable incomes, and changing lifestyles and food preferences in emerging economies will drive the demand for edible oils. The global Edible Oils Market is estimated to be valued at US$ 143.29 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific dominates the market and is expected to maintain its lead over the forecast period. China is the largest producer and consumer of edible oils globally. India is another major market in the region due to large population and increased consumption of oils in food preparations.
Key players: Key players operating in the edible oils market are AJF Cigars, Boutique Blends Cigars, Fenn Thompson & Co. Royal Cigar Works, Gurkha Cigar Group, Imperial Brands, Joya De Nicaragua, S.A., Scandinavian Tobacco Group, Swedish Match AB, and Swisher. Players focus on new product launches catering to the tastes and preferences of health-conscious consumers. Companies also engage in strategic acquisitions and partnerships to expand their geographic presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
