The global cooking oil market was valued at USD 204.55 billion in 2023 and is projected to grow from USD 218.36 billion in 2024 to USD 369.20 billion by 2032, with a compound annual growth rate (CAGR) of 6.79% during the 2024-2032 period. This information is published by Fortune Business Insights in the report titled “Cooking Oil Market, 2024-2032.”
According to analysts, the market is driven by a strong consumer preference for organic, unsaturated products. The rising demand for canola oil, known for its affordability and versatility, the increasing use of avocado oil due to its health benefits, and the introduction of healthier soybean oil products by major companies are all expected to positively influence the growth of the cooking oil market.
Get Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/queries/cooking-oil-market-106391
Segments:
Type, Application, and Region are Studied
The cooking oil market is segmented by type into soyoil, rapeseed/canola oil, palm oil, sunflower oil, corn oil, peanut oil, olive oil, and others. In terms of application, the market is classified into food service outlets, household use, and food processing. The household segment is expected to witness significant growth due to the increasing use of branded oils for cooking, particularly in urban households focused on maintaining good health.
Geographically, the global market is further divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The research offers a comprehensive market analysis, with a particular focus on the leading market segments. It includes an in-depth review of major companies and their strategies for sustaining growth and profitability. The study provides valuable insights to assist business professionals in making informed investment decisions and discusses regional dynamics and their influence on market trends. Additionally, the report examines the implications of COVID-19 and how these are expected to affect the demand for cooking oil in the near future.
Drivers and Restraints:
Surging Demand for Processed Foods Globally to Rise Demand for Cooking Oils
The increasing consumption of processed foods globally is anticipated to be a significant driver of market growth. As consumer preferences shift toward packaged and processed meals, small food chains, households, and restaurants are likely to require more cooking oils. Furthermore, the growing middle-class population, urbanization, and the emergence of more diverse diets due to economic development are all contributing to the rising demand for processed food products.
Ask for Customization:
https://www.fortunebusinessinsights.com/enquiry/customization/cooking-oil-market-106391
Regional Insights:
With a market value of USD 105.76 billion in 2020, Asia Pacific leads the global cooking oil market. This significant growth is driven by factors such as urbanization, dietary changes, increased access to processed foods, and evolving lifestyles.
Europe holds the second-largest market share, experiencing rapid growth due to rising consumer demand for pure, natural products with appealing packaging and labels.
North America is also expected to see substantial growth potential, fueled by increasing per capita consumption of edible oils and a growing demand for a diverse range of processed ready-to-serve foods.
Competitive Landscape:
Innovative Product Releases by Key Players to Promote Market Expansion
The leading companies in the cooking oil sector utilize various strategies to reinforce their market positions. One key tactic is the acquisition of businesses to enhance brand value among consumers. Additionally, successful companies frequently introduce new products while conducting thorough market and target audience research to ensure alignment with consumer preferences.
Industry Development:
April 2021: In order to meet the rising demand for rapeseed products worldwide, Cargill Inc. will start building a new rapeseed processing facility in Regina, Saskatchewan. The USD 350 million project is expected to start construction, according to the business. With the help of the new rapeseed processing plant, they will be able to better meet the increased demand by producing more rapeseed oil.
List of Key Players Mentioned in the Report:
- Cargill Inc. (Minnesota, U.S.)
- Archer Daniels Midland Company (Minnesota, U.S.)
- Bunge Ltd. (Missouri, U.S.)
- Wilmar International Ltd. (Singapore)
- Fuji Oil Company, Ltd. (Osaka, Japan)
- ConAgra Brands, Inc. (Illinois, U.S.)
- IFFCO Group (Dubai, UAE)
- Ottogi Co. Ltd. (Anyang, South Korea)
- Associated British Foods Plc (London, U.K.)
- CJ Cheiljedang Corporation (Seoul, South Korea)
Read Related News:
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone:
US: +1 833 909 2966
UK: +44 8085 020280
APAC: +91 744 740 1245
Email: [email protected]