Request Sample Inquiry
Vegetable Oil Market

Vegetable Oil Market

Vegetable Oil Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

169

Base Year:

2021

Date

Feb - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1305

Segments Covered
  • By Type Palm Oil, Soyabean Oil, Rapeseed Oil, Sunflower Oil, Olive Oil, Others
  • By Packaging Type Cans, Bottles, Pouches, Others
  • By Application Food, Feed, Industrial
  • By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 2.52 Billion
Revenue 2028Revenue 2028: USD 3.73 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 9.5%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Vegetable Oil Market Share

Vegetable Oil Market:

Market Synopsis:

Global Vegetable Oil market is valued at USD 2.52 Billion in 2021 and estimated to reach a value of USD 3.73 Billion by 2028 at a CAGR of 9.5% during the forecast period, 2022–2028. Vegetable Oil is being used for various purposes including in the manufacture of soaps, biodiesel, cosmetics, insecticide and many other applications. Oil is one of the prime sources of energy which are renewable over a period of time. Its production has increased manifold due to increase in population and rise in per capita income after industrial revolution.

Vegetable Oil Market Size, 2021 To 2028 (USD Billion)

Rapidly Growing Global Population to Drive Demand for Vegetable Oil Market

The world's population has increased manifold since 1950; it was about 2.5 billion in 1950 and crossed 7 billion in October 2011. The growth rate of population is increasing at a faster pace every year. As of 2021, the population has crossed 7.9 billion. In line with this, the demand for Vegetable Oil is also increasing across various domain such as cooking, food processing, and cosmetic and personal care, among others to meet the growing consumption.

The world is moving towards healthy lifestyle with increasing awareness among people about their diets. Vegetarian foods are gaining popularity all over the world as it contains fat content of plant origin. This is acting as a positive growth driver for the global Vegetable Oil market.

Demand for Vegetable Oil is Increasing with Rise in Per Capita Income

The global population has increased at a faster pace after industrial revolution, as people are moving towards urbanization. This has led to faster economic growth across the world which has also improved the standard of living. All these factors are acting as key growth drivers for the market. Countries like Malaysia, Indonesia, Thailand and Sri Lanka have emerged as popular destinations for the production of palm oil due to its low cost.

Higher standard of living in developing countries has led to significant change in food habits of people across Asia-Pacific, Middle East and Africa regions. People are shifting towards healthy diet, which is leading to increase the demand for processed food products. With this, there is increase in purchasing power of people who are demanding quality product while spending more on it.

Market Segmentation:

Global Vegetable Oil market is segmented by type (Palm oil, Soyabean oil, Rapeseed oil, Sunflower oil, Olive oil, and others), packaging type (Cans, Bottles, Pouches, and others), Application (Food, Feed, and Industrial), and region.

Below tree is interactive. You can click the nodes to get more information.

By Type, Palm Oil to Dominate the Vegetable Oil Market

Palm oil, an edible Vegetable Oil derived from the fruit of palm trees. It is the most widely used form of Vegetable Oil globally and accounts for a quarter of all oils used in food manufacturing. Palm oil has also become one of the key ingredients in many commercial products (Cosmetics, Bio-fuels, Personal care products, cleaning agents, and many others) due to its effectiveness. For instance, palm oil is used in shampoos and soaps because of its cleansing abilities.

It is also added to manufactured foods like: cakes, biscuits, margarine and chocolate for flavor and texture (it prevents ingredients from clumping together), and increasingly for its health benefits. Substituting palm oil into the formulation of many products reduces costs by providing more processing stability, shelf life and appropriate melting properties than other oils or fats.

By Packaging Type, Pouches to Lead Global Vegetable Oil Market

By packaging type, pouches are the most popular form of packaging across the globe in the household, personal care and edible oil markets. This can be attributed to numerous factors such as convenience of pouring, easy portability, versatility, and cost-effectiveness, among others. Pouches are an environmentally friendly and sustainable alternative to rigid bottles and cans, as well as bulk drums and barrels.

The biggest benefit of the pouch packaging is its cost effectiveness compared to other types of containers, which can be attributed to high production volumes during filling and sealing, high degrees of automation, low labor costs, and easy transport. Pouches are also an ideal choice for products where the consumer is willing to pay a little more for premium packaging like gourmet oils vs bulk containers.

Asia Pacific to Dominate Vegetable Oil Market

Asia Pacific is the largest consumer and producer of Vegetable Oil. The region has strong presence of some of the key producers of palm oil and soybean oil such as China, India, Indonesia, and Malaysia. Wherein, Malaysia is the largest producer of palm oil. Apart from this, the region is housing over 60% of the global population. This translates to over 4.7 billion population to feed in the region. The population here is quite young, with average age of 28 years. This has opened numerous opportunities for the market players to engage in sports and other physical activities, which in turn increase demand for Vegetable Oil.

The region is witnessing a high growth of population. This has resulted in rise of food consumption by 4% each year. Growing disposable income – GDP per capita of countries such as China, India, Indonesia and Malaysia have been on an upswing due to continuous economic development. This has led to rise in disposable income, resulting in increasing consumption of packaged food products. Favorable climatic conditions– with the region being home to some of the key producers of Vegetable Oil, there are favorable climatic conditions for growth and production of vegetables within Asia Pacific.

Key Players:

Wilmar International Limited (Singapore), Conagra Brands Inc. (US), The Manischewitz Company (US), The J.M. Smucker Co. (US), Waitrose & Partners (UK), IFFCO (India), Woolworths Group Limited (UK), Unico (US), Marico Limited (India), Edible Oils Ltd. (US), and Adani Wilmar Limited (India), and Cargill (US).

Vegetable Oil Market is segmented as follows:

Parameter Details
Segments Covered
  • Type (Palm Oil, Soyabean Oil, Rapeseed Oil, Sunflower Oil, Olive Oil, Others)
  • Packaging Type (Cans, Bottles, Pouches, Others)
  • Application (Food, Feed, Industrial)
  • Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Wilmar International Limited (Singapore)
  • Conagra Brands Inc. (US)
  • The Manischewitz Company (US)
  • The J.M. Smucker Co. (US)
  • Waitrose & Partners (UK)
  • IFFCO (India)
  • Woolworths Group Limited (UK)
  • Unico (US)
  • Marico Limited (India)
  • Edible Oils Ltd. (US)
  • and Adani Wilmar Limited (India)
  • and Cargill (US).
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Vegetable Oil Market is tabulated as follows:

Vegetable Oil Market to Reach Valuation of USD 3.73 Billion by 2028 - Increasing Usage of Vegetable Oils in Food, Feed, Industrial to Flourish Market
In terms of revenue, the Global Vegetable Oil Market is expected to reach USD 3.73 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 9.5% from 2022 to 2028. The Global Vegetable Oil Market growth is attributed to the factors such as, increasing consciousness about health, increasi...
FAQ
Frequently Asked Question
  • The global Vegetable Oil valued at USD 2.52 Billion in 2020 and is expected to reach USD 3.73 Billion in 2028 growing at a CAGR of 9.5%.

  • The prominent players in the market are Wilmar International Limited (Singapore), Conagra Brands Inc. (US), The Manischewitz Company (US), The J.M. Smucker Co. (US), Waitrose & Partners (UK), IFFCO (India), Woolworths Group Limited (UK), Unico (US), Marico Limited (India), Edible Oils Ltd. (US), and Adani Wilmar Limited (India), and Cargill (US)..

  • The market is project to grow at a CAGR of 9.5% between 2021 and 2028.

  • The driving factors of the Vegetable Oil include

    • Rapidly Growing Global Population

  • Asia Pacific was the leading regional segment of the Vegetable Oil in 2020.