PUNE,
India, July 18, 2024 /PRNewswire/ --
The Edible Oils Market size was valued at
USD 120.45 Billion in 2023 and the
total Edible Oils Market revenue is expected to grow at a CAGR of
7.37% from 2024 to 2030, reaching nearly USD
198.14 Billion.
Reports on competitive analyses encompass company overviews,
financial performances, product portfolios, and strategies of key
players in the Edible Oils market. To assess strengths and
weaknesses, a comprehensive SWOT analysis was conducted, while a
PESTLE analysis was carried out to understand the impact of
macroeconomic factors on the market. Also, the report includes
detailed analyses of investments made by market players to enhance
their global presence.
The research methodology utilized in analysing the Edible Oils
market encompasses a thorough approach that combines primary data
which is often collected through surveys, interviews, and focus
groups with industry experts and stakeholders such as raw material
suppliers, oil extraction companies, refiners and processors,
packaging and distribution companies, regulatory bodies and
government agencies and environmental and advocacy groups. This
allows for firsthand insights into market trends, consumer
behaviour, and regulatory challenges and secondary research
utilizing reports from government sources, industry publications,
and financial statements. Market sizing and forecasting techniques
are employed alongside competitive analysis to provide valuable
insights into the market landscape. It also includes trade balance,
market entry strategies, costs in different region, technology
adoption, regulatory framework, compliance requirements and
customer demographics which makes it an investor's guide. The
report encompasses type, packaging type and distribution channel
segments and their analysis, which elucidates their influence on
the market. The estimation methodology often adopts a bottom-up
approach to accurately determine market sizes.
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Global Edible Oils Market 2023-2030: Key Highlights
Market Size in
2023:
|
USD 120.45
Bn
|
Market Size in
2030:
|
USD 198.14
Bn
|
CAGR:
|
7.37 %
|
Forecast
Period:
|
2024-2030
|
Base
Year:
|
2023
|
Number of
Pages:
|
229
|
No. of
Tables:
|
138
|
No. of Charts and
Figures:
|
193
|
Regional
Scope:
|
North America, Europe,
Asia Pacific, and Africa, South America
|
Report
Coverage:
|
Market Share, Size and
Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
- Historic Market Size 2017-2023
- CAGR of the market during 2024-2030
- Detailed information on factors that will assist Edible Oils
market growth during the next seven years
- An estimation of the Edible Oils market size and the impact of
country's GDP on Edible Oils market
- Forecasts on upcoming trends and changes in consumer
behaviour
- The growth of the Edible Oils market
- Analysis of the competitive landscape and detailed information
on companies
- Comprehensive details of factors that will impede the growth of
Edible Oils companies.
Competitive Landscape
The Edible Oils Market includes the presence of several global
as well as regional key players. A few prominent players that offer
Edible Oils in the market are Aceitera General
Deheza (Argentina), Adams
Group (United States), Adani Group
(India), Agro Tech Foods
Limited (India), American
Vegetable Oils, Inc. (United
States), Archer Daniels Midland Company (United States), Associated British Foods plc
(United Kingdom), Beidahuang Group
(China), Borges Mediterranean
Group (Spain), Bunge Limited
(United States) and others.
What's New: Recent Additions and Updates
- Expansion into Southeast Asia,
South America, and Africa
- Localization efforts for new markets
- Technological Advancements
- New Streaming Partnerships and Platforms
- Innovative Marketing Strategies
- Financial Performance and Investment
- Consumer Behavior and Trends
- Regulatory Changes and Challenges
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Market Overview
The edible oils market is highly competitive globally, showing a
mix of large players and small-scale manufacturers that provides a
diverse array of edible oil products. The Edible vegetable oils
consist of nearly 96% triglycerides of plant origin comprising
olive, palm, soybean, canola, and sunflower oil, and are composed
of different fatty acids. Other compounds or group of compounds
identified include free fatty acids, phospholipids, phytosterols,
tocopherols, and other antioxidants or waxes. The study provided
detailed information about edible oil parameters such as consumer
preferences, safety regulations across the countries, etc.
In FY2021, the Indian oil industry witnessed the best
year-on-year growth mainly with a sharp rise in edible oil prices.
These price increases were caused by disruption of global supply
chains, production declines in major oil producing countries, lower
sales volumes due to pandemic crisis cause, and for the decline of
HoReCa (Hotels, Restaurants, and Restaurants). The COVID-19
pandemic caused supply chains and labour shortages, affecting
manufacturing and distribution. While the HoReCa segment faced a
drop in demand, this decline was partially offset by increased
retail demand from home cooking. Looking ahead to FY2022, sustained
inflation due to continued challenges in the supply chain and
continued demand, as well as sustained volume growth driven by
economic growth and HoReCa collaboration, are expected the recovery
results in, is expected to lead to favorable earnings growth for
the oil consumption business.
The consumption of edible oils in India is characterized by palm oil with the
largest share at 38%, followed by soybean oil at 19%, rapeseed oil
at 12%, sunflower oil at 8% and other oil production at over 22%.
The powerful nature of palm oil can be attributed to its low cost,
wide availability and versatility in cooking, making it an
important component in Indian households and the food industry.
Soybean oil is popular for its nutritional value and its use in
processed foods, while rapeseed oil is preferred for its health
benefits, especially low saturated fat Sunflower oil's light taste
and health benefits, like vitamin E-rich, contribute to a steady
demand. Other oils include coconut, corn and mustard oils,
which are regionally preferred and have specific applications in
cooking.
In 2023, the Indian edible oil market saw significant
contributions from key players. Adani
Wilmar, with the Fortune brand, is the market leader due to
its extensive distribution network and diversity of products.
Meanwhile, Ruchi Soya, a division of Patanjali, maintains a strong
position through established brands like Nutrela. Marico's Saffola
brand uses its health-related marketing to maintain a large share,
especially in urban areas. In addition, Cargill India and Imami
Agrotech have made impressive progress in their respective projects
with focus on quality and health benefits. These companies
have developed strategic plans, including expansion of their
product lines, development of distribution channels and investment
in brand building activities which is crucial in shaping the
competitive environment of the Indian oil consumption market.
Key players share in the Indian edible oil
industry 2023
Key
Players
|
Market
Share
|
Adani Wilmar
|
17 %
|
Ruchi Soya
|
8 %
|
Emami
Agrotech
|
7 %
|
Cargill
India
|
4 %
|
Bunge India
|
3 %
|
Marico
|
2 %
|
India's edible oil imports rose
to a record 1.76 million metric tonnes in July on efforts by oil
producers to build stocks ahead of festival a, Reuters sources said
coming has been caused by the uncertainty in supply from the Black
Sea region due to the Russian-Ukrainian crisis. Palm oil
imports rose impressively to 10.9 million tonnes at a time when
imports rose above the average of 11.7 million tonnes per month in
2021/22 trade year reported by the Solvent Extractors Association
(SEA) of India, the highest in
seven months. The increase will impact global palm oil reserves in
Indonesia and Malaysia, potentially increasing futures
benchmarks. Meanwhile, sunflower oil imports rose 73%
month-on-month to 330,000 tonnes, while soybean oil imports fell
22% to 340,000 tonnes amid structural challenges at Kandla ship in
the station. The accumulation strategy of Indian importers
underscores their cautious approach amid geopolitical uncertainties
affecting key oil producing areas.
China's edible oil industry has
undergone major changes due to urbanization, rising living
standards and growing food safety concerns. Traditional oils, such
as pork fat and unrefined rapeseed oil, have been replaced by
healthy, refined vegetable oils purchased from supermarkets.
Soybean, rapeseed, palm, and corn oils are the most commonly
consumed, and Western oils are widely accepted. Economic
growth led to an increase in per capita consumption of vegetable
oil, supported primarily by an increase in palm oil imports. Within
China, it has expanded oilseed
production, but the industry faces challenges such as limited
farmland and regulatory consolidation. Despite these, technological
advances and consumer preferences for healthier oils are setting
the industry up for continued growth and adaptation in a
competitive global market.
In conclusion, the demand for edible oils is constantly
increasing worldwide, driven by factors such as the growing demand
for fast food. The Maximize Market Research report captures these
trends in detail across various regions. It provides a
comprehensive analysis of market trends, consumer preferences and
competitive landscape in each category. This comprehensive
perspective provides stakeholders with valuable information to
navigate opportunities and challenges, and ensures strategic
decisions for sustainable growth in the global Edible Oils
market.
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Segment Overview
MMR has segmented the market based on
By
Type
- Soybean Oil
- Mustard Oil
- Palm Oil
- Sunflower Oil
- Olive Oil
- Others
By Packaging Type
- Pouches
- Jars
- Cans
- Bottles
By Distribution Channel
- Direct/Institutional Sales
- Supermarkets and Hypermarkets
- Convenience Stores
- Online
Based on Packaging Type, in 2023, the pouches segment is
projected to hold a significant 60% share of the global edible oils
market, driven by its increasing popularity among consumers.
Pouches offer numerous advantages over traditional packaging
formats such as bottles and cans. They don't take up a lot of
visible space, which is especially appealing to urban buyers who
live in small spaces. Additionally, the bags are lightweight
and convenient, making them extremely portable for today's
on-the-go lifestyle. Additionally, the pouch format enables
innovative bag-in-box packaging solutions that reduce oil waste and
mess when packed. The enhanced barrier technology used in the
bottles helps keep the oil fresher better than other packaging
materials. Some of the free-standing bags make it easy to dispense
and pour oil directly from the bag without the need for a new
container, making it more convenient. These easy-to-use
features drive consumer preference, especially among young
professionals and families, to bottled oils. Overall, these
products have established pouches as the preferred form of growth
on commercial oils worldwide.
Detailed segmentation values for each segment and
explanations for growth are provided in the final report.
Geography Overview
In 2023, The Asia-Pacific
edible oils market had a revenue share of about 53% of the global
edible oils market and is expected to maintain its dominance at the
end of the forecast period. The APAC region has a global and local
producer of edible oils, as well as a large population, increasing
disposable income and awareness of individuals on the health
benefits of edible oil consumption, and the rapidly growing edible
oil sector in Asia. Manufacturing
industries, as well as developing countries and others are the
growth drivers of the regional oil consumption market. Moreover,
increasing use of edible oils in cosmetics and personal care
products is boosting the Asia-Pacific commercial oil market.
In the final report, past and future numbers and explanations
are incorporated seamlessly to provide a comprehensive
understanding of the Global Edible Oils market.
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