The global cooking oil market size was USD 186.55 billion in 2020. The market is projected to grow from USD 204.74 billion in 2021 to USD 281.72 billion by 2028 at a CAGR of 4.67% in the 2021-2028 period. This information is published by Fortune Business Insights, in its report titled, “Cooking Oil Market, 2021-2028.”
According to our researchers, the market is fueled by robust demand for organic and unsaturated healthier items. The rising usage of avocado oil for its nourishing health benefits, augmented demand for canola oil used in snacks owing to its affordability and versatility, and elevation in healthy soybean oil product presentations by chief companies are anticipated to influence the cooking oil market growth.
List of Key Players Mentioned in the Report:
- Cargill Inc. (Minnesota, U.S.)
- Archer Daniels Midland Company (Minnesota, U.S.)
- Bunge Ltd. (Missouri, U.S.)
- Wilmar International Ltd. (Singapore)
- Fuji Oil Company, Ltd. (Osaka, Japan)
- ConAgra Brands, Inc. (Illinois, U.S.)
- IFFCO Group (Dubai, UAE)
- Ottogi Co. Ltd. (Anyang, South Korea)
- Associated British Foods Plc (London, U.K.)
- CJ Cheiljedang Corporation (Seoul, South Korea)
Report Coverage:
The report delivers a methodical review of the market and an extensive examination of the prime segments of the market. It offers an in-depth breakdown of vital players and their strategies to sustain the market growth for fiscal gains. It also shares noticeable insights which lead business experts with their investment outlook. The regional dynamics and how they lead the market toward an upward curve are mentioned in the report. Moreover, COVID-19 impacts have been added for additional information and how it is anticipated to affect the demand for cooking oil in the near future.
Segments:
Type, Application, and Region are Studied
In terms of type, the market is segregated into soyoil, rapeseed/canola oil, palm oil, sunflower oil, corn oil, peanut oil, olive oil, and others. Based on application, the global market is classified into food service outlets, household, and food processing. Household to witness significant growth due to increase in use of branded oils for cooking, especially in urban household to maintain good health. On the basis of geography, the global market is further segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Browse Complete Report Summary:
https://www.fortunebusinessinsights.com/cooking-oil-market-106391
Drivers and Restraints:
Surging Demand for Processed Foods Globally to Rise Demand for Cooking Oils
Growing utilization of processed foods across the globe is anticipated to conduct a fundamental part in fast-tracking the market growth. Consumer inclination toward packed and processed food shall result in surge in demand for these oils by small food chains, household, and restaurants to make food, which is probable to drive the market. Additionally, the income growth rate pooled by urbanization and extension of middle class leads to varied diets are driving the requirement for processed food products.
Regional Insights:
Asia Pacific leads the global market and stood at USD 105.76 billion in 2020. The substantial growth in the region is preliminarily augmented by urbanization, dietary modifications, amplified availability of processed foods as well as refined living norms.
Europe holds the second largest cooking oil market share and has risen promptly in past years, owing to growing health awareness among consumers as well as their demand for product that are natural, pure, and label appealed.
North America is anticipated to display considerable growth prospects for the market owing to surge in demand for numerous processed ready-to-serve foods combined with surging per capita consumption of edible oils.
Competitive Landscape:
Groundbreaking Product Launches by Fundamental Players to Spur Market Growth
The fundamental players implement various tactics to boost their position in the market as leading companies. One such vital tactic is procuring companies to boost the brand value among users. Another operative strategy is intermittently unveiling inventive products with methodical study of the market as well as its target audience.
Industry Development:
April 2021: Cargill Inc. to begin construction of a new rapeseed processing plant in Regina, Saskatchewan to support the growing global demand for rapeseed products. The company expects to begin construction of the USD 350 million project. The new rapeseed processing plant will help in increasing its rapeseed oil production, thereby allowing them to cater to the growing needs more effectively.
