The Cooking Oil Market size is estimated to reach $8.1Billion by 2026, growing at a CAGR of 5.7% during the forecast period 2021-2026. Cooking oil is basically derived primarily from plant that is used in baking frying and other type of cooking. It can also be in flavorings that does not involve heating directly such as for dressing etc. On an average, a bottle of cooking oil contains vegetable oil, with no additives, preservatives, or special flavorings. Increase in the consumption of high-quality edible oils/cooking oils, primarily among the health-conscious consumers are some of the factors driving market growth during the forecast period 2021-2026.
Cooking Oil Market Segment Analysis – By Type
Based on Type, Cooking Oil Market is segmented into Palm Oil, Soybean Oil, Rapeseed Oil (Canola), Sunflower Oil and, Other Types. The Palm Oil holds the largest share in terms of revenue in 2020. This is owing to the rising demand for palm oil from various end-user sectors across the world, since it costs 20% less than most cooking oils. However, The Soybean Oil is set to be the fastest growing CAGR 6.34% during the forecast period 2021-2026. This is owing to its nutritional benefits and its use as an alternative to cooking oils globally. As Compared to other vegetable oils, soya oil has a strong blending capability, making it the first option for the general food owners and consumers.
Cooking Oil Market Segment Analysis – By Distribution Type
Based on Distribution type, cooking oil market is segmented into Supermarkets/Hypermarkets, Online Channels, Convenience Stores, and Other Distribution Channels. The Convenience Stores segment held the largest share in 2020. This is owing to the increase in spending is that many customers are trying to avoid busy supermarkets and are less inclined to shop around and risk exposure to the virus. As a result, some consumers have decided that stocking up on pantry staples and hygiene products in their local convenience stores is a safe option. However, The Online Channels segment is set to be the fastest growing CAGR during the forecast period 2021-2026. This is owing to a rise in customer preferences for online platforms. Online networks now play an increasingly important role, as people stay out of touch and spend more time online channels. To minimize crowds in supermarkets, many people prefer BOPIS (purchase-on-line pick-up-in-store) or delivery options and is set to fuel the segment growth during the forecast period 2021-2026.
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Cooking Oil Market Segment Analysis – By Geography
Based on Geography, The Cooking Oil Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific region dominated the Cooking Oil Market in 2020 with a share of 34.6%. This is owing to the during this outbreak of corona virus disease (COVID-19) and consequent lockdowns, consumer health issues lead to the use of fish oil as a dietary supplement in developed countries such as Japan and Australia. Olive oil, in particular, has the highest rate of growth owing to its health benefits in the region. However, Europe is set to be the fastest growing CAGR during the forecast period 2021-2026. This is owing to the demand for organic health products; the increased consumption of high-quality edible oils/cooking oils by health-conscious consumers and the rising demand from different application areas.
Cooking Oil Market Drivers
Increased Demand for Palm Oil in Developed Countries
Palm oil is one of the most widely used vegetable oils in the world. Key consumers of palm oil include China, India, Indonesia and the European Union. India, China and the European Union do not produce crude palm oil and imports completely meet their demand. There is a huge market for palm oil from different end-user sectors around the world as it costs 20% less than other vegetable oils and is very versatile. In the last few years, palm oil production has increased dramatically, with almost all production growth decided in Malaysia and Indonesia. Demand for biofuel has risen in most of the developed regions, increasing the demand for palm oil.
Cooking Oil Market Challenges
The challenges faced by the cooking oil industry owing to the outbreak of the corona virus disease (COVID-19) and the consequent lockdowns situations the production and refining of UCO restricts the growth of the business. Presenting large levels of excessive fatty acids and water is considered to be impurities that must be removed before transesterification. This is the most critical form of manufacturing. The high level of free acids reacts with alkaline catalysts which are responsible for the reaction resulting in low-quality biodiesel yields.
Cooking Oil Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Cooking Oil Market. Key companies of this market are Ventura Foods, Conagra Brands Inc., The JM Smucker Company, ACH Food Companies Inc, Richardson International Limited, COFCO, Adani Wilmar Limited, Golden Agri-Resources Ltd, Bunge Limited, and Louis Dreyfus Company B.V among others.
In December 2018, Conagra Brands announced that it has entered into a definitive agreement with Richardson International to divest the Wesson oil brand. The transaction is subject to customary closing conditions, including the receipt of any applicable regulatory approvals.
In November 2016, Agri commodities trader Cofco Agri Ltd launched refined soybean oil under the brand name Nutripride.
Geographically, The Asia Pacific region held the highest market share in 2020. This is owing to huge demand from the food sector, an increase in the number of health-conscious consumers, growing population, and changing living standards.
The factors such as There is a strong demand for palm oil from different end-user sectors around the world, costing 20% less than other cooking oils, leading to market growth during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Cooking Oil Market.
Related Reports :
A. Cooking Oils and Fats Market
B. Edible Oil Market
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