Overview
According to the latest research study, the report predicts the global size & share of Plant-Based Oils Market to reach around USD 92.87 Billion By 2028 from USD 41.58 Billion in 2020. The global Plant-Based Oils Market is anticipated to register a significant CAGR of 12.6% by 2028.
Fats taken from plants are known as plant-based oils. They are usually taken from the seeds of plants. Resembling most food fats plant oils help enhance the food palatability and are used as an avenue for cooking. In the past few decades, the variety of plant oil has expanded. Refined and processed plant oils are readily available than cold-pressed and fresh ones. For instance, soybean or corn-based margarine and many refined and hydrogenated oils are found in prepared foods. The presence of orange oil in cleaning products and shea butter in cosmetics is also visible.
The most popular plant oils are olive and coconut oil. There are many olive varieties, but only 150 comprise 90% of the production in the world. This oil is used in a staple form in Italy, Greece, Spain, and Portugal. It contains fat-soluble vitamins, antioxidants, and monounsaturated fat. Coconut oil is removed from coconut meat. It is created by cold pressing and shedding coconut flesh while being moist. After that, the oil and milk are separated. Fermentation or heating can also be utilized to extract oil. Plant oils are known to be healthy by the food industry. The plant oils are consumed in processed food, margarine, salad oils, and cooking oils.
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· Includes updated regional scrutinizing with the graphical representation of share, size, and trends.
· The report offers top market players their sales volume, business strategy, and revenue analysis
Important Questions Being Answered by The Market Report
· What is the global plant-based oils market size and growth?
· Which segment is considered as the largest plant-based oils market share?
· Who are the key players in the global plant-based oils market?
· What are the factors driving the market?
· Which regions will see growth in new opportunities?
· Which game-changing technologies are being utilized to seize new revenue streams in the coming years?
Top Market Players
· ACH Food Companies Inc.
· Ag Processing Inc a cooperative
· Archer Daniels Midland Company
· Bunge Limited
· Cargill Incorporated
· Darby Plantation Berhad
· FUJI OIL ASIA PTE. LTD.
· Golden Agri-Resources
· Kuala Lumpur Kepong Berhad
· PT Astra Agro Lestari Tbk
· Riceland Foods
· Sime Olam International Limited
· Viterra Inc.
· Westmill foods
· Wilmar International Limited
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Plant-Based Oils Market: Growth Leading Factors
Plant-based oils market is anticipated to increase because of the rise of the food processing industry and the growing perception of optional fuel sources that have been directly influencing the growth of the global plant-based oils market. Growing awareness about convenience food processed, biofuels, and other food sectors and increasing consumption of plant-based oils is the predominant driving factor for the plant-based oils market. Natural elements in the food and the detestation towards high trans-fat comprising of oils adds to the demand for palm kernel and palm oils which also drive the palm-based oil market. The growing frequency of cardiovascular diseases and growing health awareness are a chance for the plant-based oils market.
One-time use, also known as non-renewable resources like petroleum, is an issue because they have a low shelf life. Ultimately, there will be a switch from utilizing non-renewable resources to using renewable resources. For the common field crops, the potential already exists. These crops are soybean and corn and will replace petroleum oil as a driver for the economy in the few years to come. With an economy that is bio-based, the new raw material can be produced each year, so issues like these are not confronted.
Covid-19 has had an important influence on the lives of consumer and their daily activities. It has undoubtedly made consumers more diet conscious. They want to adapt to a healthier lifestyle. The pandemic has underscored the process and has made the consumer's minds aware of it. Thus covid-19 has positively impacted the global plant-based oils market.
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Plant-Based Oils Market: Key Segmentation
Insight by source, application, and region
By source, soybean oil dominated the US plant-based oils market and will lead in the future. The US is one of the biggest producers of soybean, creating domestic consumption and popularity that is higher. By application, food utilization dominated the market with a high revenue share. In confectionery, bakery, processed foods, and dairy, these oils have a high demand. Processed food, including margarine, salad dressings, cookies, and mayonnaise, dominates the food segment.
By region, Asia Pacific has dominated the global plant-based oils market. The development is attributed to the increasing adoption of plant-based oils in several end-use industries involving animal feed and food amongst Asian countries like India, Japan, and China. North America is also expected to register outstanding growth as the foodservice industry is repeatedly growing in the countries, especially the US. In the European region, increasing biodiesel production and the existence of leading players in the area are pushing the growth of the global plant-based oils industry.
Browse the full “Plant-Based Oils Market Share, Size, Trends, Industry Analysis Report, By Source (Sunflower Oil, Palm Oil, Cottonseed Oil, Soybean Oil, Rapeseed Oil, Coconut Oil, Others); By Application (Food and Beverages, Animal Feed, Biofuel, Industrial, Others); By Region; Segment Forecast, 2021 - 2028” Report at https://www.polarismarketresearch.com/industry-analysis/plant-based-oils-market
The market predominantly depends on the source, application, and region
Plant-Based Oils Market: By Source
- Sunflower Oil
- Palm Oil
- Cottonseed Oil
- Soybean Oil
- Rapeseed Oil
- Coconut Oil
- Others
Plant-Based Oils Market: By Application
- Food and Beverages
- Animal Feed
- Biofuel
- Industrial
- Others
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