Edible Oil Market Analysis, Share, Industry & Revenue [2031]

Report Description

The global edible oil market is anticipated to expand at a sizeable CAGR during the forecast period, between 2021 and 2028. Edible oil, also known as cooking oil, is primarily extracted from various parts of plants, animals, or other organisms. The oils are basically available in liquid form and can be safely stored at room temperature. Several of the major types of edible oils include olive oil, ghee, sunflower oil, mustard oil, and groundnut oil. These oils normally contain a large amount of antioxidants that help to protect the oils from oxidizing and as a result of the process, it aids to increase the shelf life of the oils. One of the benefits of using the oil is that it produces omega-3 fatty acids in foods, which represents a key aspect of growing demand for edible oils.

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Market Trends, Drivers, Restraints, and Opportunities:

• Increasing demand for cosmetics and personal care products due to growing awareness of self-care habit and especially skin protection presents a key driver of the market.
• Rapid process of urbanization and rising per capita earning of a large number of population in developing countries are expected to drive the market expansion during the forecast period.
• Wide awareness regarding health benefits of edible oils such as reduced cholesterol and calories and rising number of health-conscious population are projected to drive the market growth in the near future.
• Improvements in the retail sector, increasing economies, and greater oil production due to high agricultural yields are some of the drivers of the market.
• Higher costs involved with oil processing and lack of strong supply chain of raw materials are key restraints, which are anticipated to limit the market expansion in the coming years.

Scope of the report:

The report on the global edible oil market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Edible Oil Market Segment Insights:

Palm oil segment is projected to constitute major market share

In terms of product types, the global edible oil market is segmented into coconut oil, sunflower oil, soybean oil, groundnut oil, mustard oil, palm oil, olive oil, corn oil, rapeseed oil, and others. The palm oil segment is projected to constitute major market share during the forecast period as the demand for palm oil is increasing in various wealthy countries due to wide application of products in biofuel development. Moreover, the growth of the segment is further accelerated due to the widespread use of palm oil in numerous parts of the food industry.

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Household segment is anticipated to account for substantial market share

On the basis of end-users, the market is segregated into households, commercial, and industrial. The household segment is anticipated to account for substantial market share in the coming years as the oil is widely used for preparing meals within households. Moreover, rising awareness among consumers who want healthier meals due to their hectic lifestyles and concerning regarding several health conditions such as obesity and cardiovascular illness. Additionally, improvements in the utilization of healthier components in food items as well as development of innovative flavors are key factors driving the segment expansion.

Business to consumers segment to hold large market share

Based on distribution channels, the global edible oil market is bifurcated into business to business and business to consumers. The business to consumers segment is further fragmented into hypermarket/supermarket, specialty stores, convenience store, and online retails. The business to consumers segment is projected to hold large market share in the coming years owing to wide facilities offered by convenience stores such as easily accessibility to local customers. Majority of the stores are established in those locations where they can be at convenient distance of near neighbourhood or for a large number of people.

Asia Pacific is likely to dominate the market

In terms of regions, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is likely to dominate the market during the projected timeline owing to large demand for oil from the food industry in the region. The growth of the regional market can be further ascribed to an increasing number of health-conscious customers, a large population base, and their changing living standards, as well as the presence of significant palm oil producing nations in the region. Furthermore, the expanding consumption of processed foods is a significant element in the rising use of edible oils in the region.

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