The fats and oils market is estimated to be USD 236.7 billion in 2021; it is projected to grow at a CAGR of 3.8% to reach USD 285.2 billion by 2026. The global fats & oils market is being highly driven by robust demand dynamics emanating from both the food and non-food application sectors. Although country-level dietary guidelines advocate a switch to unsaturated fats, the sales of butter and all the other vegetable oils are witnessing decent growth because they are perceived as being more natural. The fats & oils market is also driven by non-food utilization, particularly for the production of oleochemicals and biofuels. Mandatory blending targets of biofuels have encouraged the uptake of these commercially important lipid compounds in the Western markets, which were soon adopted by developing countries.
what is fats & oils?
Fats and oils are types of lipids, which are molecules that are an essential part of our diet and body functions. They are made up of fatty acids and glycerol. Fats are usually solid at room temperature, while oils are liquid. They are a concentrated source of energy in our diet, providing more than twice the energy of carbohydrates and proteins. Additionally, fats and oils play crucial roles in our body, such as insulating and protecting organs, providing energy, and aiding in the absorption of fat-soluble vitamins like A, D, E, and K. Sources of fats and oils include butter, olive oil, avocados, nuts, seeds, and fatty fish.
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Fats and Oils Market Drivers:
1. Increasing demand for food boosting global consumption of vegetable oils
2. Increased consumption of bakery & confectionery and processed food products
3. Growing demand for biodiesel
Fats and Oils Market Key insights & trends:
Biodiesel is an alternative to diesel fuel from fossil fuel energy sources. It has an advantage over diesel fuel as it does not run out and continues to grow in the fields. Rapeseeds, soybeans, the fruit of oil palms, and even old edible fats are ideal for biodiesel production. It is a non-toxic, biodegradable, and renewable fuel produced from a range of renewable raw materials, such as fresh or waste vegetable oils, animal fats, and oilseed plants. Environmental compatibility of land use, a verifiable saving of greenhouse emissions, and coexistence with food production are the main standards of sustainability maintained in biodiesel production. Hence, biodiesel and edible vegetable oils are produced with less harmful impact on the environment. Also, the rising costs of diesel fuel and continuous climatic changes due to the emission of greenhouse gases drive the market for the production and usage of biodiesel.
Owing to the increased health consciousness among consumers, trans-fats are gradually replaced by a much healthier substitute, namely unsaturated liquid vegetable oils, such as olive, canola, corn, or soy oils. The global market has been witnessing the trend of encapsulation. Several key manufacturers are now strategizing on encapsulating milk fat and vegetable oils in a matrix comprising whey proteins and mixtures of caseins and whey proteins. These fat-rich powders find applications in various food formulations as well as in nutritional supplements and pharmaceutical products. In the global fats and oils market, premium oil types, such as olive and sunflower, witness higher prices owing to their raw materials costing, superior-label claims, and value-added nutritional profiles. Western markets of Europe and North America remain the target for such premium categories of oils and fats, thereby witnessing comparatively higher prices than the global average. Thus, the factor is driving the market value for fats and oils in the global markets.
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Asia Pacific is projected to be the fastest-growing region in the fats and oils market.
The Asia Pacific region is projected to be the fastest-growing market for fats & oils. The region is home to two important palm and palm kernel oil-producing countries namely Malaysia, and Indonesia: and two major fats & oils consuming countries namely China, and India. This is one of the significant factor which ensures that Asia pacific region is the largest as well as the fastest-growing market in fats & oils.
Key Market Players:
Key global market players offer wide range of fats & oils products in the retail chain. While prominent palm oil producing companies are present in Asia pacific region. The soybean oil producing companies capture the North American market. The key companies in the fats and oils market are Associated British Foods PLC (UK), Archer Daniels Midland Company (US), Bunge Limited (US), Wilmar International Limited (Singapore). Various strategies, such as expansions, mergers & acquisitions, and new product launches, were adopted by the key companies to remain competitive in the fats and oils market.
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