Market Overview
The ever-growing vegetable oil market is expected to grow further creating a deep revenue pocket. The pervasive growth of this market attributes to the rapidly growing population that prompts the growing need for the food. Moreover, factors such as the economic expansion in developing regions are escalating the market on the global platform.
Attributing to the globalization and growing urbanization people are increasingly becoming food enthusiasts and do not mind experimenting with different food culture. The growing number of applications and increasing use of vegetable oil in culinary uses, hydrogenated oils, industrial uses, and fuel are expected to foster market growth during the forecast period. Other factors supporting the market growth include the extensive use of vegetable oils in the burgeoning industries such as food & beverages, pharmaceutical, and cosmetic and personal care products. The emerging trend of converting vegetable oils into biofuels and energy is expected to drive the growth of the global vegetable oil market to an extent.
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Energy conversion that envisages an increasingly important role for biofuels in the process of decarbonizing the planet. These plants that convert vegetable oil wastage into energy have significant potential to the circular economy while, reinforcing the use of waste, explicitly cooking oil, as an essential raw material for producing the innovative fuel Enidiesel+ and as a replacement for the edible raw materials that are currently used. On the other hand, factors such as the absence of regulatory laws are expected to impede the market growth over the review period. Nevertheless, efficient farming techniques and the extracting techniques developed by the market players which are effectively increasing the production of vegetable oil is estimated to support the market growth during the forecast period.
Major Players:
Key players leading the Global Vegetable Oil Market include
- Conagra Brands, Inc. (US),
- The Manischewitz Company (US),
- Waitrose & Partners (UK),
- IFFCO (UAE),
- The J.M. Smucker Co. (US),
- Unico (Canada),
- Edible Oils Ltd. (UK),
- Woolworths Group Limited (Australia),
- Adani Wilmar Limited (India)
- Marico Limited (India)
Industry/ Innovation/ Related News
January 28, 2019 —- A research team from Kaunas University of Technology (Lithuania, Europe) and Vilnius University (Lithuania) published their study for converting vegetable oil into a material that can be used for 3D printing. The study published in Polymers journal indicates that this research is a promising step forward for the development of environmentally-friendly and sustainable polymers. Possible applications, due to avoidance of toxic ingredients, include 3D printed cell scaffolds, and nanophotonics.
The newly developed material – AESO (acrylated epoxidized soybean oil) is currently undergoing tests for its potential to replace petroleum-derived resins and has been shown to work without the use of a photo-initiator.
January 12, 2019 —- A team of researchers from Council of Scientific and Industrial Research (CSIR – India) and Central Mechanical Engineering Research Institute (CMERI – India) announced the invention of a non-continuous biodiesel plant that can convert any vegetable oil (edible and non-edible) and animal fat to biodiesel.
With the invention of this plant, the cost of biodiesel production is estimated to be around INR 48 per liter when the average collection cost per liter of used Vegetable oil goes up to INR 40 per liter. Therefore, manufacturers can easily make a profit of INR 5 to 8/liter with a payback period of less than one year.
November 05, 2018 —- Fuji Vegetable Oil Inc. (the U.S. arm of Fuji Oil Holdings Inc. (Japan) announced its plans to open a vegetable oil plant in the New Orleans area, Louisiana (the US). The project expected to be completed in June 2020 will be utilizing around USD 70MN funds. Fuji is planning to process palm kernel oil, palm oil, sunflower oil, and coconut oil in the complex that will also include storage and distribution facilities.
Market Segments
The MRFR analysis is segmented into four key dynamics for enhanced understanding.
Product Type: Soybean Oil, Palm Oil, Canola Oil, Peanut Oil, and Olive Oil among others.
By Packaging Type: Cans, Bottles, and Pouches among others.
By Distribution Channel: Store-based (Hypermarkets & Supermarkets, Convenience Stores, and others) and Non-store-based (on-line, eCommerce, and others)
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Regional Analysis:
The Asia Pacific region, heading with its flourishing agriculture industry is dominating the global vegetable oil market registering the highest CAGR. Furthermore, the presence of diverse cultures, as well as cuisines that promote the usages of a range of healthy oils, is fostering the growth of the regional market, creating a huge demand.
Also, factors such as the high population growth and the agriculture sector that has led to increased production and consumption of soybean oil in China and India and palm oil in regions of Indonesia and Malaysia are expected to drive the regional market growth during the forecast period.
Moreover, the increasing number of biodiesel and biofuel plants alongside the huge demand from the burgeoning industries such as F&B, Pharmaceuticals, and Personal care products propels the growth of the regional market.
The vegetable oil market in the European and North American region is expected to perceive moderate growth throughout the forecast period. The rapidly growing F&B, Pharmaceuticals, and Personal care products industries drive the growth of the markets in these regions. Spain & Italy among other European countries, stand the largest olive oil producing countries.
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