According to Persistence Market Research, the global edible oils market is slated to witness a CAGR of 8% between 2021 and 2031.
The popularity of organic and healthy oil – that too, vegetable oil (to reduce cholesterol) is boosting the edible oils market. Plus, technologies like cold-processing are taking the centre-stage, thereby catalysing the edible oils market, especially the high-quality ones.
The present-day scenario is such that the personal care and cosmetics vertical is also asking for edible oils due to the advantages sensed by the millennials. Research states that oil-based cosmetic products doo help in getting away with rashes and acne.
Edible Oils Market Segregation
The edible oils market, by type, spans palm oil, soybean oil, sunflower oil, olive oil, corn oil, rapeseed oil, and others. Nature-wise, it’s conventional and organic. By end-use, it’s retail, foodservice, and industrial. By distribution channel, it’s B2C (supermarket/hypermarket, specialty stores, convenience stores, and online retails) and B2B. Out of these, organic edible oils rule the roost with end-users preferring the organic version. Also, palm oil and corn oil are in greater demand as compared to the others. Olive oil is also being preferred barring the disadvantage of it being more expensive.
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North America and Europe are already at the maturity stage regarding the edible oil market. The future belongs to the Asia-Pacific in terms of maximum revenue share with increasing awareness regarding the use of healthily processed edible oil. Likewise, MEA and LATAM are also expected to join the bandwagon in the forecast period.
Going by Competition
The key participants in the edible oils market include Cargill, Inc., Archer Daniels Midland Company, Fuji Vegetable Oil, Inc., Bunge Ltd., Conagra Brands, Inc., Adani Group, Marico, Aveno NV, COFCO, The Nisshin Oillio Group, Ltd., Cereal Docks Spa, Associated British Foods plc, Borges International Group S.L., Emami Agrotech Ltd., Fytel Edible Oils Ltd., Victoria Group, Sunflower Vegetable Oil, Inc., and Richardson International Ltd.
Associated British Foods plc has its Mazola corn oil doing the rounds all across North America. Capullo cooking oil is already one of the highest revenue generators in Mexico. Adani Wilmar’s diabetics care oil under “Fortune” brand is also creating ripples.
The Way Edible Oils Market will Progress
The inclination towards high-quality edible oils will continue to provide lucrative opportunities to the edible oils market. As it is a known fact that antioxidants, vitamins, and Omega 3 help in checking obesity (followed by cardiovascular diseases), demand for edible oils containing these will continue to upsurge.
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