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Latin America Vegetable Oil Market to Grow at a CAGR of 3.5% During 2021-2026, Aided by the Robust Growth of the Food and Beverage Industry

According to a new report by EMR titled, ‘Latin America Vegetable Oil Market Report and Forecast 2021-2026’, the market attained a value of about USD 17.3 billion in 2020. The industry is further expected to grow at a CAGR of 3.5% in the forecast period of 2021-2026 to reach a value of nearly USD 21.6 billion by 2026.

The robust growth of the food and beverages industry in the region is increasing the use of vegetable oils, primarily palm oil, which is propelling the market growth. In addition, the inflating disposable income, along with the expansion of retail outlets, is increasing the demand for convenience and packaged food products. This is significantly surging the use of vegetable oils, therefore invigorating the market growth in Latin America. In addition, the growing usage of vegetable oils in the cosmetics and personal care industry is contributing significantly to the growth of the vegetable oils industry. The rapid shift towards sustainable palm oil production in countries such as Brazil is increasing its demand among environmentally conscious consumers, which is providing further impetus to the market growth.

Archer Daniels Midland Company (NYSE: ADM), one of the leading companies in the market, in August 2018, reached an agreement to purchase certain assets of Brazil-based Algar Agro, including the latter’s oilseed processing facilities in Uberlandia and Proto France. The agreement would aid the company in expanding its capabilities to meet growing global oil demands. It would also strengthen its position in Brazil in order to expand its presence in the Latin American region. The company, under the terms of the agreement, would become the owner of integrated crush and oil refining and bottling in the facilities. As the demand for bottled oil in the northeast and southeast regions of Brazil is growing, the company plans to provide high-quality cooking oil in the region. Such mergers and acquisitions are expected to fuel the industry growth.

Market Analysis by Type, Application, and Region:

  • The market, on the basis of type, can be divided into palm oil, soybean oil, canola oil, sunflower oil, and coconut oil, among others.
  • Based on application, the industry can be divided into food, industrial, and biofuel, among others.
  • The regional markets for vegetable oil in Latin America include Brazil, Argentina, and Chile, among others.

Key Findings of the Report:

  • The rising awareness regarding the health benefits of virgin vegetable oils is aiding the market growth in Latin America.
  • The rising use of vegetable oils in various industrial applications as a substitute for mineral oil is propelling the industry growth.
  • The market is being driven by the extensive use of vegetable oils in various Latin American cuisines.
  • The rising demand for biofuels owing to growing environmental consciousness is driving the growth of the vegetable oil industry in Latin America.
  • The increasing production of vegetable oil in Latin America due to the adoption of various innovative irrigation methods is fuelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the Latin America vegetable oil market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, applications, and regions of vegetable oil in Latin America.
  • It assesses the regional price trends for the (2016-2020) and (2021-2026) periods. 
  • The market report also analyses the trade data by covering the major importing and exporting countries. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Latin America market for vegetable oil are Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated, Louis Dreyfus Company, and Aceitera General Deheza S.A., 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.

*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.

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