Global Vegetable Oil Market to Grow at a CAGR of 3.1% During 2024-2032, Aided by Increasing Industrial Uses of Vegetable Oils

There has been a rising demand for vegetable oils lower in saturated fats yet higher in unsaturated fats. Oils abundant in monounsaturated and polyunsaturated fatty acids, such as olive, canola, and avocado oils, are now favoured over conventional oils containing saturated fats similar to palm or coconut oil. Furthermore, oils with ample omega-3 fatty acids are gaining popularity due to validated health advantages. Public education projects, scientific studies, and nutrition labelling improvements have accelerated this shift in customer preferences, aiding the vegetable oil market growth.

Vegetable oils have numerous industrial applications as they serve as core ingredients in the manufacturing of soaps, detergents, cosmetics, and biofuels. The multifaceted functionality of vegetable oils renders them essential to diverse industrial processes. As industries broaden and evolve in scope, the need for vegetable oils continues to rise in tandem.

The steadily rising global population directly correlates to increasing demand for both food and cooking oils. As populations expand, specifically within developing economies where disposable incomes are also on the rise, more individuals can purchase a more diverse portfolio of culinary oils. This amplified financial accessibility has contributed significantly to the market expansion. In step with population growth, requirements for vegetable oils necessary for food manufacturing have likewise scaled upwards.

Archer Daniels Midland Company (NYSE: ADM) offers a diversified portfolio of plant-based oil solutions, including canola, coconut, peanut, palm, soybean, sunflower, and other varieties. With over 120 processing facilities globally, ADM has a robust agricultural supply chain and processing network to serve customers in the food, nutrition, and industrial markets.

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Market Breakup by Oil Type, Application, and Region:

• On the basis of the oil type, the market is classified into palm oil, soyabean oil, sunflower oil, olive oil, canola oil, and coconut oil, among others.

• The market can be segmented based on application into food, feed, and industrial.

• By region, the market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The demand for vegetable oils as an alternative to mineral oil has increased significantly across various end-use industries. Vegetable-derived insulating oils can now be commercially obtained to replace mineral-based oils in transformer applications. Vegetable oils are an ideal substitute for mineral oil due to their lower cost, decreased volatility, enhanced performance under pressure, high viscosity, and widespread availability.

• The global vegetable oil market expansion is expected to be propelled in the forecast period by increasing consumer awareness of the health advantages associated with vegetable oil consumption, such as promoting cardiovascular wellness by managing cholesterol levels. Oils containing high amounts of monounsaturated fats, including olive oil, canola oil, sunflower oil, hazelnut oil, and almond oil have been evidenced to elevate HDL cholesterol and decrease the likelihood of heart disease and related conditions.

• Vegetable oils enjoy robust demand owing to their diverse industrial and commercial applications in the production of biofuels, detergents, and fragrances. Rising health consciousness among global populations, coupled with the versatile functionality of these oils across multiple sectors, are primary factors driving anticipated expansion of the market globally.

Key Offerings of the Report:

• The EMR report gives an overview of the global vegetable oil market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the oil types, applications, and major regions of vegetable oil.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, trade data analysis, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global vegetable oil market are Cargill, Incorporated, Archer Daniel Midland Company, IOI Corporation Berhad (IOI), Fuji Oil Co., Ltd., Sime Darby Plantation Berhad, Bunge Limited, Wilmar International Limited, Louis Dreyfus Company B.V., Conagra Brands, Inc, Olam Group Limited, Golden Agri-Resources (GAR), and PT Astra Agro Lestari Tbk, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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