The global cooking oils and fats market is growing at due to innovations of new flavors and growing usage of healthy ingredients. Transparency Market Research (TMR) has estimated that the market is highly fragmented owing to the presence of numerous small and large vendors. These vendors compete against each other based on the factors such as distribution network, reputation, innovation, quality, and price of products. Some of the prominent players in this market such as Ajinomoto Co. Inc., CHS Inc., Unilever plc, Associated British Foods plc, and Wilmar International Ltd, have been strengthening the market. However, the innovative approach to the product manufacturing by the new entrants is intensifying the competitive landscape of this market.
In this report Transparency Market Research has estimated that the global market of cooking oil and fats was valued at US$59.8 bn, which is expected to rise and attain valuation of US$65.2 bn by 2021, growing with a steady CAGR of 0.7% during the forecast period of 2015-2021.
In terms of product type, vegetable oil segment holds a dominance in the global cooking oils and fats market owing to added health benefits of the vegetable oils. Due to increasing applications of vegetable oils produced from cotton seed, coconut, palm, rapeseed, soybean, and sunflower, the vegetable oil segment is anticipated to grow at a higher pace than other segments. Geographically segmented into Asia Pacific, Europe, North America, and Rest of the World, the Rest of the World segment owns a commanding share and is forecast to sustain its lead over the forecast period.
Increasing Population and Rising Disposable Income to Boost Market Growth
People across the world have been using cooking oils and fats as an integral part of food for decades. Factors such as availability of high quality cooking oils and fats, increased disposable income among the urban population, trends pertaining to packaged foods, and the rising population across the globe are expected to propel this market in the near future. Furthermore, the growing demand for natural, healthy and organic food products are expected to help this market grow.
The increasing population and improving economies of developing countries such as India and China are most likely to fuel the demand for various healthy cooking oils and fats. Olive oil provides health benefits such as it reduces the risk of type 2 diabetes, ability to fight Alzheimer’s disease, low calorific value, protection against heart diseases, prevention of stroke, and anti-bacterial properties are forecasted to grow the demand for olive oil, further assisting the global market of vegetable oils and fats to grow. The availability of a wide range of products with different textures and tastes and along with the rising health concerns among consumers are expected to fuel the demand for vegetable cooking oils.
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Health Concerns Pertaining to Excessive Usage of Fats may Hinder the Market Growth
Excessive consumption of oils and fats leads to various health issues such as obesity and complications pertaining to cardiovascular diseases. The high amount of trans fats and oils present in food products such as frenchfries, pizza, and doughnuts resulting in health complications may hamper the growth of this market. Furthermore, the rising prices of raw materials used in manufacturing of cooking oils and fats are making the new entrants in the market difficult to expand. However, health benefits of quality oils are expected to help the market sustain against this backdrop. Vegetable oils with qualities such as low-calorie, low-fat, and low-cholesterol content are augmenting the growth of the global fats & oils market.
This information is taken from the report, “Cooking Oils and Fats Market (Product Type – Vegetable and Seed Oil, Spreadable Oils and Fats, Butter, Margarine, Olive Oil, and Cooking Fats) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”
This market can be segmented for the categories –
Global Cooking Oils and Fats Market, by Product Type
Vegetable and Seed Oil
Spreadable Oils and Fats