Edible Oils and Fats are the Secret Ingredients to Perfect Cooking
In 2023, sales of edible oils and fats are projected to produce a total of US$ 121.90 billion, based on a recent edible oils and fats market report by Future Market Insights (FMI). According to FMI, the demand is anticipated to rise at a 6.4% CAGR between 2023 and 2033. The market is predicted to surpass US$ 226.68 billion by 2033.
Fats and oils are also widely recognized for being high-energy dietary components that provide the body with the necessary nutrients. In addition, customers are gradually substituting unsaturated liquid vegetable oils like olive, canola, maize, or soy for trans-fat due to health concerns. This is anticipated to increase demand for these items in a variety of applications throughout the world.
The demand for fast food is rising globally due to a variety of causes, including changing lifestyles, an increase in the number of working individuals, and altering dietary preferences. Fast service is the primary goal of fast food to please customers.
Modern consumers are very concerned about their health, therefore they choose organic goods like edible oil, which is projected to open up a lot of potential for market expansion. The market is expanding as a result of the rising demand for edible oils with reduced cholesterol, calorie, and fat content.
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Given the increasing use of edible oils and fats in the food sector in this area, North America controls the bulk of the edible oils market in terms of revenue and market share. Additionally, the existence of significant market participants in the United States is further expected to stimulate market expansion.
Key Takeaways:
In China, the market is expected to reach a value of US$ 59.23 billion by 2033, expanding at a CAGR of 9.8% during the forecast period.
During the projection period, a CAGR of 4.1% is anticipated for the market in Germany.
The vegetable and seed oils segment is estimated to hold a 6.9% CAGR to reach US$ 109.84 billion by 2033.
Competitive Landscape:
The top manufacturers of the edible oils and fats market are Fuji Vegetable Oil, Inc., Cargil, Inc., Bunge Limited, Ajinomoto Co., Inc., American Vegetable Oils, Inc., Associated British Foods PLC, Chs Inc., Conagra Brands, Inc., International Foodstuff Company Holdings Limited (IFFCO), Mother Dairy Fruit & Vegetable Pvt., Ltd., Unilever PLC, United Plantations Berhad, Wilmar International Ltd., and others.
The edible oils and fats market is fiercely competitive, with businesses jostling for market share based on things like product differentiation, brand recognition, operational scale, distribution channels, innovation, mergers and acquisitions, and globalization. Brands that spend on research & development activities have a competitive edge. They also benefit from strong reputations, vast distribution networks, and other factors.
Recent Developments:
In February 2023, Gemini PureitTM, India's No. 1 Quality Sunflower Oil Brand, was introduced by Cargill as it expanded into South India with its range of edible oils.
In December 2021, to create FII, Fuji Vegetable Oil, Inc. allied with one of its subsidiaries, Fuji Specialities Inc., and ITOCHU International Inc. The main aim of this agreement is to grow the vegetable oil market in the North America region. The joint venture splits the costs of the raw materials, production, and sales of fats and oils in North America.
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