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, increasing application in various industries such as food, feed, cosmetics & toiletries, increasing supportive policies on vegetable oil usage, among others. Moreover, the demand of vegetable oil is increasing owing to increasing global population which is propelling Vegetable Oil Market growth.
- The palm oil segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR) during the forecast period. The growth is attributed to the limited price of palm oil as well as increasing consciousness regarding health benefits.
- Pouches segment held a significant market share in 2021. The growth is attributed to easy storage and usage ability as well as need of refilling the oil containers.
- Asia Pacific is the largest regional segment. This is owing to increasing accessibility of various numbers of food and beverage manufacturers.
Some of key players in Vegetable Oil Market include - 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)..
Since past few decades, the population across the globe is increasing swiftly. Consequently, rising population is increasing the global food supply and demand gap which is further increasing the burden on government as well as Research and Development (R&D) sector. According to Food and Agricultural Organization (FAO), per capita consumption growth of vegetable oil is increased by 3.1% p.a.
Additionally, the demand for vegetable oil from food industries is increasing at its wildest level. Owing to the changing lifestyle of the population, the percentage of restaurants, local hotels, among others are also increasing, which in turns driving the demand for vegetable oils in the years to come. Moreover, the demand for feed is also increasing, in turn swelling the demand for vegetable oils and further propelling the growth of the market over the forecast period. Also, changing trend towards shopping from supermarkets/hypermarkets is increasing the demand for vegetable oils from such end-users and further propelling the market growth.
Asia Pacific is expected to grow at a fastest Compound Annual Growth Rate (CAGR) during the forecast period. The market growth is attributed to the presence of emerging economies, increasing demand for vegetable oil from countries such as India, China and Japan among others. Also, increasing accessibility of various number of food and beverage manufacturers, rising research and advancement in food industry and increasing initiatives by the government are further anticipated to propel the market growth over the forecast period.