Vegetable Oil Market Trends and Size by 2031
The vegetable oil market is expected to register a CAGR of 7% during 2023–2031. The increasing demand for fortified vegetable oil is likely to be the trend in the vegetable oils market.
Vegetable Oil Market Analysis:
- The vegetable oil market is anticipated to register steady growth over the next decade, backed by an increasing global population, rising food consumption, and expanding applications across several industries.
- Palm oil, soybean oil and canola oil dominate the market; while soybean oil remains the most consumed vegetable oil, palm oil leads due to its versatility and lower production costs. Changing dietary habits, growing demand for biofuels, and rising health concerns are pushing consumers towards healthier oil options.
- Growing consumption is continuously witnessed in emerging economies, particularly in Asia-Pacific and Latin America. The vegetable oil industry faces a growing pressure of sustainability concerns such as deforestation for palm oil production. High demand for certified, sustainable vegetable oils is especially driving the industry forward. Innovations in production techniques and the development of dedicated specialty oils for various applications will shape the future of the market.
Vegetable Oil Market Overview
- Vegetable oils are fats derived from plants, primarily from seeds, nuts, and fruits. The major market drivers for the industry are the growth of the world population, increasing health awareness, and the expanding use of vegetable oil in food, cosmetics, and biofuel applications.
- The main trends that will shape the future of vegetable oils are the growing popularity of healthier plant-based oils like olive and avocado oil, sustainable sourcing, and non-GMO and organic products.
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Vegetable Oil Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Vegetable Oil Market: Strategic Insights
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Vegetable Oil Market Drivers and Opportunities
Increase in Oilseed Production
- The growth in oilseed production is spurring retail vegetable oil demand by providing a consistent and competitive supply of oils, enabling manufacturers to develop a wider range of oils with different properties and at good prices.
- This, in turn, is spurring retailers to expand their product portfolios, including premium and specialty oils for vegetarian and health-conscious consumers and for people interested in gourmet cooking.
Increasing Consumer Demand for Healthier Oil Alternatives
- The opportunities for growth in the vegetable oil market are a result of rampant rise in demand for healthier vegetable oil alternatives, owing to growing consumer preference for food ingredient alternatives that offer a myriad of benefits such as convenience, health, comfort, taste, and nutrition while withstanding changing consumer needs. Vegetable oils are witnessing higher demand as an alternative to saturated fats and trans fats to maintain a healthy lifestyle.
- This demand shift towards balanced and nutritious diets has proved to be a boon for the vegetable oil market, as people in the US have started switching solid fats with vegetable oils like olive oil and canola oil, both in their kitchen and in the food processing industry. Vegetable oils have also become a viable option in frozen desserts or ice cream, salad oils, and dressings, compound coatings, fillings and spreads, and substitutes for dairy fats.
Vegetable Oil Market Segmentation
The scope of the global vegetable oils market is segmented based on type, category, and distribution channel.
- On the basis of type, the market is segmented into palm oil, sunflower oil, soybean oil, olive oil, coconut oil, and others.
- Based on category, the market is segmented into organic and conventional.
- Based on distribution channels, the vegetable oils market is classified into supermarkets and hypermarkets, convenience stores, online retail, and others.
Vegetable Oil Market Share Analysis by Geography
- The vegetable oil market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering vegetable oils market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers Porter's Five Forces analysis, which involves the study of major factors that influence the vegetable oils market in these regions.
Vegetable Oil Market Report Scope
Vegetable Oil Market News and Recent Developments:
The vegetable oils market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- Eni completed the construction of the oilseed collection and pressing plant (agri-hub) in Makueni, Kenya, and started production of the first vegetable oil for bio-refineries. The first agri-hub will have an installed capacity of 15,000 tons, with an expected production of 2,500 tons in 2022. (Source: Newsletter, Eni, July 2022)
Vegetable Oil Market Report Coverage and Deliverables
The "Vegetable Oil Market Size and Forecast (2021 – 2031)" provides a detailed analysis of the market covering below areas:
- Vegetable oil market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Vegetable oil market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Vegetable oil market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the vegetable oils market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global vegetable oils market is estimated to grow above 7% during the forecast period 2024-2031.
The strategic initiative by key players is one of the major factors driving the vegetable oils market.
The increasing focus on fortified vegetable oil with added nutrients is likely to be the trend in the vegetable oils market.
The leading players operating in the vegetable oils market are Cargill, Incorporated, Wilmar International Limited, B and G Foods, Inc., Richardson Food and Ingredients, ACH Food Companies, Inc., Golden Agri-Resources Ltd, Sime Darby Plantation Berhad, La Tourangelle, Conagra Brands Inc, and IFFCO Group.
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Vegetable Oil Market - By Type
1.3.2 Vegetable Oil Market - By Application
1.3.3 Vegetable Oil Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. VEGETABLE OIL MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. VEGETABLE OIL MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. VEGETABLE OIL MARKET - GLOBAL MARKET ANALYSIS
6.1. VEGETABLE OIL - GLOBAL MARKET OVERVIEW
6.2. VEGETABLE OIL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. VEGETABLE OIL MARKET - REVENUE AND FORECASTS TO 2028 – TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. SUNFLOWER OIL
7.3.1. Overview
7.3.2. Sunflower Oil Market Forecast and Analysis
7.4. RAPESEED (CANOLA) OIL,
7.4.1. Overview
7.4.2. Rapeseed (Canola) Oil, Market Forecast and Analysis
7.5. SOYBEAN OIL
7.5.1. Overview
7.5.2. Soybean Oil Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. VEGETABLE OIL MARKET - REVENUE AND FORECASTS TO 2028 – APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. FOOD
8.3.1. Overview
8.3.2. Food Market Forecast and Analysis
8.4. FEED
8.4.1. Overview
8.4.2. Feed Market Forecast and Analysis
8.5. INDUSTRIAL
8.5.1. Overview
8.5.2. Industrial Market Forecast and Analysis
9. VEGETABLE OIL MARKET REVENUE AND FORECASTS TO 2028 – GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Vegetable Oil Market Overview
9.1.2 North America Vegetable Oil Market Forecasts and Analysis
9.1.3 North America Vegetable Oil Market Forecasts and Analysis - By Type
9.1.4 North America Vegetable Oil Market Forecasts and Analysis - By Application
9.1.5 North America Vegetable Oil Market Forecasts and Analysis - By Countries
9.1.5.1 United States Vegetable Oil Market
9.1.5.1.1 United States Vegetable Oil Market by Type
9.1.5.1.2 United States Vegetable Oil Market by Application
9.1.5.2 Canada Vegetable Oil Market
9.1.5.2.1 Canada Vegetable Oil Market by Type
9.1.5.2.2 Canada Vegetable Oil Market by Application
9.1.5.3 Mexico Vegetable Oil Market
9.1.5.3.1 Mexico Vegetable Oil Market by Type
9.1.5.3.2 Mexico Vegetable Oil Market by Application
9.2. EUROPE
9.2.1 Europe Vegetable Oil Market Overview
9.2.2 Europe Vegetable Oil Market Forecasts and Analysis
9.2.3 Europe Vegetable Oil Market Forecasts and Analysis - By Type
9.2.4 Europe Vegetable Oil Market Forecasts and Analysis - By Application
9.2.5 Europe Vegetable Oil Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Vegetable Oil Market
9.2.5.1.1 Germany Vegetable Oil Market by Type
9.2.5.1.2 Germany Vegetable Oil Market by Application
9.2.5.2 France Vegetable Oil Market
9.2.5.2.1 France Vegetable Oil Market by Type
9.2.5.2.2 France Vegetable Oil Market by Application
9.2.5.3 Italy Vegetable Oil Market
9.2.5.3.1 Italy Vegetable Oil Market by Type
9.2.5.3.2 Italy Vegetable Oil Market by Application
9.2.5.4 United Kingdom Vegetable Oil Market
9.2.5.4.1 United Kingdom Vegetable Oil Market by Type
9.2.5.4.2 United Kingdom Vegetable Oil Market by Application
9.2.5.5 Russia Vegetable Oil Market
9.2.5.5.1 Russia Vegetable Oil Market by Type
9.2.5.5.2 Russia Vegetable Oil Market by Application
9.2.5.6 Rest of Europe Vegetable Oil Market
9.2.5.6.1 Rest of Europe Vegetable Oil Market by Type
9.2.5.6.2 Rest of Europe Vegetable Oil Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Vegetable Oil Market Overview
9.3.2 Asia-Pacific Vegetable Oil Market Forecasts and Analysis
9.3.3 Asia-Pacific Vegetable Oil Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Vegetable Oil Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Vegetable Oil Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Vegetable Oil Market
9.3.5.1.1 Australia Vegetable Oil Market by Type
9.3.5.1.2 Australia Vegetable Oil Market by Application
9.3.5.2 China Vegetable Oil Market
9.3.5.2.1 China Vegetable Oil Market by Type
9.3.5.2.2 China Vegetable Oil Market by Application
9.3.5.3 India Vegetable Oil Market
9.3.5.3.1 India Vegetable Oil Market by Type
9.3.5.3.2 India Vegetable Oil Market by Application
9.3.5.4 Japan Vegetable Oil Market
9.3.5.4.1 Japan Vegetable Oil Market by Type
9.3.5.4.2 Japan Vegetable Oil Market by Application
9.3.5.5 South Korea Vegetable Oil Market
9.3.5.5.1 South Korea Vegetable Oil Market by Type
9.3.5.5.2 South Korea Vegetable Oil Market by Application
9.3.5.6 Rest of Asia-Pacific Vegetable Oil Market
9.3.5.6.1 Rest of Asia-Pacific Vegetable Oil Market by Type
9.3.5.6.2 Rest of Asia-Pacific Vegetable Oil Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Vegetable Oil Market Overview
9.4.2 Middle East and Africa Vegetable Oil Market Forecasts and Analysis
9.4.3 Middle East and Africa Vegetable Oil Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Vegetable Oil Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Vegetable Oil Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Vegetable Oil Market
9.4.5.1.1 South Africa Vegetable Oil Market by Type
9.4.5.1.2 South Africa Vegetable Oil Market by Application
9.4.5.2 Saudi Arabia Vegetable Oil Market
9.4.5.2.1 Saudi Arabia Vegetable Oil Market by Type
9.4.5.2.2 Saudi Arabia Vegetable Oil Market by Application
9.4.5.3 U.A.E Vegetable Oil Market
9.4.5.3.1 U.A.E Vegetable Oil Market by Type
9.4.5.3.2 U.A.E Vegetable Oil Market by Application
9.4.5.4 Rest of Middle East and Africa Vegetable Oil Market
9.4.5.4.1 Rest of Middle East and Africa Vegetable Oil Market by Type
9.4.5.4.2 Rest of Middle East and Africa Vegetable Oil Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Vegetable Oil Market Overview
9.5.2 South and Central America Vegetable Oil Market Forecasts and Analysis
9.5.3 South and Central America Vegetable Oil Market Forecasts and Analysis - By Type
9.5.4 South and Central America Vegetable Oil Market Forecasts and Analysis - By Application
9.5.5 South and Central America Vegetable Oil Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Vegetable Oil Market
9.5.5.1.1 Brazil Vegetable Oil Market by Type
9.5.5.1.2 Brazil Vegetable Oil Market by Application
9.5.5.2 Argentina Vegetable Oil Market
9.5.5.2.1 Argentina Vegetable Oil Market by Type
9.5.5.2.2 Argentina Vegetable Oil Market by Application
9.5.5.3 Rest of South and Central America Vegetable Oil Market
9.5.5.3.1 Rest of South and Central America Vegetable Oil Market by Type
9.5.5.3.2 Rest of South and Central America Vegetable Oil Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. VEGETABLE OIL MARKET, KEY COMPANY PROFILES
11.1. ACH FOODS COMPANY INC
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ARCHER DANIELS MIDLAND COMPANY
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. BUNGE
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. CARGILL, INCORPORATED
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. CHS INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. CONAGRA FOODS, INC.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. J-OIL MILLS INC.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. OLAM INTERNATIONAL
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. RICHARDSON OILSEED LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. RISOIL S.A.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. ACH Foods Company Inc
2. Archer Daniels Midland Company
3. Bunge
4. Cargill, Incorporated
5. CHS Inc.
6. ConAgra Foods, Inc.
7. J-Oil Mills Inc.
8. Olam International
9. Richardson Oilseed Ltd.
10. RISOIL S.A.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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