Vegetable Oil Market Size, Share, and Industry Report [2031]
Vegetable Oil Market Size, Share, and Industry Report [2031]
Segments - Vegetable Oil Market by Types (Palm Oil, Soyabean Oil, Rapeseed Oil, Sunflower Oil, Olive Oil, and Other Types), Applications (Food, Feed, and Industrial), and Regions (Asia Pacific, North America, Europe, and Middle East & Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :FB-1830
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Report Description
Vegetable Oil Market Outlook 2031
The Vegetable Oil Market was USD 333.25 Billion in 2022 and is likely to reach USD 637.32 Billion by 2031, expanding at CAGR of 7.47% during 2023 – 2031. The growth of the market is attributed to the increasing disposable income, rising population, exposure to different cuisines, and improved living standards.
Vegetable oil is a natural oil that is derived from the seeds, nuts and fruits. It provides a supply of nutrition and industrial raw materials to humans. Vegetable oil can be found in a wide range of products, from food items to cosmetic products. Vegetable oil is used in the food industry as a cooking oil and in non-dairy creamers and ice-creams.
Fatty acids produced from vegetable oil are utilized to make cosmetics, bactericides, and medicines. Vegetable oil has traditionally been used in the manufacturing of soaps, detergents, greases, lubricants, and candles. Vegetable oil has recently found a substantial non-food application in the biofuel industry, where it is used as a substitute for mineral oil in power plants and as a feedstock for biodiesel synthesis. As a result, the global vegetable oil market is steadily expanding.
Vegetable Oil Market Trends, Drivers, Restraints, and Opportunities
- Changing dietary preferences is driving the demand for vegetable oil in the emerging economies.
- The shutdown of hotels, restaurants, and catering services owing to the COVID-19 outbreak has resulted in a major drop in demand for vegetable oil. However, relaxation in restrictions is expected to help the market recover by end of 2021.
- High price fluctuation of vegetable oils can hamper the market growth.
- Adulteration in vegetable oils can have a variety of negative health impacts, which can hinder the market expansion in the coming years.
- Vegetable oils are a key feedstock in the manufacturing of bio-lubricants. Bio-lubricants demand has been driven by a tightening regulatory environment regulating disposability and recyclability of petrochemical-derived lubricants. This, in turn, is projected to create lucrative opportunities for the market players.
Scope of Vegetable Oil Market Report
The report on the global vegetable Oil market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Vegetable Oil Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Types (Palm Oil, Soyabean Oil, Rapeseed Oil, Sunflower Oil, Olive Oil, and Other Types), Applications (Food, Feed, and Industrial), and Regions (Asia Pacific, North America, Europe, and Middle East & Africa) |
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Regional Scope |
Asia Pacific, North America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Bunge Limited, Olam International, Wilmar International Limited, Cargill, Incorporated, and Archer Daniels Midland Company. |
Vegetable Oil Market Segment Insights
Sunflower oil segment is expected to grow at a rapid pace
Based on types, the market is segmented into palm oil, soyabean oil, rapeseed oil, sunflower oil, olive oil, and other types. The sunflower oil segment is expected to represent a key market share during the forecast period. Increasing awareness about health benefits, such as improvement in cardiovascular function and arthritis, asthma, and colon cancer prevention is driving the segment growth.
Apart this, sunflower oil has become a key health care product as it aids in cell structure restoration. Biofuel laws in Europe and the US restricts soybean oil availability, which has shifted the consumers to use other vegetable oils such as palm, palm kernel, and sunflower oils.
Food segment is projected to hold a major market share
On the basis of application, the vegetable Oil market is divided into food, feed, and industrial. The food segment is expected to constitute a major market share during the forecast period. The usage of vegetable oil in the food segment accounts for a significant portion in the worldwide FMCG market. Salad and cooking oils are made from refined, bleached, deodorized, and occasionally de-waxed or mildly hydrogenated and winterized vegetable oils.
Moreover, mayonnaise, deep frying oils, margarines and spreads, chocolate fats, ice cream fats, bakery fats, confectionery filling and coating fats, vegetable fats for dairy products, and fats for infant nutrition are primarily made up of fats and oils.
Asia Pacific is expected to dominate the market
In terms of regions, the market is categorized as Asia Pacific, North America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. China consumes and produces the most vegetable oil in Asia Pacific. Despite the high output volume, consumption outnumbers production, resulting in larger import volumes than export levels. Palm, soybean, rapeseed, peanut, sunflower, and olive oils are the most preferred vegetable oils in China.
Soybean and palm oil have dominated China’s vegetable oil industry for the previous five years. Some of the largest edible vegetable oil businesses active in the Asia Pacific market includes Wilmar International Ltd (Yihai Kerry), Cofco Corporation, and Xiwang Food. Another significant country contributing to the market is Japan. The vast majority of olive oil used in Japan comes from Southern Europe and is utilized for both cooking and non-food purposes.
Segments
The vegetable Oil market has been segmented on the basis of
Types
- Palm Oil
- Soyabean Oil
- Rapeseed Oil
- Sunflower Oil
- Olive Oil
- Other Types
Applications
- Food
- Feed
- Industrial
Regions
- Asia Pacific
- North America
- Europe
- Middle East & Africa
Key Players
- Bunge Limited
- Olam International
- Wilmar International Limited
- Cargill, Incorporated
- Archer Daniels Midland Company.
Competitive Landscape
Key players competing in the Vegetable Oil market include Bunge Limited, Olam International, Wilmar International Limited, Cargill, Incorporated, and Archer Daniels Midland Company.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market share.
The major players of the market have a wide geographic presence and diverse product portfolios to meet a wide range of customer requirements. This element aids the firms in retaining a strong market position.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Vegetable Oil Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Vegetable Oil Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Vegetable Oil Market - Supply Chain
4.5. Global Vegetable Oil Market Forecast
4.5.1. Vegetable Oil Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Vegetable Oil Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Vegetable Oil Market Absolute $ Opportunity
5. Global Vegetable Oil Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Vegetable Oil Market Size and Volume Forecast by Types
5.3.1. Palm Oil
5.3.2. Soyabean Oil
5.3.3. Rapeseed Oil
5.3.4. Sunflower Oil
5.3.5. Olive Oil
5.3.6. Other Types
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Vegetable Oil Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Vegetable Oil Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Vegetable Oil Demand Share Forecast, 2019-2026
7. North America Vegetable Oil Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Vegetable Oil Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Vegetable Oil Market Size and Volume Forecast by Types
7.4.1. Palm Oil
7.4.2. Soyabean Oil
7.4.3. Rapeseed Oil
7.4.4. Sunflower Oil
7.4.5. Olive Oil
7.4.6. Other Types
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Vegetable Oil Demand Share Forecast, 2019-2026
8. Latin America Vegetable Oil Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Vegetable Oil Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Vegetable Oil Market Size and Volume Forecast by Types
8.4.1. Palm Oil
8.4.2. Soyabean Oil
8.4.3. Rapeseed Oil
8.4.4. Sunflower Oil
8.4.5. Olive Oil
8.4.6. Other Types
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Vegetable Oil Demand Share Forecast, 2019-2026
9. Europe Vegetable Oil Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Vegetable Oil Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Vegetable Oil Market Size and Volume Forecast by Types
9.4.1. Palm Oil
9.4.2. Soyabean Oil
9.4.3. Rapeseed Oil
9.4.4. Sunflower Oil
9.4.5. Olive Oil
9.4.6. Other Types
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Vegetable Oil Demand Share Forecast, 2019-2026
10. Asia Pacific Vegetable Oil Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Vegetable Oil Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Vegetable Oil Market Size and Volume Forecast by Types
10.4.1. Palm Oil
10.4.2. Soyabean Oil
10.4.3. Rapeseed Oil
10.4.4. Sunflower Oil
10.4.5. Olive Oil
10.4.6. Other Types
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Vegetable Oil Demand Share Forecast, 2019-2026
11. Middle East & Africa Vegetable Oil Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Vegetable Oil Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Vegetable Oil Market Size and Volume Forecast by Types
11.4.1. Palm Oil
11.4.2. Soyabean Oil
11.4.3. Rapeseed Oil
11.4.4. Sunflower Oil
11.4.5. Olive Oil
11.4.6. Other Types
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Vegetable Oil Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Vegetable Oil Market: Market Share Analysis
12.2. Vegetable Oil Distributors and Customers
12.3. Vegetable Oil Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Bunge Limited
12.4.2. Olam International
12.4.3. Wilmar International Limited
12.4.4. Cargill, Incorporated
12.4.5. Archer Daniels Midland Company.
Methodology
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