by Edible oils are vegetable oils extracted from plant sources and consumed directly or used in food preparations and cooking. Edible oils such as soybean oil, canola oil, corn oil, olive oil, sunflower oil, and palm oil are rich in vitamins and unsaturated fatty acids. They provide essential fatty acids and are considered healthier substitutes for butter, salt, and other edible fats. The growing health-conscious population globally is shifting preference to edible plant-based oils over animal fats and trans-fats due to associated heart health benefits.
The global Edible Oils Market is estimated to be valued at US$ 149 billion in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for health & wellness products has been a major factor propelling growth of the global edible oils market. As awareness about adverse effects of saturated and trans-fats increases, consumers are switching to edible vegetable oils as they are rich in unsaturated fats like monounsaturated and polyunsaturated fats. Unsaturated fats when consumed in moderate amounts as part of a balanced diet, are known to manage cholesterol levels and reduce risk of cardiovascular diseases. With growing health consciousness, demand for healthier edible oils with nutritional benefits is increasing significantly.
SWOT Analysis
Strength: Edible oils provide essential nutrients like vitamins, minerals and healthy fats. They are also affordable for most families.
Weakness: The quality and purity levels vary between products. Adulteration is also a concern in some regions.
Opportunity: Rising health consciousness is driving demand for healthier oils like olive and sunflower oils. There is scope to promote their superior nutritional profiles.
Threats: Fluctuating crop yields due to changing climate impacts supply and prices. Imports depend on global commodity rates and trade policies.
Key Takeaways
The Global Edible Oils Market Size is expected to witness steady growth.
Regional analysis: South Asia leads the global edible oils market, driven by India which accounts for over 20% of world consumption. Per capita usage is increasing in India with rising incomes. Southeast Asia is another fast growing regional market, supported by improving economies and expanding middle classes in Indonesia, Vietnam and the Philippines which are diversifying beyond traditional palm oil.
Key players operating in the edible oils market are Adani Wilmar Ltd., Ruchi Soya Industries Ltd., Marico Ltd., Liberty Oil Mills Ltd., Conagra Brands Inc., Cargill Inc., Bunge Limited, Archer Daniels Midland Company, Associated British Foods, and Fuji Vegetable Oil Inc. The industry has witnessed considerable consolidation in the last few years as large companies have acquired regional brands to expand their product portfolios and distribution networks in different geographies. Innovation in product offerings to meet health and nutrition and convenience needs is another area players are focusing on.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
