Vegetable Oil Market Outlook
According to the report by Expert Market Research (EMR), the global vegetable oil market size is projected to grow at a CAGR of 3.1% between 2024 and 2032. Aided by the growing consumer preference for plant-based oils and the increasing applications of vegetable oils in the food, cosmetics, and biofuel industries, the market is expected to attain a volume of 289.41 MMT in 2032.
Vegetable oils are extracted from plant sources and are vital in cooking, food processing, cosmetics, and industrial applications. Commonly used oils include soybean, palm, sunflower, rapeseed, and olive oils. They are preferred for their nutritional benefits, affordability, and adaptability to various culinary and industrial uses.
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The global vegetable oil market growth is driven primarily by increasing consumer awareness of the health benefits of plant-based diets. With rising cases of lifestyle diseases like cardiovascular disorders and diabetes, consumers are opting for healthier cooking oils like olive, sunflower, and canola oils due to their lower saturated fat content and high levels of unsaturated fats.
Moreover, vegetable oils have extensive applications in the processed food sector. Their widespread use as cooking mediums, in salad dressings, and as ingredients in bakery and confectionery products, continues to drive demand. Furthermore, the increasing demand for convenience foods and ready-to-eat meals has further contributed to the growth of this segment.
Biofuel production is another significant driver of the market growth. The growing emphasis on sustainability and the need for cleaner fuel alternatives have made vegetable oils key components in biodiesel production. Palm, soybean, and rapeseed oils are particularly prominent in this regard, leading to vegetable oil market development.
In the cosmetics and personal care sector, vegetable oils are gaining popularity due to their moisturising and antioxidant properties. Natural and organic skincare products frequently incorporate coconut, argan, and jojoba oils to meet consumer demands for chemical-free products. The pharmaceutical sector also uses vegetable oils as excipients, carriers for active ingredients, and in the production of soft gel capsules.
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As per the vegetable oil market analysis, more than half of the total global product is currently being derived from the crushing of soybeans and other oilseeds. While its use as a feedstock for biodiesel has declined in recent years compared to the previous decade, it is projected to experience a 0.3% annual growth in the next five years.
Beyond biodiesel production, vegetable oils are used in the manufacturing of soaps, detergents, paints, and lubricants. Their biodegradable and renewable properties make them attractive alternatives to petrochemicals. Vegetable oils like coconut, almond, and argan oils are increasingly utilised in skincare and haircare products due to their moisturising, conditioning, and antioxidant effects.
The reduced utilisation for biodiesel production in the United States and European Union is being balanced by the increasing use in emerging nations like Argentina. Argentina, for instance, exports over 40% of its biodiesel production and is anticipated to utilised nearly three-quarters of the domestically produced product as feedstock for biodiesel in the upcoming period. In Indonesia and Brazil, the application of biodiesel in the sector is expected to surpass its use in the food sector. In the European Union, biodiesel feedstock application is forecasted to represent approximately 39% of its overall applications in the upcoming period, leading to vegetable oil market expansion.
Asia-Pacific is the largest regional market for vegetable oils, driven by rising disposable incomes, population growth, and changing dietary preferences. Palm oil is particularly prominent, with Indonesia and Malaysia leading global production. China and India remain significant importers due to high consumption and limited domestic production.
Europe and North America are mature markets, with consumers favouring healthier oils like olive and canola. Demand for biodiesel also contributes significantly to the market, particularly in Germany and the United States.
Latin America, especially Brazil and Argentina, is a key player due to its robust soybean oil production. The Middle East and Africa are emerging markets due to urbanization and the expanding food and cosmetic sectors.
Market Segmentation
The market can be divided based on the oil type, application, and region.
Market Breakup by Oil Type
- Palm Oil
- Soyabean Oil
- Sunflower Oil
- Olive Oil
- Canola Oil
- Coconut Oil
- Others
Market Breakup by Application
- Food
- Feed
- Industrial
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global vegetable oil market. Some of the major players explored in the report by Expert Market Research are as follows:
- Cargill, Incorporated
- Archer Daniel Midland Company
- IOI Corporation Berhad (IOI)
- Fuji Oil Co., Ltd.
- Sime Darby Plantation Berhad
- Bunge Limited
- Wilmar International Limited
- Louis Dreyfus Company B.V.
- Conagra Brands, Inc
- Olam Group Limited
- Golden Agri-Resources (GAR)
- PT Astra Agro Lestari Tbk
- Others
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