Cooking Oils and Fats Market is expected to foresee significant growth. Asia Pacific is expected to lead the growth!
- Vikas Kumar
- November 19, 2022
- CONSUMER GOODS, NEWS
- Cooking Oils and Fats Market, Cooking Oils and Fats Market Analysis, Cooking Oils and Fats Market Forecast, Cooking Oils and Fats Market Growth, Cooking Oils and Fats Market Share, Cooking Oils and Fats Market Size, Cooking Oils and Fats Market Trend
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The cooking oils and fats market is expected to grow at a significant growth of 5% over the forecast period. This is mainly because people are becoming more aware of advances in reinforcing oil with minerals through fat and oil fortification, as well as how vegetable oil is healthier than its counterpart, which altogether prevents the risk of cardiovascular disease and breast cancer. In addition, the growing demand for ready-to-eat foods, and the growth of the hospitality industry including hotels, restaurants, and cafes will all contribute to this expansion. Additionally, a December 2021 WHO report’s findings reveal that 40 governments have implemented best-practice industrial trans-fat elimination laws that are defending 1.4 billion people from this hazardous food ingredient. 14 nations were present a year ago. Governments of various countries have implemented a variety of policies to boost the production and use of vegetable oils, opening up new potential in the coming years. Therefore, the market for cooking oils and fats is expected to witness significant growth during the forecast period.
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Based on product type, the market is divided into vegetable & seed oil, spreadable oils & fats, butter, margarine, olive oil, and others. The vegetable & seed oil category accounted for a significant share of the market among product categories. This is primarily owing to the fact that it is less expensive than its alternatives. Vegetable oils are preferred by restaurants and cafés because they wish to keep their expenses down. The proliferation of these food outlets is causing the vegetable and seed oil segment to grow.
Based on application, the market is categorized into food processing, household, and others. The food service segment is anticipated to develop at a robust pace. This is primarily due to the growth of food outlets and people frequently choose prepared foods over home-cooked meals. So, business in the food service sector is booming.
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For a better understanding of the market adoption of cooking oils and fats industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), and Rest of World. Asia-Pacific is expected to show the highest growth in the cooking oils and fats market. The major contributors to the growth of this market are countries like India and China. The increase in infrastructure development in emerging economies, as well as the urbanization and an increase in the middle-class population has contributed to the growth of the APAC market. The expansion of food fortification further influences market expansion. Additionally, the market is expanding due to a rise in customers looking for sustainable and nutritious food options as well as a rise in sports and fitness lovers in the region. Additionally, the edible oil industry is positively impacted by changes in lifestyle, rising middle-class population, and increased consumer knowledge of the advantages of a healthy diet.
Some of the major players operating in the market include Cargill Inc., Archer Daniels Midland Company, Bunge Limited, Wilmar International Ltd., Fuji Oil Company Ltd., ConAgra Brands Inc., IFFCO Group, Ottogi Co. Ltd., Associated British Foods Plc, and CJ Cheiljedang Corporation.
Cooking oils and fats Market Segmentation
Market Insight, by product type
- Vegetable & Seed Oil
- Spreadable Oils & Fats
- Olive Oil
Market Insight, by form
Market Insight, by distribution channel
Market Insight, by application
- Food Services
Market Insight, by Region
- North America
- Rest of north America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Cargill Inc.
- Archer Daniels Midland Company
- Bunge Limited
- Wilmar International Ltd.
- Fuji Oil Company Ltd.
- ConAgra Brands Inc.
- IFFCO Group
- Ottogi Co. Ltd.
- Associated British Foods Plc
- CJ Cheiljedang Corporation