Global Oils Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers
12 Jun, 2023
The global oils market size is expected to grow from $89.68 billion in 2022 to $96.14 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global oils market size is expected to reach $118.91 billion in 2027 at a CAGR of 5.5%.
Global Oils Market Key Driver
The increased demand for food is expected to propel the growth of the oils market going forward. Food refers to a substance mostly made up of protein, carbohydrates, fat, and other nutrients that is used by a human’s body to provide energy and support development and other important processes. Oils high in monounsaturated fats, such as olive oil, canola oil, and sunflower oil, are used in the production of foods that reduce the risk of heart and cardiovascular disease and raise good cholesterol levels.
Get a sample of the global oils market reportGlobal Oils Market Segments
The global oils market is segmented:
1) By Oil Type: Palm Oil, Soybean Oil, Canola Oil, Sunflower Oil, Other Oil Types
2) By Form: Liquid, Solid
3) By Source: Fruits And Vegetables, Herbs And Spices, Flowers
4) By Method Of Extraction: Distilation, Carbon Dioxide Extraction, Cold Press Extraction
5) By Application: Food Industry, Biofuels, Other Applications
6) By Geography: The regions covered in the oils market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global oils market.
Major Oils Industry Players
Associated British Foods PLC, Archer Daniels Midland Company, Bunge Limited, Wilmar International Limited, United Plantations Berhad, Unilever PLC, Mewah International Inc., Sime Darby Plantation Berhad, Cargill Inc, Richardson International, Kulim (Malaysia) Berhad, IOI Corporation Berhad, Abu Dhabi Vegetable Oil Co LLC, Parakh Foods and Oils Limited, AarhusKarlshamn
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Oils Market Overview
Oils are fatty liquids extracted from plants, animals, or synthetic substances used in frying, baking, and food preparation. The primary purpose of these oils is to extend the shelf life of the product but also serve as a natural flavoring ingredient.
Oils Global Market Report 2023 provides data on the global oils market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The oils market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.