Consumers are now more conscious about the food they eat after the onset of the COVID-19 pandemic. Edible oils are an essential component in cooking. As it is said that less animal fat is always better, people are more prone to use vegetable oil for household cooking. Vegetable oils are nothing but a mixture of triglycerides. The increasing number of COVID-19 cases is anticipated to revive the growth of the vegetable oils market. Vegetable oils are extracted from various plant sources such as palm, corn, soy, etc. Vegetable oils market stakeholders from different countries have been effortlessly working on increasing the production of vegetable oils due to increasing consumption all over the world. Strategic approaches by manufacturing companies in the food & beverages sector are creating lucrative revenue opportunities.
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U.S., Indonesia, and Malaysia Offer Growth Opportunities
Since soybean is the highest consuming edible oil in the U.S., Midwest countries are indulging in soybean cultivation for fulfilling demands from consumers. Apart from soybean, there has been major production and export of palm oil to other countries to support the economy. Indonesia and Malaysia are fulfilling the global demand for palm oil. These countries are the top producers of highly popular palm oil. China is also the fastest growing market in terms of production of vegetable oils. The Government is supporting manufacturers and market contributors in the vegetable oils market to create growth opportunities. Moreover, the increasing trend of consuming vegetable oils regularly for the health of the heart and various other benefits has strengthened the demand and production of vegetable oils.
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Expansion of Distribution Channels to Drive Global Market
The vegetable oils market is expected to register a CAGR of 7% during the forecast period. The vegetable oils market is projected to reach US$ 327.3 Bn by 2031. Tremendous growth of online and offline distribution channels in the vegetables oil market is creating revenue opportunities for manufacturers. The increasing number of supermarkets, grocery stores, hypermarkets, online stores, etc. is paving the ways to stay ahead of the competition. Furthermore, advancements in the e-commerce industry are augmenting vegetable oils market growth.
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