The report “Fats & Oils Market by Type (Vegetable Oils (Palm, Soybean, Rapeseed, Sunflower, and Olive), Fats (Butter, Tallow, and Lard)), Application (Food and Industrial), Source (Vegetables and Animals), Form, and Region – Global Forecast to 2026″, size is estimated to be valued at USD 236.7 billion in 2021. It is projected to reach USD 285.2 billion by 2026, recording a CAGR of 3.8% during the forecast period. The market has a promising growth potential due to several factors, including the increased consumption of processed, and baked foods; and a shift towards healthier alternatives such as vegetable based fats and oil products by the consumers.
Driver: Increasing demand for food boosting global consumption of vegetable oils
Edible oil products such as palm oil, sunflower oil, soybean oil, canola oil, among others, generally undergo purification through various methods, such as degumming, neutralizing, bleaching, and deodorizing, to produce uniformity in high-quality oil. In the purification process, minor components are either physically or chemically separated as they are considered impurities. The high-quality edible oils are mostly referred to as refined oils. Refined oils are high in monounsaturated fats.
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High-quality oils are made using advanced technologies and are considered a rich source of nutrition. Hence, their consumption is increasing every year due to its increasing application and the growing population. However, the demand for high-quality oils is growing as consumers are opting for healthier alternatives to maintain the taste while enhancing the nutritional value. To meet this demand, manufacturers are improvising on processing technologies and also enhancing their product portfolios. ADM (U.S.), along with Novozymes (Denmark), developed a technology that revolutionized the fats & oils industry. This technology helped the company in manufacturing high-quality edible oils by utilizing enzymes in the developing process.
Opportunity: Emerging application of fats and oils as substitutes of trans-fats
Trans-fats are unsaturated fatty acids formed during the hydrogenation of vegetable oils or are found in animal products naturally produced in the gut of grazing animals. Consumption of trans-fat raises the level of low-density lipoprotein cholesterol in the blood. An elevated LDL blood cholesterol level can increase the risk of developing cardiovascular. Trans-fats are found in many food products, such as vegetable shortenings, stick margarine, refrigerated dough products (such as biscuits and cinnamon rolls), snack foods, coffee creamers, cookies, cakes, frozen pies, frozen pizza, and fast food.
Owing to the increased health consciousness among consumers, trans-fats are gradually replaced by a much healthier substitute, namely unsaturated liquid vegetable oils, such as olive, canola, corn, or soy oils.
On the basis of source, vegetable segment is expected to retain its dominance in the foreseeable period
Vegetable oils from sunflower, rapeseed, soybean, palm, cottonseed, and coconut are highly used in food applications which has driven the market for vegetable-sourced oils. The qualities associated with vegetable oils such as low-fat, low-cholesterol, and low-calories content are registering growth in the segment. Also, the variety of use of vegetable oils in food as well as other industries such as pleo-chemical industries, animal feed, and energy & biomass industry has also driven the market for vegetable oils.
On the basis of form, liquid oils are projected to witness the highest growth in the market
The liquid form of fats & oils is forecasted to dominate the market. However, the physical characteristics of fats and oils depends upon a lot of factors such as degree of unsaturation, the length of the parent carbon chain, the isomeric forms of the fatty acids, molecular configuration, and processing variables, but it is believed that the liquid oils are more unsaturated and are hence more preferred by the consumers.
Asia Pacific is projected to be the fastest-growing region in the fats & oils market.
The Asia Pacific region is projected to be the fastest-growing market for fats & oils. The region is home to two important palm and palm kernel oil-producing countries namely Malaysia, and Indonesia: and two major fats & oils consuming countries namely China, and India. This is one of the significant factor which ensures that Asia pacific region is the largest as well as the fastest-growing market in fats & oils.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Associated British Foods PLC (UK), Archer Daniels Midland Company (US), Bunge Limited (US), Wilmar International Limited (Singapore), United Plantations Berhad (Malaysia), Unilever PLC (UK), Ajinomoto Co., Inc. (Japan), Mewah International Inc. (Singapore), Cargill, Incorporated (US), Richardson International Limited (Canada), International Foodstuff Company (UAE), Goodhope Asia Holdings Ltd. (Singapore), Vega Foods (Singapore), Welch, Holme & Clark Co., Inc. (US), Oleo Fats (Philippines), CSM Ingredients (US), AAK International (UK), Fuji Oil Co., Ltd. (Japan), Gemini Edible & Fats India Pvt Ltd. (India), and K S Oils (Singapore)
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