Vegetable Oil Market Size, Growth, Scope, Structure, Opportunity and Forecast 2026
Jun 03, 2022 (SUPER MARKET RESEARCH via COMTEX) —
As per the latest report by IMARC Group, titled “Vegetable Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global market reached a value of US$ 232.3 Billion in 2020. Vegetable oil refers to the natural oil obtained from various oil-bearing seeds like cottonseed, sunflower, soybeans, peanuts, palm nuts and fruits. It is a rich source of Vitamin E, A and B1, and Omega-3 and Omega-6 fatty acids. On account of its high nutritional value, vegetable oil is generally used as a cooking oil and as a constituent to margarine, non-dairy creamers, and ice-cream, and in the production of cosmetics, bactericides, and pharmaceuticals. It is also utilized in biofuel production as it is considered an effective alternative to mineral oil for use in power stations and feedstock to produce biodiesel.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vegetable Oil Market Trends:
The global vegetable oil market is primarily driven by the increasing awareness of the health benefits offered by vegetable oils, such as reducing the risk of cardiovascular diseases, improving digestion and metabolism, lowering cholesterol levels, managing heart health, and providing nutrition. Apart from this, the affordable prices, easy availability, high viscosity, lower volatility and better pressure performance of vegetable oils have encouraged end users to shift toward these oils over mineral oils. Furthermore, the growing prevalence of lifestyle diseases and improving living standards have led to the changing dietary habits of consumers, especially health-conscious individuals. As a result, the key players have introduced minimally processed and organic vegetable oils, which is providing a significant impact on the market growth. Furthermore, governments of various countries are taking initiatives to promote bio-based products, such as vegetable oils, which help reduce the carbon emissions. Looking forward, the global vegetable oil market value is expected to reach US$ 306.6 Billion by 2026, exhibiting a CAGR of 4.9% during the forecast period (2021-2026).
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- On the basis of the oil type, palm oil represents the most preferred type of vegetable oil. Other major types include soybean, canola, sunflower, palm kernel and coconut.
- Based on the application, the market has been segmented into the food industry, biofuels and others. Amongst these, the food industry holds a clear dominance in the market.
- Region-wise, Indonesia holds the leading position in the market, accounting for nearly one-fifth of the total global production. Other major regions include Europe, India, Indonesia, the United States, Brazil and Malaysia.
- The competitive landscape of the market has been examined, with some of the key players being Archer-Daniels-Midland Company, Bunge Limited, Cargill Incorporated, Louis Dreyfus Company BV and Wilmar International Limited.
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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