According to a new report published by UnivDatos Markets Insights, the Cooking Oils and Fats Market is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Product Type (Vegetable & Seed Oil, Spreadable Oils & Fats, Butter, Margarine, Olive Oil, and Others); Form (liquid and solid segments); Distribution channel (Online and Offline); Application (Food Services, Household, and Others); Region/Country.
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The cooking oils and fats market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the cooking oils and fats market. The cooking oils and fats market report offer a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the cooking oils and fats market at the global and regional levels.
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Market Overview
The cooking oils and fats market is expected to grow at a significant growth over the forecast period. This is mainly because people are becoming more aware of advances in reinforcing oil with minerals through fat and oil fortification, as well as how vegetable oil is healthier than its counterpart, which altogether prevents the risk of cardiovascular disease and breast cancer. In addition, the growing demand for ready-to-eat foods, and the growth of the hospitality industry including hotels, restaurants, and cafes will all contribute to this expansion. Additionally, a December 2021 WHO report's findings reveal that 40 governments have implemented best-practice industrial trans-fat elimination laws that are defending 1.4 billion people from this hazardous food ingredient. 14 nations were present a year ago. Governments of various countries have implemented a variety of policies to boost the production and use of vegetable oils, opening new potential in the coming years. Therefore, the market for cooking oils and fats is expected to witness significant growth during the forecast period.
Major companies in the market Cargill Inc., Archer Daniels Midland Company, Bunge Limited, Wilmar International Ltd., Fuji Oil Company Ltd., ConAgra Brands Inc., IFFCO Group, Ottogi Co. Ltd., Associated British Foods Plc, and CJ Cheiljedang Corporation.
COVID-19 Impact
The COVID-19 pandemic has adversely impacted the global cooking oils and fats industry. Several countries enforced nationwide lockdowns as part of measures to limit the spread of the coronavirus. As a result, there were disruptions in the supply chain for foods and beverages all across the world. The sustainability of supply chains for the food and beverage industry globally has been impacted by this, which in turn caused the economy to slow down. Additionally, consumers showed a tendency to hoard driven by worries about upcoming shortages of food ingredients. The lack of raw resources had given market participants new reasons for anxiety. Fluctuations in prices of cooking oils and fats were observed due to the imbalance between supply and demand. The cooking oils and fats business has suffered because of these causes.
The Global Cooking Oils and Fats Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
• Based on product type, the market is divided into vegetable & seed oil, spreadable oils & fats, butter, margarine, olive oil, and others. The vegetable & seed oil category accounted for a significant share of the market among product categories. This is primarily owing to the fact that it is less expensive and vegetable oils are preferred by restaurants and cafés because they wish to keep their expenses down. The proliferation of these food outlets is causing the vegetable and seed oil segment to grow.
• Based on form, the market is divided into liquid and solid segments. The liquid segment market share among these is substantially larger. The reason for this is liquid oils are easier to heat and process and contain less water than their solid counterparts. Furthermore, liquid fats are considered healthier than their alternative because they include less saturated and trans fats.
• Based on distribution channel, the market is classified into online and offline. The market's online segment is most likely to grow faster. This is a result of consumers' evolving shopping preferences. E-commerce is more popular since it is more convenient for people. As a result, the online market has grown in popularity.
• Based on application, the market is categorized into food service, household, and others. The food service segment is anticipated to develop at a robust pace. This is primarily due to the growth of food outlets and people frequently choose prepared foods over home-cooked meals. So, business in the food service sector is booming.
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Cooking Oils and Fats Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia-Pacific is expected to witness significant growth during the forecast period on account of urbanization, economic expansion, and an increase in the middle-class population. Moreover, rising economies such as India and China have seen considerable uptake of cooking oils and fats due to the presence of a large population.
The major players targeting the market include
· Cargill Inc.
· Archer Daniels Midland Company
· Bunge Limited
· Wilmar International Ltd.
· Fuji Oil Company Ltd.
· ConAgra Brands Inc.
· IFFCO Group
· Ottogi Co. Ltd.
· Associated British Foods Plc
· CJ Cheiljedang Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the cooking oils and fats market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the cooking oils and fats market?
• Which factors are influencing the cooking oils and fats market over the forecast period?
• What are the global challenges, threats, and risks in the cooking oils and fats market?
• Which factors are propelling and restraining the cooking oils and fats market?
• What are the demanding global regions of the cooking oils and fats market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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