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Global Vegetable Oil Market Size, Share, Growth, 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; Competitive Landscape; Industry Events and Developments; 2023-2028
Global Vegetable Oil Market Outlook
The global vegetable oil market is projected to grow at a CAGR of approximately 3.10% in the forecast period of 2023-2028, to attain a volume of 256.14 MMT in 2028.
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.
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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.
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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.
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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 | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Oil Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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 (2018-2022)
8.3 Global Vegetable Oil Market Forecast (2023-2028)
8.4 Global Vegetable Oil Market by Oil Type
8.4.1 Palm Oil
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Soyabean Oil
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Sunflower Oil
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Olive Oil
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.4.5 Canola Oil
8.4.5.1 Historical Trend (2018-2022)
8.4.5.2 Forecast Trend (2023-2028)
8.4.6 Coconut Oil
8.4.6.1 Market Share
8.4.6.2 Historical Trend (2018-2022)
8.4.6.3 Forecast Trend (2023-2028)
8.4.7 Others
8.5 Global Vegetable Oil Market by Application
8.5.1 Food
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Feed
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Industrial
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.6 Global Vegetable Oil Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2022)
8.6.5.2 Forecast Trend (2023-2028)
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 (2018-2022)
9.3.1.2 Forecast Trend (2023-2028)
9.3.2 Canada
9.3.2.1 Historical Trend (2018-2022)
9.3.2.2 Forecast Trend (2023-2028)
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 (2018-2022)
10.3.1.2 Forecast Trend (2023-2028)
10.3.2 Germany
10.3.2.1 Historical Trend (2018-2022)
10.3.2.2 Forecast Trend (2023-2028)
10.3.3 France
10.3.3.1 Historical Trend (2018-2022)
10.3.3.2 Forecast Trend (2023-2028)
10.3.4 Italy
10.3.4.1 Historical Trend (2018-2022)
10.3.4.2 Forecast Trend (2023-2028)
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 (2018-2022)
11.3.1.2 Forecast Trend (2023-2028)
11.3.2 Japan
11.3.2.1 Historical Trend (2018-2022)
11.3.2.2 Forecast Trend (2023-2028)
11.3.3 India
11.3.3.1 Historical Trend (2018-2022)
11.3.3.2 Forecast Trend (2023-2028)
11.3.4 ASEAN
11.3.4.1 Historical Trend (2018-2022)
11.3.4.2 Forecast Trend (2023-2028)
11.3.5 South Korea
11.3.5.1 Historical Trend (2018-2022)
11.3.5.2 Forecast Trend (2023-2028)
11.3.6 Australia
11.3.6.1 Historical Trend (2018-2022)
11.3.6.2 Forecast Trend (2023-2028)
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 (2018-2022)
12.3.1.2 Forecast Trend (2023-2028)
12.3.2 Argentina
12.3.2.1 Historical Trend (2018-2022)
12.3.2.2 Forecast Trend (2023-2028)
12.3.3 Mexico
12.3.3.1 Historical Trend (2018-2022)
12.3.3.2 Forecast Trend (2023-2028)
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 (2018-2022)
13.3.1.2 Forecast Trend (2023-2028)
13.3.2 United Arab Emirates
13.3.2.1 Historical Trend (2018-2022)
13.3.2.2 Forecast Trend (2023-2028)
13.3.3 Nigeria
13.3.3.1 Historical Trend (2018-2022)
13.3.3.2 Forecast Trend (2023-2028)
13.3.4 South Africa
13.3.4.1 Historical Trend (2018-2022)
13.3.4.2 Forecast Trend (2023-2028)
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 (2018-2022) and Forecast (2023-2028)
17.2 Europe Historical Price Trends (2018-2022) and Forecast (2023-2028)
17.3 Asia Pacific Historical Price Trends (2018-2022) and Forecast (2023-2028)
17.4 Latin America Historical Price Trends (2018-2022) and Forecast (2023-2028)
17.5 Middle East and Africa Historical Price Trends (2018-2022) and Forecast (2023-2028)
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 2028
2. Global Vegetable Oil Historical Market: Breakup by Oil Type (MMT), 2018-2022
3. Global Vegetable Oil Market Forecast: Breakup by Oil Type (MMT), 2023-2028
4. Global Vegetable Oil Historical Market: Breakup by Application (MMT), 2018-2022
5. Global Vegetable Oil Market Forecast: Breakup by Application (MMT), 2023-2028
6. Global Vegetable Oil Historical Market: Breakup by Region (MMT), 2018-2022
7. Global Vegetable Oil Market Forecast: Breakup by Region (MMT), 2023-2028
8. North America Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2022
9. North America Vegetable Oil Market Forecast: Breakup by Country (MMT), 2023-2028
10. Europe Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2022
11. Europe Vegetable Oil Market Forecast: Breakup by Country (MMT), 2023-2028
12. Asia Pacific Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2022
13. Asia Pacific Vegetable Oil Market Forecast: Breakup by Country (MMT), 2023-2028
14. Latin America Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2022
15. Latin America Vegetable Oil Market Forecast: Breakup by Country (MMT), 2023-2028
16. Middle East and Africa Vegetable Oil Historical Market: Breakup by Country (MMT), 2018-2022
17. Middle East and Africa Vegetable Oil Market Forecast: Breakup by Country (MMT), 2023-2028
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 2023-2028, 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 256.14 MMT in 2028.
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 2023-2028 to attain a volume of 256.14 MMT in 2028.
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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