Cooking Oil Market 2030 By Sales Channel (Departmental Stores, Discount Stores, Online Stores)Product Type (Soy Oil, Sunflower Oil, Corn Oil), By Nature (Organic, Conventional), By Category (Refined, Semi-refined, Unrefined) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : FMCG | Pages : 174 Pages | Published On : Dec 2023
Global sales of cooking oil presently amount to US$ 217.5 billion, with predictions indicating a substantial growth trajectory, reaching a market valuation of US$ 364.9 billion by 2030. This robust expansion is anticipated to occur at a steady 5.3% compound annual growth rate (CAGR) over the upcoming decade.
The recent trend of more people dining at home has significantly driven up cooking oil consumption, and this pattern is expected to exert a significant influence on market advancement in the foreseeable future. Additionally, evolving consumer preferences and a heightened demand for processed foods are poised to further propel the need for cooking oil throughout the forecast period.
The escalating utilization of vegetable oil in biodiesel production and a heightened emphasis on sustainability represent key factors expected to provide a highly promising growth landscape for cooking oil companies in the years ahead. Innovations in the oil manufacturing process and an increasing demand for sustainable extraction methods are also anticipated to bolster cooking oil sales in the coming decade.
Furthermore, the enrichment of cooking oil with essential nutrients to align with evolving consumer expectations and market requirements is projected to drive substantial demand for oils such as avocado oil, rapeseed oil, sunflower oil, peanut oil, and canola oil, among others. Heightened awareness of the advantages associated with consuming cold-pressed and virgin oils is also poised to enhance the market's potential over the next ten years.
On the flip side, the prevalence of adulterated cooking oil in the industry and the existence of counterfeit cooking oil products are factors that may impede overall market growth in the coming years.
- In August 2022, the Food Standards and Safety Association of India (FSSAI) reported the seizure of approximately 27,500 liters of adulterated cooking oil from various Indian states, including Rajasthan, Uttar Pradesh, Tamil Nadu, Andhra Pradesh, and Chhattisgarh, as part of its campaign against edible oil adulteration.
Key Companies Profiled
- Bunge Limited
- Archer Daniels Midland Company
- Richardson Oilseed Limited
- American Vegetable Oils Inc.
- Nature Fresh
- Cargill Incorporated
- Carapelli Firenze S.p.A.
- Sime Darby Sdn Berhad.
Will Start-ups Have a Shot at Redefining the Cooking Oil Marketplace?
""Increased Investments in Expanding Research Horizons Present Appealing Growth Prospects for Emerging Firms""
Emerging cooking oil manufacturers are actively diversifying the application possibilities of cooking oil within various industry sectors, aiming to augment their overall business potential and market presence.
- Uranus Oil, an Indian start-up, is pioneering the recycling of used cooking oil for the production of biodiesel. The company sources used cooking oil from street vendors and households at an affordable rate, subsequently supplying it to biodiesel-producing companies, thereby addressing issues arising from improper disposal of used cooking oil.
- In August 2022, Clean Food Group, a British start-up, embarked on developing a novel bio-equivalent substitute for palm oil, aiming to mitigate deforestation and climate change concerns associated with conventional palm oil production.
Which Prominent Market Trend Could Decisively Change the Course of Future Cooking Oil Demand?
""Rising Biodiesel Demand to Propel Cooking Oil Sales""
The growing emphasis on sustainability and the adoption of renewable energy sources are rapidly gaining momentum worldwide. These trends are anticipated to drive the demand for cooking oil over the next decade, primarily due to its extensive use in biodiesel production.
In recent years, cooking oil has emerged as a high-yield feedstock for biodiesel, a trend expected to stimulate the shipment of various vegetable oil varieties in the future. This development is poised to create fresh opportunities for both established and emerging cooking oil suppliers on a global scale.
For a comprehensive exploration of the current and projected market trends, opportunities, and challenges, refer to the updated cooking oil research report by Fact.MR, a distinguished provider of market research and competitive intelligence services.
How Opportune is the U.S. Cooking Oil Market?
""Growing Demand for Ready-to-Serve Foods to Propel Cooking Oil Consumption""
In the United States, consumers have experienced a surge in the demand for ready-to-serve and convenience foods, driven by increasingly hectic lifestyles and a rising population of working women. These factors are expected to play a significant role in shaping cooking oil consumption patterns in the country during the forecast period.
Government initiatives aimed at promoting low-cholesterol edible oils for public health, a high level of consumer spending, shifting consumer preferences towards healthier foods, and a strong demand for processed frozen foods are additional factors poised to boost cooking oil shipments in the future.
The growing focus on health and fitness is predicted to drive the use of avocado oil for cooking and peanut oil for frying in the United States over the next decade. Cooking sprays are also expected to experience a substantial surge in demand in the U.S. through 2030, thanks to their low-calorie and health-conscious attributes.
Which Asia Pacific Countries Should Cooking Oil Suppliers Target?
""India, China, & Japan Offer Highly Appealing Markets in APAC""
Several Asian countries are leading producers of various types of vegetable oils, while others are top importers of edible oils. This diversity positions the Asia Pacific region as an exceedingly attractive market for cooking oil manufacturers and suppliers.
Factors such as the rising demand for processed foods, increasing globalization, higher per capita disposable income, the growing availability of various cooking oils, and heightened awareness regarding the consumption of healthy cooking oils are expected to drive cooking oil demand in Asian nations over the next decade.
Government initiatives aimed at fostering the growth of the edible oil industry and the rising importation of vegetable oils are likely to create fresh growth prospects for established and emerging cooking oil providers through 2030.
- In September 2022, Ramesh Chand, a member of NITI Aayog, stated that the Indian government had plans to launch an oilseed mission aimed at boosting oilseed production and reducing reliance on imports.
What is the Demand Outlook for Cooking Oil in Europe?
""Rise of Organic & Clean-label Vegetable Oils""
European consumer preferences have undergone a significant transformation in recent years, driven by an increased emphasis on health and the adoption of cleaner eating habits, fueled by the growing importance of preventive healthcare. Notably, Germany, France, and the United Kingdom are renowned for importing premium sunflower oil, rapeseed oil, and olive oil. In the European region, peanut oil for cooking and frying is poised to gain traction in the coming years, offering promising business opportunities for cooking oil suppliers.
The implementation of stringent food safety regulations, aimed at ensuring the sale of high-quality edible oils, is also expected to stimulate market growth in European countries over the next decade. Furthermore, the rising consumption of organic and clean-label food products is anticipated to drive demand for healthy cooking oils and other wholesome cooking ingredients. The European region's significant olive oil production solidifies its position as the world's largest exporter of olive oil, presenting appealing prospects for olive oil suppliers.
What Type of Cooking Oil Will Witness a Hike in Demand?
""Soy Oil Projected to Maintain Market Dominance""
In terms of product type, the cooking oil market is categorized into soy oil, sunflower oil, corn oil, palm oil, olive oil, canola oil, coconut oil, and sesame oil.
Soy oil currently holds a substantial market share and is expected to maintain its dominant position throughout the forecast period. Soy oil is extensively utilized in cooking, baking, and frying due to its high smoke point and its richness in omega-3 fats. This oil boasts unsaturated fats, a low-calorie content, zero trans-fat, and exceptional emulsifying properties, factors that are set to drive its demand over the forecast period.
Palm oil is witnessing rising demand in Asian and African nations, primarily for packaged food production, owing to its high resistance to oxidation and stability at elevated temperatures. Its high yield in small plantation areas makes palm oil a favored choice for both manufacturers and farmers, contributing to its growing popularity.
Companies are focusing on launching new products that help them maximize their sales potential and gain a competitive advantage over other cooking oil suppliers.
- In December 2022, Reliance Industries, a multinational conglomerate based in India announced the launch of its own FMCG brand called “Independence”. Under this new brand, the company is projected to foray into the cooking oil business.
Growing use of cooking oils in the sustainable fuel and biodiesel production industry is also expected to provide further impetus to market development and offer remunerative business scope for prime cooking oil manufacturers going forward.
- In November 2022, PepsiCo UK, a renowned beverage manufacturer announced the rollout of a new logistics initiative to attain its sustainability goals. The company announced that it would be replacing conventional diesel with hydrogenated vegetable oil in its vehicles for trips from Leicester to Cupar to reduce the greenhouse gas emissions caused by transportation.
Key Segments of Cooking Oil Industry Research
By Product Type :
- Soy Oil
- Sunflower Oil
- Corn Oil
- Palm Oil
- Olive Oil
- Canola Oil
- Coconut Oil
- Sesame Oil
By Nature :
By Category :
By Sales Channel :
- Departmental Stores
- Hypermarkets & Supermarkets
- Discount Stores
- Online Stores
- Convenience Stores
- Other Sales Channels
By Region :
- North America
- Latin America
Table and Figures
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