The edible oils market is estimated to be valued at US$ 143.29 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2030. Edible oils are obtained from plant sources and are widely used for cooking purposes across the globe. Some key advantages of consuming edible oils include providing essential fatty acids, vitamin E and assisting in absorbing fat-soluble vitamins. With the increasing health consciousness among consumers, demand for healthy and nutritious cooking oils like olive oil, canola oil and rice bran oil is on the rise. The global edible oils market is driven by the need for oils that provide various health benefits and suit different culinary requirements.
Key Takeaways
Key players operating in the Global Edible Oils Market Demand are AJF Cigars, Boutique Blends Cigars, Fenn Thompson & Co. Royal Cigar Works, Gurkha Cigar Group, Imperial Brands, Joya De Nicaragua, S.A., Scandinavian Tobacco Group, Swedish Match AB, and Swisher. Major players are focusing on offering cold-pressed and organic edible oils to capitalize on the increasing consumer demand for healthy cooking choices. The growing working population has led to greater demand for convenient cooking options, propelling the sales of packaged and bottled edible oils. Advances in oil extraction and processing technologies have enabled manufacturers to extract oils from various sources and package them in innovative formats for ease-of-use.
Market Trends
The edible oils market is witnessing increased popularity of olive and avocado oils owing to associated health benefits. Olive oil is high in monounsaturated fats and helps lower blood pressure and reduce risk of heart disease. Avocado oil contains omega-3 fatty acids and vitamin E and is preferred for various culinary applications due to its neutral taste. Manufacturers are developing innovative blends of edible oils to offer balanced nutrition and enhanced flavors. Additionally, the clean label trend has gained prominence in the edible oils market with consumers demanding transparency about ingredient sourcing and processing methods.
Market Opportunities
The growing vegan and fitness enthusiast demographics present significant opportunities for manufacturers of plant-based and heart-healthy edible oil variants. Product launches targeting the consumer segments seeking low-cholesterol and low-calorie cooking media will boost revenues. Furthermore, the Asia Pacific region with its enormous population offers substantial growth prospects for edible oils market players. Peninsula-based nations in particular are experiencing rising living standards and health awareness, making it an attractive regional market.
Impact of COVID-19 on Edible Oils Market Growth
The COVID-19 pandemic has significantly impacted the edible oils market globally. Supply chain disruptions along with lockdown restrictions imposed by governments around the world led to reduced production and distribution of edible oils in 2020. This negatively affected the market growth during the initial phases of the pandemic. Demand from foodservice sector also declined sharply as restaurants and cafes remained closed for most part of the year. However, retail sales increased as consumers stocked edible oils for at-home cooking during lockdowns. The demand began recovering in late 2020 and 2021 as restrictions eased in many countries with mass vaccination drives.
Going forward, demand from residential sector is expected to remain high even in the post-COVID era as work-from-home and hybrid working models have become common. However, challenges around higher production and transportation costs persist due to disrupted supply chains. Companies are focusing on efficient distribution and inventory management to cater to changing consumer patterns. Digital transformation of sales and marketing activities is also being prioritized. While near-term prospects remain uncertain due to risk of COVID variants, the market is projected to grow steadily over the long-run supported by rising health consciousness and changing taste preferences.
Geographical Regions with Highest Value Share of Edible Oils Market
The Asia Pacific region accounts for a significant share of the global edible oils market in terms of value. Countries like India, China, Indonesia and Malaysia are among the largest producers and consumers of edible oils including palm, soybean and sunflower oils. Favorable climatic conditions and low production costs provide competitive advantages. North America is another major market concentrated in the US, driven by growing health awareness, new product launches and strong retail networks. Europe also captures notable value share led by countries such as Germany, UK, Italy and France attributable to robust food processing industry.
Fastest Growing Region in the Edible Oils Market
The Middle East and Africa region exhibits fastest growth in the edible oils market compared to other areas. Factors such as expanding population, rising incomes, urbanization and changing lifestyles are fueling demand growth. Countries like Saudi Arabia, UAE, South Africa and Egypt showcase high potential for edible oil sales. Manufacturers are making strategic investments in these developing markets to tap the growing opportunities. Governments also support edible oil production through initiatives aimed at boosting domestic agriculture as well as reduce import dependency. With continued economic and infrastructure development, MEA is emerging as a key focus area for edible oil players.
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