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(MoneyNewsWire.Net, March 28, 2018 ) The Global Cooking Oils and Fats market size was around USD 62.4 billion in 2017. It is expected to grow at a CAGR of 0.9% to reach USD 65.26 billion by 2022.
Cooking oils and fats are made up of saturated, poly-saturated, and mono-saturated fatty acids. Saturated fats increase the body cholesterol levels, while mono-saturated and poly-saturated fats tend to lower cholesterol level in the body.
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The growing demand for cooking oils and fats in developing countries such as India, Indonesia and Argentina is the primary factor that is driving the demand for the market. The rise in the disposable income of the consumers and the growing busy lifestyle of the consumer is secondary reason which is driving the demand for processed foods and ready to drink beverages worldwide. This factor, in turn is driving the demand the market worldwide. Additionally, rising use of high quality edible oils related with the moderate consumption of oils and fats is also another key factor that is driving the demand for the market.
Inordinate consumption of fats and oils pose as a significant threat to the market. Processed foods like French Fries, Pizzas, and Doughnuts have a large number of trans-fats that is not healthy, if consumed regularly. The consumption of trans-fats increases the LDL in the body. Additionally, consumption of trans-fats raise the incidences of numerous heart diseases, type 2 diabetes and cancer. Furthermore, the high price of raw materials makes the entry of a new player in the market extremely difficult.
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The market is segmented by form, by source, by type, and by application. By form the market is segmented into liquid and solid. The liquid segment dominated the market in 2015, and is projected to be the fastest-growing segment as oils are largely consumed for cooking purposes and in biodiesel, where liquid form is preferred over solid. The crystalline form of the fat has a considerable effect on the melting point and the performance of the fat in different applications in which it is used. By source the market is categorized into vegetable and animal. By application the market is categorized into Bakery & Confectionary, and Processed. Processed Food is further sub-segmented into Snacks & Savoury, R.T.E Foods/Convenience Foods, Sauces, Spreads, and Dressings, and others (Incl. Meat Products). By type the market is segmented into oil and fat. Oil is further sub-segmented into palm oil, soybean oil, sunflower oil, rapeseed oil, olive oil, and other oils. Fats are further sub-segmented into Butter & Margarine, Lard, Tallow, and others. By vegetable oil type, the market is projected to be dominated by the palm oil category, followed by soybean oil and rapeseed oil. Palm oil has emerged as the most commonly utilized vegetable oil for edible purposes, especially in China, which is one of the biggest consumer of vegetable oils. The demand for palm oil is rising, owing to rise in industrial applications like biodiesel and oleo chemicals. By fat type, the butter & margarine segment commanded the largest market share in 2015. The demand for butter is greater in contrast to that for margarine, owing to the growth in preference for natural products like butter. Factors like change in customer habits and price difference between butter & margarine also fuel the demand for butter.
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On the basis of geography the market is categorized into Europe, Asia Pacific, Latin America, North America, and Middle East and Africa. The Asia-Pacific region commanded the largest share, in terms of both value and volume, in the market, in 2015. Increase in population and growth in consumption of fats & oils, especially in Asian countries such as China and India, are projected to augment the growth of the fats & oils market in the Asia-Pacific region. Growth in population and development of food and non-food industries in the Asia-Pacific region demand more fats & oils than other end-use industries in the world. The cooking oil and fat market in North America is propelled by technologically advanced processes utilized in manufacturing by market players, high per capita income, and rise in consumption of fast food among the population. Public health agencies have taken considerable efforts to promote the consumption of low-calorie, cholesterol-free cooking oils. Well-educated, higher-earning consumers use these products to reduce the effects of aging This is has increased the demand for foods that are healthy, natural, and nutritious, which in turn is expected to drive the cooking oil and fat market in North America during the forecast period. Rapid developments in the Middle East in terms of infrastructure and technology have boosted the market, which has led to the growth of the cooking oils and fats market forecast.
Key players in the market include Unilever PLC, Cargill, Inc., International Foodstuff Company Limited, United Plantations Berhad, Wilmar International Limited, Archer Daniels Midland Company, Associated British Foods plc, Bunge Limited, CHS Inc., and ConAgra Foods Inc.
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