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Vegetable Oil Market

Global Vegetable Oil Market Size, Share, Trends, Forecast: By Oil Type: Palm Oil, Soybean Oil, Sunflower Oil, Olive Oil, Canola Oil, Coconut Oil, Others; By Application: Food, Feed, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032

Global Vegetable Oil Market Outlook

The global vegetable oil market is projected to grow at a CAGR of approximately 3.1% in the forecast period of 2024-2032, to attain a volume of 289.41 MMT in 2032.

 

The rising per capita incomes in emerging economies are driving the global vegetable oil market. The consumption is expected to see an annual growth of 1% in the forecast period. The per capita level of food products containing vegetable oil in emerging nations is expected to match those of the developed economies, growing 0.4% annually in the forecast period. This projected growth in its consumption will be fulfilled by the expansion of oilseed cultivation and an increase of imports, especially palm oil, from Indonesia and Malaysia. India, the second largest consumer, just behind China, will witness a higher consumption growth of 3.1% per annum of vegetable oil-based food.

 

Vegetable Oil Market

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Indonesia and Malaysia are the leading markets and are projected to witness an annual growth of 1.8% and 1.4% respectively in the coming years. Both countries are also the leading exporters. Majority of the output produced by Indonesia and Malaysia are exported with Indonesia exporting almost 70% of its vegetable oil and Malaysia exporting over 80% of its total production. However, the exports from these two significant markets are expected to see a slight decline due to rising domestic demand for use in the food and biofuels sectors. Indonesia and Malaysia will continue to dominate the exports even after the expected decline. Indonesia and Malaysia are followed by Argentina, which also exports over two-thirds of the vegetable oil produced domestically.  India, on the other hand, is the leading importer of and is expected to account for more than a quarter of the global imports in the forecast period, with its annual imports growing by 4.7% per annum. Among the production of agricultural commodities, it holds the majority of the trade share with 41% and is projected to continue its domination in the coming years.

 

Properties and Applications

Vegetable oils are obtained from natural sources like seeds, nuts, and fruits. They find expansive applications in sectors ranging from food to household and personal care sectors. They are a rich nutrient source and are used for cooking and as an ingredient in margarine, non-dairy creamers, and ice-cream. They are also used as a replacement for animal fats. For non-food applications, it used in the production of soaps, detergents, lubricants, greases, and candles. Biofuel, too, is emerging as a significant application sector.

 

Vegetable Oil Market by Segments

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Based on oil type, the market is divided into:

  • Palm Oil
  • Soybean Oil
  • Sunflower Oil
  • Olive Oil
  • Canola Oil
  • Coconut Oil
  • Others

 

On the basis of application, the market is segmented into:

  • Food
  • Feed
  • Industrial

 

North America, Europe, Latin America, Asia Pacific, and Middle East and Africa are the major regions in the global vegetable oil market.

 

Vegetable Oil Market by Region

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Market Analysis

The increasing use in food applications, especially in emerging countries, aided the global market growth. The global vegetable oil market is being driven by its increasing consumption in emerging economies like China and India. The rise in consumption in these economies is a result of the growing population, changing diets, and higher standards of living. The rising demand for its imports has provided further impetus to the market.

 

Palm oil is the leading type in the market and is produced mainly in Indonesia and Malaysia. In Indonesia, palm oil production is expected to witness an annual growth of 1.8% in the forecast period. Additionally, palm oil will see significant growth in countries like Thailand, Columbia, and Nigeria.

 

The production in the world depends upon the production of perennial tropical oil plants like oil palm and the crush of oilseeds. Indonesia and Malaysia account for over one-third of the total production, with Indonesia as the leading producer globally.

 

Over half the total product being produced globally is being derived by the crushing of soybeans and other oilseeds. Its application as a feedstock of biodiesel has tapered down in recent years as compared to the last decade when biofuel policies were being introduced. However, it is still expected to witness an annual growth of 0.3% annually in the coming five years. The decrease use in biodiesel production in the United States and European Union is offset by its increasing use in this sector by emerging nations like Argentina.

 

Argentina exports over 40% of the biodiesel it produces and is expected to use almost three-fourths of the product being produced domestically as feedstock for biodiesel in the forecast period. In Indonesia and Brazil, too, the growth of application in the biodiesel sector will outpace the food sector. Its application as biodiesel feedstock will account for about 39% of its applications in the forecast period in the European Union.

 

Competitive Landscape

The report gives a detailed analysis of the following key players in the global vegetable oil market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

 

  • 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)
  • PT Astra Agro Lestari Tbk
  • Others

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Oil Type
  • Application
  • Region
Breakup by Oil Type
  • Palm Oil
  • Soyabean Oil
  • Sunflower Oil
  • Olive Oil
  • Canola Oil
  • Coconut Oil
  • Others
Breakup by Application
  • Food
  • Feed
  • Industrial
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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)
  • PT Astra Agro Lestari Tbk
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Vegetable Oil Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Vegetable Oil Historical Market (2018-2023) 
    8.3    Global Vegetable Oil Market Forecast (2024-2032)
    8.4    Global Vegetable Oil Market by Oil Type
        8.4.1    Palm Oil
            8.4.1.1    Historical Trend (2018-2023) 
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Soyabean Oil
            8.4.2.1    Historical Trend (2018-2023) 
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Sunflower Oil
            8.4.3.1    Historical Trend (2018-2023) 
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Olive Oil
            8.4.4.1    Historical Trend (2018-2023) 
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Canola Oil
            8.4.5.1    Historical Trend (2018-2023) 
            8.4.5.2    Forecast Trend (2024-2032)
        8.4.6    Coconut Oil
            8.4.6.1    Market Share
            8.4.6.2    Historical Trend (2018-2023) 
            8.4.6.3    Forecast Trend (2024-2032)
        8.4.7    Others
    8.5    Global Vegetable Oil Market by Application
        8.5.1    Food
            8.5.1.1    Historical Trend (2018-2023) 
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Feed
            8.5.2.1    Historical Trend (2018-2023) 
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Industrial
            8.5.3.1    Historical Trend (2018-2023) 
            8.5.3.2    Forecast Trend (2024-2032)
    8.6    Global Vegetable Oil Market by Region
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2023) 
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2023) 
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2023) 
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2023) 
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2023) 
            8.6.5.2    Forecast Trend (2024-2032)
9    North America Vegetable Oil Market Analysis
    9.1    Market by Oil Type
    9.2    Market by Application
    9.3    Market by Country
        9.3.1    United States of America 
            9.3.1.1    Historical Trend (2018-2023) 
            9.3.1.2    Forecast Trend (2024-2032)
        9.3.2    Canada
            9.3.2.1    Historical Trend (2018-2023) 
            9.3.2.2    Forecast Trend (2024-2032)
10    Europe Vegetable Oil Market Analysis
    10.1    Market by Oil Type
    10.2    Market by Application
    10.3    Market by Country
        10.3.1    United Kingdom
            10.3.1.1    Historical Trend (2018-2023) 
            10.3.1.2    Forecast Trend (2024-2032)
        10.3.2    Germany
            10.3.2.1    Historical Trend (2018-2023) 
            10.3.2.2    Forecast Trend (2024-2032)
        10.3.3    France
            10.3.3.1    Historical Trend (2018-2023) 
            10.3.3.2    Forecast Trend (2024-2032)
        10.3.4    Italy
            10.3.4.1    Historical Trend (2018-2023) 
            10.3.4.2    Forecast Trend (2024-2032)
        10.3.5    Others
11    Asia Pacific Vegetable Oil Market Analysis
    11.1    Market by Oil Type
    11.2    Market by Application
    11.3    Market by Country
        11.3.1    China
            11.3.1.1    Historical Trend (2018-2023) 
            11.3.1.2    Forecast Trend (2024-2032)
        11.3.2    Japan
            11.3.2.1    Historical Trend (2018-2023) 
            11.3.2.2    Forecast Trend (2024-2032)
        11.3.3    India
            11.3.3.1    Historical Trend (2018-2023) 
            11.3.3.2    Forecast Trend (2024-2032)
        11.3.4    ASEAN
            11.3.4.1    Historical Trend (2018-2023) 
            11.3.4.2    Forecast Trend (2024-2032)
        11.3.5    South Korea
            11.3.5.1    Historical Trend (2018-2023) 
            11.3.5.2    Forecast Trend (2024-2032)
        11.3.6    Australia
            11.3.6.1    Historical Trend (2018-2023) 
            11.3.6.2    Forecast Trend (2024-2032)
        11.3.7    Others
12    Latin America Vegetable Oil Market Analysis
    12.1    Market by Oil Type
    12.2    Market by Application
    12.3    Market by Country
        12.3.1    Brazil
            12.3.1.1    Historical Trend (2018-2023) 
            12.3.1.2    Forecast Trend (2024-2032)
        12.3.2    Argentina
            12.3.2.1    Historical Trend (2018-2023) 
            12.3.2.2    Forecast Trend (2024-2032)
        12.3.3    Mexico
            12.3.3.1    Historical Trend (2018-2023) 
            12.3.3.2    Forecast Trend (2024-2032)
        12.3.4    Others
13    Middle East and Africa Vegetable Oil Market Analysis
    13.1    Market by Oil Type
    13.2    Market by Application
    13.3    Market by Country
        13.3.1    Saudi Arabia
            13.3.1.1    Historical Trend (2018-2023) 
            13.3.1.2    Forecast Trend (2024-2032)
        13.3.2    United Arab Emirates
            13.3.2.1    Historical Trend (2018-2023) 
            13.3.2.2    Forecast Trend (2024-2032)
        13.3.3    Nigeria
            13.3.3.1    Historical Trend (2018-2023) 
            13.3.3.2    Forecast Trend (2024-2032)
        13.3.4    South Africa
            13.3.4.1    Historical Trend (2018-2023) 
            13.3.4.2    Forecast Trend (2024-2032)
        13.3.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Trade Data Analysis

    16.1    Major Importing Countries
        16.1.1    By Volume
        16.1.2    By Value
    16.2    Major Exporting Countries
        16.2.1    By Volume
        16.2.2    By Value
17    Price Analysis
    17.1    North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.2    Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.3    Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.4    Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.5    Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
18    Competitive Landscape
    18.1    Market Structure
    18.2    Company Profiles
        18.2.1    Cargill, Incorporated
            18.2.1.1    Company Overview
            18.2.1.2    Product Portfolio
            18.2.1.3    Demographic Reach and Achievements
            18.2.1.4    Certifications
        18.2.2    Archer Daniel Midland Company
            18.2.2.1    Company Overview
            18.2.2.2    Product Portfolio
            18.2.2.3    Demographic Reach and Achievements
            18.2.2.4    Certifications
        18.2.3    IOI Corporation Berhad (IOI)
            18.2.3.1    Company Overview
            18.2.3.2    Product Portfolio
            18.2.3.3    Demographic Reach and Achievements
            18.2.3.4    Certifications
        18.2.4    Fuji Oil Co., Ltd.
            18.2.4.1    Company Overview
            18.2.4.2    Product Portfolio
            18.2.4.3    Demographic Reach and Achievements
            18.2.4.4    Certifications
        18.2.5    Sime Darby Plantation Berhad
            18.2.5.1    Company Overview
            18.2.5.2    Product Portfolio
            18.2.5.3    Demographic Reach and Achievements
            18.2.5.4    Certifications
        18.2.6    Bunge Limited
            18.2.6.1    Company Overview
            18.2.6.2    Product Portfolio
            18.2.6.3    Demographic Reach and Achievements
            18.2.6.4    Certifications
        18.2.7    Wilmar International Limited
            18.2.7.1    Company Overview
            18.2.7.2    Product Portfolio
            18.2.7.3    Demographic Reach and Achievements
            18.2.7.4    Certifications
        18.2.8    Louis Dreyfus Company B.V.
            18.2.8.1    Company Overview
            18.2.8.2    Product Portfolio
            18.2.8.3    Demographic Reach and Achievements
            18.2.8.4    Certifications
        18.2.9    Conagra Brands, Inc
            18.2.9.1    Company Overview
            18.2.9.2    Product Portfolio
            18.2.9.3    Demographic Reach and Achievements
            18.2.9.4    Certifications
        18.2.10    Olam Group Limited
            18.2.10.1    Company Overview
            18.2.10.2    Product Portfolio
            18.2.10.3    Demographic Reach and Achievements
            18.2.10.4    Certifications
        18.2.11    Golden Agri-Resources (GAR)
            18.2.11.1    Company Overview
            18.2.11.2    Product Portfolio
            18.2.11.3    Demographic Reach and Achievements
            18.2.11.4    Certifications
        18.2.12    PT Astra Agro Lestari Tbk
            18.2.12.1    Company Overview
            18.2.12.2    Product Portfolio
            18.2.12.3    Demographic Reach and Achievements
            18.2.12.4    Certifications
        18.2.13    Others
19    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Vegetable Oil Market: Key Industry Highlights, 2018 and 2032
2.    Global Vegetable Oil Historical Market: Breakup by Oil Type (MMT), 2018-2023
3.    Global Vegetable Oil Market Forecast: Breakup by Oil Type (MMT), 2024-2032
4.    Global Vegetable Oil Historical Market: Breakup by Application (MMT), 2018-2023
5.    Global Vegetable Oil Market Forecast: Breakup by Application (MMT), 2024-2032
6.    Global Vegetable Oil Historical Market: Breakup by Region (MMT), 2018-2023
7.    Global Vegetable Oil Market Forecast: Breakup by Region (MMT), 2024-2032
8.    North America Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2023
9.    North America Vegetable Oil Market Forecast: Breakup by Country (MMT), 2024-2032
10.    Europe Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2023
11.    Europe Vegetable Oil Market Forecast: Breakup by Country (MMT), 2024-2032
12.    Asia Pacific Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2023
13.    Asia Pacific Vegetable Oil Market Forecast: Breakup by Country (MMT), 2024-2032
14.    Latin America Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2023
15.    Latin America Vegetable Oil Market Forecast: Breakup by Country (MMT), 2024-2032
16.    Middle East and Africa Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2023
17.    Middle East and Africa Vegetable Oil Market Forecast: Breakup by Country (MMT), 2024-2032
18.    Major Importing Countries by Volume
19.    Major Exporting Countries by Volume
20.    Major Importing Countries by Value
21.    Major Exporting Countries by Value
22.    North America Historical Price Trends and Forecast 2018-2028
23.    Europe Historical Price Trends and Forecast 2018-2028
24.    Asia Pacific Historical Price Trends and Forecast 2018-2028
25.    Latin America Historical Price Trends and Forecast 2018-2028
26.    Middle East and Africa Historical Price Trends and Forecast 2018-2028
27.    Global Vegetable Oil Market Structure

Key Questions Answered in the Report

In the forecast period of 2024-2032, the market is projected to grow at a CAGR of 3.10%.

The market is expected to witness healthy growth in the forecast period, reaching a value of 289.41 MMT in 2032.

The major drivers of the market include rising disposable incomes, increasing population, changing diets, increasing demand for its imports, and higher standards of living.

The increasing demand for biodiesel is expected to be a key trend guiding the growth of the market.

North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market, with the Asia Pacific accounting for the largest market share.

Palm oil is the dominant oil type in the market.

The major applications of vegetable oil include food, feed, and industrial.

The leading 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.

Analyst Review

The global vegetable oil market is being driven by the rising consumption in developing economies. Aided by the growing biofuels demand, the market is projected to grow at a CAGR of nearly 3.10% in the forecast period of 2024-2032 to attain a volume of 289.41 MMT in 2032.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. Based on oil type, the global vegetable oil market can be segmented into palm oil, soybean oil, canola oil, sunflower oil, coconut oil, and olive oil, among others, with palm oil accounting for the largest market share. On the basis of application, the market can be divided into food, feed, and industrial. The major regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with Asia Pacific accounting for the largest share of the market. The key players in the above market include 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.

 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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