Cooking Oils & Fats Market Forecast
According to a recent Market Research Future (MRFR) analysis, the global cooking oils and fats market is expected to reach USD 74,865.82 million by 2024, growing at a 1.77 percent CAGR. Monosaturated, polyunsaturated, and saturated fatty acids make up cooking oils and fats. Spreads and dressings, sauces, convenience meals, bakery and confectionery, and other applications are among them.
The market for cooking oils and fats is growing due to a variety of factors. Increasing use in the bakery and dairy industries, hectic lives, rapid urbanization, product variety, and demand for ready-to-eat products such as pastries, doughnuts, breakfast cereals, biscuits, cakes, rolls, and bread are among these drivers, according to the recent MRFR research. On the other hand, tight food safety laws, particularly in developed economies, may constrain the worldwide cooking oils and fats market's expansion throughout the forecast period.
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Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the global cooking oils & fats market based on application, source, and type.
By type, the cooking oils & fats market is segmented into fats and oils. Of these, the oils segment will dominate the market over the forecast period and it's predicted to touch USD 49, 145.87 million by 2024. The oils segment is again segmented into olive oil, rapeseed oil, sunflower oil, soybean oil, palm oil, and others. Of these, palm oil will dominate the market. The fats segment meanwhile, is likely to have healthy growth over the forecast period. The fats segment is again segmented into lard and tallow, margarine, butter, and others. Of these, the butter segment will have a major share in the market over the forecast period, and the lard & tallow segment will have a notable growth over the forecast period.
By source, the cooking oils & fats market is segmented into animals and plants. Of these, the plant segment will have the largest share during the forecast period. It is predicted to grow at a 1.63% CAGR. Sunflower, soybean, sesame, peanut, palm, olive, and coconut are the most widely used plant sources to produce oils and fats. Presently, the demand for rice bran oil is on the rise for rising health awareness among consumers.
By application, the cooking oils & fats market is segmented into spreads and dressings, sauces, convenience foods, bakery and confectionery, and others. Among these, bakery and confectionery will have a major share in the market during the forecast period. It is predicted to touch USD 25,278.66 million at a 0.94% CAGR.
Cooking Oils & Fats Market Regional Analysis
By region, the global cooking oils & fats market report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will dominate the market during the forecast period for the growing demand for convenience food & bakery and confectionery products. It is predicted to grow at a 2.54% CAGR. China is a key contributor in this region.
The global cooking oils & fats market in the RoW is predicted to have significant growth over the forecast period.
Key Players
Notable players profiled in the global cooking oils & fats market report include Wilmar International Ltd (Singapore), James Richardson & Sons, Limited (Canada), Cargill, Incorporated (US), AAK AB (Sweden), IFFCO (UAE), United Plantations Berhad (Malaysia), Archer Daniels Midland Company (US), Conagra Brands, Inc. (the US), Associated British Foods PLC (UK), and Bunge Limited (US).
Industry Market News
February 2020: Hannon Oil Factory has launched five new cooking oil brands- Kaizoot, Zuhur, Al Nakhi, Wazha, and Hawa to offer healthy cooking oils to consumers that will be fit for their modern and active lifestyle.
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