What Has Been the Growth Trajectory for the Oils Market in Recent Years?
The oils market has seen considerable growth due to a variety of factors.
• In the past years, the oils market has seen significant growth. The market size, which is projected to be $88.8 billion in 2024, is expected to reach $94.42 billion in 2025, showing a compound annual growth rate (CAGR) of 6.3%. This growth during the historical period is due to factors such as industrialization, increase in global population, economic development, political stability, culinary diversity, and development of infrastructure.
What Is The Expected Growth In The Oils Market?
The Oils market is expected to maintain its strong growth trajectory in upcoming years.
• In the ensuing years, the oils market's size is predicted to experience substantial growth, with expectations to reach $118.01 billion by 2029, expanding at a compound annual growth rate (CAGR) of 5.7%.
The projected growth can be credited to factors such as renewable energy policies, health and wellness propensities, initiatives addressing climate change, transition towards plant-based diets, government legislations, and evolving market needs. The anticipated period will likely see trends like the integration of technology in farming, innovative extraction methods, advancements in packaging, products featuring clean labels, and sustainable operations.
What Main Forces Are Fueling Expansion In The Oils Market?
The spike in food needs is anticipated to drive the expansion of the oils market. Food, largely composed of protein, carbs, fat, and other nutrients, caters to the energy needs, development, and other vital functions of the human body. Olive oil, canola oil, and sunflower oil, renowned for their monounsaturated fats, are utilized in the preparation of food, reducing the chances of heart and cardiovascular diseases and increasing beneficial cholesterol levels. As reported by the United States Department of Agriculture in September 2023, a governmental body based in the U.S, 12.8 percent of the total consumer spending in 2022 was on food, displaying a rise from the 12.4 percent recorded the previous year. Besides, in 2022, the World Food Programme published a global report on the food crisis stating that as many as 205 million individuals could be facing severe food insecurity and need instant aid. Consequently, the escalating need for food is propelling the advancement of the oils market.
What Are The Primary Segments In The Global Oils Market?
The oils market covered in this report 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: Distillation, Carbon Dioxide Extraction, Cold Press Extraction
5) By Application: Food Industry, Biofuels, Other Applications
Subsegments:
1) By Palm Oil: Crude Palm Oil, Refined Palm Oil
2) By Soybean Oil: Crude Soybean Oil, Refined Soybean Oil
3) By Canola Oil: Refined Canola Oil, Cold-Pressed Canola Oil
4) By Sunflower Oil: Refined Sunflower Oil, Cold-Pressed Sunflower Oil
5) By Other Oil Types: Olive Oil, Coconut Oil, Corn Oil, Grapeseed Oil, Peanut Oil
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Which Key Trends Are Driving Changes In The Oils Market?
The trend of product innovations is emerging prominently in the oils industry. Companies are directing their energy towards the creation of new products as a strategy to maintain their market standing. KTC Edibles Ltd., an independent UK-based manufacturer and distributor of edible oils, in February 2023, introduced a sustainable hard palm kernel oil (KPKO), entirely vegetable-based, suitable for vegans, and contains low trans fats. This oil, free from allergens, additives, and genetically modified ingredients, is desirable in ice cream and confectionary products, due to its neutral aroma and taste that merges well with both vegan and dairy-based products. Complimenting its expanding collection of superior quality edible oils and fats, KTC now presents Certified Sustainable Segregated HPKO. This adds to KTC's existing line which includes the UK's sole Halal beef dripping and a freshly launched premium Italian lard.
Who Are the Key Players In The Oils Market?
Major companies operating in the oils market include:
• 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
• Symrise AG
• Flavex Naturextrakte GmbH
• Firmenich SA
• Synthite Industries Ltd
• DuPont de Nemours Inc
• JM Huber Corporation
• Herbstreith and Fox Corporate Group
• Silvateam SpA
What Is The Most Dominant Region In The Oils Market?
Asia-Pacific was the largest region in the oils market in 2024. It is expected to be the fastest-growing region in the oils market report during the forecast period. The regions covered in the oils market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
