Market Overview
Market Research Future (MRFR) studied the edible oils and fats market 2021 over the analysis period till 2023. As per MRFR study, the edible oils and fats market is expected expand at 4.29 % CAGR over the evaluation tenure. By 2023, the global edible oil and fat market value can touch, USD 153.11 Bn.
The increase in consumption of edible fats and oils by the food and beverage industry for the preparation of refined and snack foods, and bakery and confectionaries and the surge in the demand for bakery and related food products can support the growth of the edible oil market in the analysis period. The increase in the demand for edible oils and fats in HoReCa sector is likely to add to the market expansion. The growing preference for fried goods, bread, and cookies that are textured with edible oils is also expected to prompt the edible oil and fat market in the review period.
Segmental Assessment
The segment study of the edible oils and fats market is based on type, application, and source.
The type-based segments of the study of the global market of edible oils and fats are oils and fats. The oil segment is likely to secure the largest share of the edible oil and fat market over the fat segment. However, the fat segment is expected to garner a decent revenue for the global market in the analysis term. The utility of edible oils in different stages of cooking, such as frying and sautéing, can contribute to the growth of the edible oil market over the assessment period. The growing demand for edible oil as key source of several nutritional components, such as; vitamin E, magnesium, selenium, and phytosterols, can prompt the expansion of the global market.
The source-based segments of the global edible oil and fat market are animal and plant. The growing preference for edible oils extracted from vegetable in the preparation of cuisines can support the edible oil and fats market in the evaluation tenure. The surge in demand for plant-based products can contribute to the rapid growth of the plant source segment. MRFR data suggests that the plant segment can rise at 4.21 % CAGR over the forecast term.
The application-based segments of the edible oil and fats market are Bakery & Confectionery, Spreads and Dressings Convenience Foods, Sauces, and HORECA among others. The HoReCa segment is expected to register decent share of the edible oil market. The segment of bakery and confectionary is expected to rise at 4.16 % CAGR in the assessment period. The surge in the adoption of edible oils and fats by food-chain franchises, cafes, hotels, and restaurants, can support the market growth in the review period.
Regional Analysis
MRFR regional data suggest that North America edible oils and fat market can value USD 31.20 Bn by 2023. The market in EU can exhibit 4.06% CAGR in the review tenure and APAC edible oil and fat market can surge at 4.81% CAGR by 2023. The presence several oil and fat producers in the regions and the increase in their adoption by restaurants and hotels can promote the market rise.
Competitive Landscape
Cargill, Incorporated (US), Archer Daniels Midland Company (US), Bunge Limited (US), Wilmar International Ltd. (Singapore), James Richardson & Sons, Limited (Canada), Associated British Foods PLC (UK), AAK AB (Sweden), Conagra Brands, Inc. (US), United Plantations Berhad (Malaysia), and IFFCO (UAE) are some key companies in the edible oils and fats market that are listed by MRFR in the recent report.
