Global Cooking Oils and Fats Market is anticipated to display a CAGR of 1.77% to grab a value of USD 74,865.82 Million by 2024 owing to key role of cooking oils and fats in the regular diet. Oils and fats are high-calorie micro-nutrients which are identified as key sources of essential fatty acids and fat-soluble vitamins including vitamin A, D, K, and E. Thus, these oils and fats are increasing used in the bakery and dairy industries, which is driving growth of the global cooking oils & fats market.
The rising awareness for the consumption of oils and fats coupled with expanding bakery and confectioneries are fueling growth of the global cooking oils & fats market. The penetration of processed and convenience foods owing to the increasing number of working people globally, which are benefiting growth of the cooking oils and fats market. However, the presence of stringent food safety regulations coupled with increasing health awareness is restraining growth of the global cooking oils and fats market. Nonetheless, increasing demand for ready-to-eat food products such as rolls, cakes, bread, biscuits, and doughnuts are estimated to fuel the market growth in the coming years. In addition to this, factors such as availability at reasonable prices, rapid urbanization, product variety, and hectic lifestyles are augmenting growth of the market.
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Some of the major companies in the global Cooking Oils & Fats Market include Bunge Limited, Conagra Brands, Inc., Associated British Foods PLC, Archer Daniels Midland Company, IFFCO, AAK AB, United Plantations Berhad, Cargill, Incorporated, Wilmar International Ltd, and James Richardson & Sons, Limited.
In 2019, for attempting to reduce the trans-fat amount of the food products, the Food and Drug Administration (FDA) instructed restaurants to demonstrate the level of trans-fats in the food they are providing and the cooking oil they are using. Such kind of initiatives is estimated to augment collaborations between hotels and key players in the market for ensuring the wellbeing of their consumers in the coming years.
The cooking oils & fats market is segmented into the source, type, and application, and region.
Based on type, the market is segmented into oils and fats. Of these, the oils segment is estimated to hold a substantial share in the overall market and to reach a valuation of USD 49,145.87 million by the end of 2024. This growth is attributable to the surge in the adoption of oils such as palm oil, sunflower oil, soybean oil, and olive oil for cooking. However, the segment of fats is estimated to growth at a CAGR of 2.09% during the forecast period from 2019 to 2024.
Based on the source, the market is segmented into plants and animals. Of these, the plant segment accounted for 73% share in 2018 and is estimated to display a CAGR of 1.63% during the forecast period. Whereas animal segment is expected to exhibit a growth rate of 2.13% during the forecast period.
Based on the application, the global cooking oils & fats market is classified into convenience foods, sauces, spreads & dressings, bakery & confectionery, and others. Of these, the bakery & confectionery segment held the largest market share of 35.44% in 2018 and is likely to reach a valuation of USD 25,278.66 Million by the end of 2024 by registering CAGR of 0.94% over the forecast period. However, the sauces, spreads & dressings segment is estimated to display CAGR of 2.26% over the forecast period.
Regionally, the cooking oils & fats market is segmented into the Americas, Asia-Pacific, Europe, and Middle East & Africa. Of these, Asia Pacific accounted for 43.53% share in 2018 and is estimated to remain dominant in the global cooking oils & fats market in the coming period. Huge demand for cooking oils & fats from China is estimated to contribute to the growth of the overall market in the region. Additionally, the region is estimated to exhibit a CAGR of 2.54% over the forecast period owing to the rising demand for nutrient-rich and quality cooking oils in the region.
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