Strategic Development Initiatives by Manufacturers Drive Edible Oils and Fats Market Growth
According to the new research study on "Edible Oils and Fats Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type and Application," the market is expected to grow from US$ 52,920.00 million in 2022 to US$ 78,686.61 million by 2030; it is expected to record a CAGR of 5.1% from 2023 to 2030.
Manufacturers of edible fats and oils invest significantly in the expansion of business and production capacity to serve their customer base better and meet their consumer requirements. In December 2021, ITOCHU Corporation, headquartered in Japan, announced their agreement through ITOCHU International Inc., headquartered in New York, US, for the establishment of Fuji Oil International Inc. in the US. With this agreement, the firm plans to strengthen the oil and fat business in North America.
Edible Oils and Fats Market Breakdown – by Region
Edible Oils and Fats Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type [Oil (Soybean Oil, Sunflower Oil, Palm Oil, Canola Oil/Rapeseed Oil, and Others) and Fats (Butter, Margarine, Palm Oil Based Shortening, and Vegetable Oil Based Shortening, and Others)] and Application [Food and Beverages (Bakery and Confectionery, Dairy and Frozen Desserts, RTE and RTC Meals, Snacks, and Others), Animal Nutrition, and Pharmaceuticals and Nutraceuticals]
Edible Oils and Fats Market Size analysis and Forecast 2030
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Moreover, in June 2021, Cargill planned to build a new US$ 200 million palm oil refinery in Lampung, Indonesia, which accelerates Cargill’s efforts to develop a sustainable palm oil supply chain and provide verified deforestation-free products to customers. In October 2021, ADM, one of the prominent edible fat and oil manufacturers, announced its plans to build the first-ever dedicated soybean crushing plant and refinery in North Dakota to cater to the fast-growing demand for soybean oil from food and animal feed industries. Thus, the business expansion strategies of prominent players drive the edible oils and fats market growth.
Bunge Ltd, Archer-Daniels-Midland Co., Fuji Oil Co Ltd, Kao Corp, AAK AB, J-Oil Mills Inc, Cargill Inc, Olam Group Ltd, ConnOils LLC, and Louis Dreyfus Co BV. are among the key players operating in the edible oils and fats market. These key players adopt product innovation strategies and invest in business expansions to meet consumers' demands, further driving the edible oils and fats market growth.
Impact of COVID-19 Pandemic on Edible Oils and Fats Market
The COVID-19 pandemic adversely affected economies and industries in various countries. Lockdowns, travel bans, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) hindered the growth of various industries, including the food & beverage industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and various essential and nonessential product sales. Many companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the restrictions imposed by various governments in Europe, Asia, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the edible oils and fats market growth.
The report segments the edible oils and fats market as follows:
The edible oils and fats market is bifurcated on the basis of type and application. Based on type, the market is segmented into oil and fats. Based on application, the edible oil and fats market is segmented into food and beverages, animal feed, and pharmaceuticals and nutraceuticals. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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