Austin, Sept. 23, 2024 (GLOBE NEWSWIRE) — According to SNS Insider Research, The Fats & Oils Market Share was valued at USD 253.6 billion in 2023 and will reach USD 357.8 billion by 2032, and grow at a CAGR of 3.9% by 2024-2032.
The demands for natural ingredients in the food and cosmetics markets, as well as awareness of health benefits and demand for plant-based diets, require an upsurge in the global fats and oils market. Pressure from consumers toward healthy choices will do much to spur the adoption of natural fats and oils that have health benefits. New technologies for oil extraction and processing will continually enhance the quality and availability of various grades of oils. The food and beverage industry is another area with high growth potential. Fats and oils play a central role in so many final products-from baked goods to dressings. Tides in organic and non-organic products also influence consumer preference, demanding that manufacturers change and innovate their production processes. Cosmetics are increasingly adopting these fats and oils for their moisturizing properties. These dynamics thus indicate a market of extremely robust and continuous evolution.
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What are the growth factors of the Fats and Oils market?
The growth prospects of the global fats and oils market are attributed to factors such as the rising adoption of fats and oils across the food industries, rising demand for protein intake and nutricosmetics, applications in health care, and a rising trend in the use of fats and oil-based biomaterials. All these factors push demand in a wide range of applications food preparation and processing through personal care and health it may be said that fats and oils are really at the heart of the modern consumer lifestyle.
Top 10 Companies Operating in the Fats and Oils Industry Worldwide
- Archer Daniels Midland Company (USA)
- Cargill, Incorporated (USA)
- Bunge Limited (USA)
- Unilever PLC (UK)
- Wilmar International Limited (Singapore)
- Olam International Limited (Singapore)
- IOI Corporation Berhad (Malaysia)
- Marico Limited (India)
- Ruchi Soya Industries Limited (India)
- Delta Wilmar (China)
Which segment dominated the Fats and Oils Market?
The Vegetable Oils segment dominated the Fats and Oils Market in 2023, with an estimated market share of around 40%. High demand from consumers for healthier cooking oils along with higher consumers for vegetable and plant-based oils has led to this good performance. Olive and sunflower oils possess substantial heart health values, and olive oil forms an integral part of the Mediterranean diet. With the increased popularity of vegan and plant-based diets, these vegetable oils, as a substitute for animal fats, will be consumed.
Fats & Oils Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 253.6 Billion |
| Market Size by 2032 | US$ 357.8 Billion |
| CAGR | CAGR of 3.9% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | •By Source (Vegetables, Animals)
•By Type (Oil Type [Vegetable Oils, Palm oil, Soybean oil, Sunflower oil, Rapeseed oil, Olive oil], Fat Type [Butter & margarine, Lard, Tallow & grease, Others]) •By Form (Liquid, Solid) •By Application (Food, Pharmaceutical, Personal Care, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Drivers | • Growing consumer demand for healthier, plant-based fats, spurring innovation in product development
• Increasing awareness of sustainability, leading companies to adopt ethical sourcing and environmentally friendly practices |
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What are the driving factors of the Fats and Oils market?
• Growing Health Consciousness – The increasing health consciousness of the consumers is the reason for growth in healthier cooking oils and fats, thus acting as a motivation for faster growth in healthier oil varieties, such as olive and avocado oil, considered as healthy.
• Emerging Trends of Plant-Source Foods – Increased veganism and vegetarianism are resulting in greater demand for plant-based fats and oils, where animal-derived products are now being replaced.
• Innovation in Food Applications – New food technology developments offer new applications for fats and oils, thereby fueling growth, particularly in the baking, frying, and food processing sectors.
What are the opportunities of the Fats and Oils market?
- Emerging Markets Growth – The growth prospects for the Fats and Oils market are well-pronounced in emerging economies with higher levels of disposable income across countries and, therefore, with higher levels of processed food consumption.
- Increasing consumer demand for sustainable fats and oils – Companies can look forward to a fair share of the market if they ensure sustainability at their end. It is in ecologically friendly and ethical sourcing that brands can differentiate themselves in this new market. This new trend towards sustainability meets consumer needs but places companies on equal footing in an increasingly competitive playfield.
Which region dominated the Fats and Oils market?
In 2023, North America dominated the Fats and Oils Market, holding an estimated market share of 35%. This dominance is caused by a strong food processing industry in the region and a growing consumer preference for healthy and organic food products. Natural oils have experienced an increase in demand in the United States, through the health trend as well as popular cooking shows that praise healthy eating. E-commerce has further made it possible to have more kinds of fats and oils readily available to consumers, to discover and buy for their respective health objectives. In addition, the established infrastructure and huge networks of distribution in North America will further support the growth momentum of the Fats and Oils market, thereby becoming an advantageous player in the global arena.
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Key Takeaways
- The increasing demands arise from consumer awareness of the health benefits bestowed by fats and oils.
- The surging demand for plant-based diets is maximally affecting the markets for vegetable oils.
- Developments in extraction and processing technology improve the quality and productivity of fats and oils production.
- The growth of brands that focus more on sustainable sourcing and environmental friendliness has increased competition in the market.
- The expanding emerging economies, characterized by rapid urbanization and growth in disposable incomes, hold big growth opportunities for the fats and oils sector.
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Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Fats and Oils Market Segmentation, by Source
8. Fats and Oils Market Segmentation, by Type
9. Fats and Oils Market Segmentation, by Form
10. Fats and Oils Market Segmentation, by Application
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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Read More: Fats and Oils Market to Reach USD 357.8 Billion by 2032