The global edible oil and fats market is projected to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the wide consumption of the oil and fats as well as their various extensive applications in food preparation. These oils are known for a key source of numerous nutritional constituents including vitamin E, selenium, phytosterols, and magnesium.
Edible or cooking oil is a range of oil extracted mainly from plant and animal or microbial origin, which are suitable for consumption. Edible fats are also widely used in various applications and extensively consumed as they have less side effects to our health. Rising number of hotels and restaurant chains providing food services are the key drivers for the market growth.
Market Drivers, Restraints, Trends, and Opportunities
- Awareness on consumption of oils & fats and their health benefits among consumers are key drivers boosting the market.
- Rising production of calorie-free oil extracted from plant-based including olive and sunflower present another major factor driving the market growth.
- Rising concerns over glutamic disorders in several countries such as India, China, and the US are raising the demand for organic edible oil and fats; thereby, propelling the market expansion.
- Increasing R&D investment towards the production of low cholesterol content oil is anticipated to fuel the market growth.
- The popularity of edible oil as a major source of nutritious values is projected to boost the demand due to certain advantage, such as improving the immune system and preventing cardiovascular disorder.
Global Edible Oil and Fats Market Segment Insights
In terms of types, the market is bifurcated into edible oil and edible fat. The edible oil segment is expected to constitute a major share during the forecast period due to the increasing consumption of oils for various applications especially for the preparation of food and beverage products. Moreover, the rising number of food chains, restaurants, and hotels are other factors that help boost the segment growth. However, the edible fat segment is estimated to hold a substantial share of the market during the analysis period owing to the increasing consumption of edible fats for various applications.
Based on distribution channels, the global edible oil and fats market is segmented into online and offline. The online segment is anticipated to account for a major share during the forecast period owing to rising consumers’ preference for online shopping and wide availability of a variety of product types. Most of the wholesalers have started launching online websites to enhance their products sales and consumers prefer online sale as it offers heavy discount across products. However, the offline segment is estimated to hold a substantial share of the market during the analysis period as it still holds nearly 50% of the total revenue share due to wide service and easy access to offline stores without waiting for delivery time. Increasing number of supermarkets and convenience stores are projected to be key factors to grow the market segment.
In terms of regions, the edible oil and fats market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to register high CAGR during the forecast period, 2021–2028 owing to the rising demand for edible oil and edible fats from emerging economies China, India, Bangladesh, and Thailand. On the other hand, the market in Europe is expected to expand at a significant CAGR in the coming years due to wide consumption of the organic food products including specialty oils including olive oil. Rising consumption of the oil in Spain, Italy, and France due to the presence of a large number of health-conscious people in these countries are projected to drive the regional market growth. .
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