The global cooking oil market size was USD 204.55 billion in 2023. The market is projected to grow from USD 218.36 billion in 2024 to USD 369.20 billion in 2032 at a CAGR of 6.79% in the 2024-2032 period. This information is published by Fortune Business Insights, in its report titled, “Cooking Oil Market, 2024-2032.”

Our experts claim that a strong consumer desire for unsaturated, organic products drives the market. Cooking oil market growth is expected to be influenced by growing use of avocado oil due to its nourishing health benefits, increased demand for canola oil because of its affordability and versatility, and an increase in the presentation of healthy soybean oil products by leading businesses.

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COVID-19 Impacts:

Favorable Growth owing to Rise in Household Utilization amid COVID-19 to Support Growth

The number of people preparing their own meals at home rises together with the per capita consumption of cooking oil in households. Storage problems and the transition from foodservice to retail are caused by the initial stockpiling and panic buying. In big box stores, it’s one of the categories that’s exclusive to each individual consumer.

Segments:

Type, Application, and Region are Studied

In terms of type, the market is segregated into soyoil, rapeseed/canola oil, palm oil, sunflower oil, corn oil, peanut oil, olive oil, and others. Based on application, the global market is classified into food service outlets, household, and food processing. Household to witness significant growth due to increase in use of branded oils for cooking, especially in urban household to maintain good health. On the basis of geography, the global market is further segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:

The research provides a thorough analysis of the market as well as a detailed look at the leading market segments. It provides a thorough analysis of the key companies and their tactics for maintaining market expansion in order to generate financial rewards. Additionally, it offers noteworthy insights that guide business specialists in terms of their investment view. The research discusses the regional dynamics and how they push the market in the direction of an upward curve. Additionally, COVID-19 implications have been included to provide more details and to show how this is expected to impact the demand for cooking oil in the near future.

Drivers and Restraints:

Surging Demand for Processed Foods Globally to Rise Demand for Cooking Oils

Globally increasing processed food consumption is expected to play a major role in propelling the market’s expansion. Due to consumer preferences for packaged and processed foods, small food chains, households, and restaurants will likely need more of these oils than they currently do, which will likely drive the market. In addition, the need for processed food products is being driven by the income growth rate along with the expansion of the middle class and urbanization, which results in diversified diets.

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Regional Insights:

Asia Pacific, which accounted for USD 105.76 billion in 2020, is the market leader worldwide. Preliminary factors contributing to the region’s significant growth include urbanization, dietary changes, increased access to processed goods, and refined lifestyles.

Europe now has the second-largest market share for cooking oil and has been rising quickly in recent years due to consumer demand for natural, pure, and label-appealing products as well as increased health consciousness.

The market is expected to have significant development potential in North America due to the region’s increasing demand for a variety of processed ready-to-serve foods and rising edible oil consumption per person.

Competitive Landscape:

Groundbreaking Product Launches by Fundamental Players to Spur Market Growth

The major firms in the industry use a variety of strategies to strengthen their position as top businesses. Acquiring companies to increase the brand value among users is one of these crucial strategies. A further effective tactic is to launch innovative items on a sporadic basis while conducting thorough market and target audience research.

Industry Development:

April 2021: Cargill Inc. to begin construction of a new rapeseed processing plant in Regina, Saskatchewan to support the growing global demand for rapeseed products. The company expects to begin construction of the USD 350 million project. The new rapeseed processing plant will help in increasing its rapeseed oil production, thereby allowing them to cater to the growing needs more effectively.

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)

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