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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 Size
The global vegetable oil market reached a value of approximately 219.88 MMT in 2023. The market is projected to grow at a CAGR of 3.10% between 2024 and 2032, reaching a value of around 289.41 MMT by 2032.
Vegetable Oil Market Outlook
- As per the OGD platform India, India imported 12,45,957 tonnes of edible oil from Argentina by September 2022.
- According to the Eurostat, €19.8 billion of vegetable or animal oil and fats products have been imported into Europe in 2022.
- According to the NSW Government value of NSW oilseed production in 2022-23 has been estimated at $1.3 billion.
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Vegetable Oil Market Growth Rate
Vegetable oils, derived from natural sources like seeds, nuts, and fruits, have widespread applications across various sectors, including food, household, and personal care. They are nutrient-rich and commonly used for cooking, as well as in margarine, non-dairy creamers, and ice cream.
Additionally, they serve as substitutes for animal fats. In non-food industries, vegetable oils are utilized in making soaps, detergents, lubricants, greases, and candles. Moreover, biofuel is emerging as an important application area for these oils. According to the data from the Open Government Data (OGD) Platform India, India imported 1,42,78,156 tonnes of edible oil globally in 2021-22 from 1,35,40,007 tonnes in 2020-21.
Key Trends and Developments
The escalation of disposable income, evolving dietary patterns, increasing sustainability practices, and growing demand for imports are the major trends impacting global vegetable oil market growth.
February 08, 2024
Algae Cooking Club has launched a cooking oil made from fermented microalgae. This sustainable alternative can produce high-quality fats, proteins, and nutrients rapidly, using minimal soil and water.
September 06, 2023
Brunei has recently introduced its first cooking oil, produced by Ghanim International Corporation Sdn Bhd under the bruneihalalfoods brand. This cooking oil was developed in partnership with Western Foods and Packaging Sdn Bhd (WFP).
August 25, 2023
Morocco has inaugurated a unique vegetable oil production facility in the El Marsa industrial park, located in the Laâyoune province in the southern region. The project involves a total investment of 190 million dirhams (US$52 million).
February 09, 2023
Cargill announced the launch of its first product, Gemini Pureit sunflower oil, in four South Indian states. This oil will be produced at the Nellore plant and distributed throughout the four states.
The escalation of disposable income
Rising disposable incomes boost the vegetable oil market by increasing demand for premium, diverse, convenient, and health-focused oils, driven by enhanced purchasing power and lifestyle changes.
Evolving dietary patterns
Changing dietary habits propel the vegetable oil market with rising health awareness, diverse cuisine choices, plant-based diets, home cooking trends, and increased processed food consumption.
Increasing sustainability practices
Growing sustainability initiatives fuel the vegetable oil market by catering to consumer preferences for ethically sourced products and minimizing environmental harm, ensuring industry longevity.
Growing demand for imports
The growing request for imports propels the vegetable oil market by broadening market access, fostering competition, and diversifying product options to align with consumer preferences.
Vegetable Oil Market Trends
Health consciousness drives demand for healthier oils like olive and avocado while plant-based diets increase consumption. Global culinary exploration expands use in diverse cuisines and sustainable sourcing meets ethical demands. Technological advances enhance production efficiency. Economic development in emerging markets spurs demand.
Rising incomes drive vegetable oil market growth through increased demand for premium and health-focused oils. Evolving diets, with more health awareness and diverse cuisines, also boost the market, catering to consumer preferences and broadening product options.
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Vegetable Oil Industry Segmentation
“Vegetable Oil Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Oil Type
- Palm Oil
- Soyabean Oil
- Sunflower Oil
- Olive Oil
- Canola Oil
- Coconut Oil
- Others
Market Breakup by Application
- Food
- Feed
- Industrial
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Vegetable Oil Market Share
Palm oil is the most widely used vegetable oil due to its high yield and cost-effectiveness, versatility in both food and non-food products, stability at high temperatures, and nutritional content
Palm oil is the market leader, primarily produced in Indonesia and Malaysia. In Indonesia, palm oil production is projected to grow by 1.8% annually during the forecast period, with notable growth also expected in Thailand, Colombia, and Nigeria.
Global production relies on perennial tropical oil plants like oil palm and the crushing of oilseeds. Indonesia and Malaysia together account for over one-third of total production, with Indonesia being the top producer worldwide.
Over half of the global production comes from crushing soybeans and other oilseeds. Although its use as biodiesel feedstock has declined compared to the peak during the introduction of biofuel policies, it is still anticipated to grow by 0.3% annually over the next five years. The decreased use in the United States and European Union is being offset by increased use in emerging nations like Argentina.
Argentina exports over 40% of its biodiesel and is expected to use nearly three-fourths of its domestic production as biodiesel feedstock during the forecast period. In Indonesia and Brazil, the growth of biodiesel applications will surpass that of the food sector. In the European Union, biodiesel feedstock will constitute about 39% of its applications during the forecast period.
Leading Manufacturers in the Vegetable oil Market
The companies manages the marketing, processing, and distribution of grains, and oilseeds, specialises in plant-based food solutions, and bakery ingredients, as well as soy ingredients committed to integration and sustainability practices.
Cargill, Incorporated: Founded in 1865, with its headquarters in the United States, Cargill, Incorporated manages the marketing, processing, and distribution of grains, oilseeds, sugar, meat, other food products, and cotton.
Archer Daniel Midland Company: Founded in 1902, with its headquarters in the United States, is a prominent figure in human and animal nutrition globally, and leading force in agricultural origination and processing worldwide.
IOI Corporation Berhad (IOI): Founded in 1969, with its headquarters in Malaysia, IOI Corporation Berhad is a prominent international palm oil producer committed to integration and sustainability practices.
Fuji Oil Co., Ltd.: Founded in 1950, with its headquarters in Japan, Fuji Oil Co., Ltd. specialises in plant-based food solutions, and bakery ingredients, as well as soy ingredients.
Other global vegetable oil market key players are 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.
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Vegetable Oil Market Analysis by Region
India is the leading importer of vegetable oil, expected to account for over a quarter of global imports in the forecast period, with annual imports growing by 4.7%. Holding a 41% trade share in agricultural commodities, India's dominant position is projected to continue, driving the vegetable oil market by ensuring strong and consistent demand.
The growth in vegetable oil consumption will be supported by the expansion of oilseed cultivation and increased imports, particularly of palm oil from Indonesia and Malaysia. As the second largest consumer.
Indonesia and Malaysia, as leading markets, are projected to experience annual growth rates of 1.8% and 1.4%, respectively. Both countries are also major exporters, with Indonesia exporting nearly 70% of its vegetable oil production and Malaysia exporting over 80%. This high export volume from these nations will drive the global vegetable oil market.
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:
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| Breakup by Oil Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
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| Companies Covered |
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Vegetable Oil Market Report Snapshots
Vegetable Oil Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
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 2018-2032
23. Europe Historical Price Trends and Forecast 2018-2032
24. Asia Pacific Historical Price Trends and Forecast 2018-2032
25. Latin America Historical Price Trends and Forecast 2018-2032
26. Middle East and Africa Historical Price Trends and Forecast 2018-2032
27. Global Vegetable Oil Market Structure
Key Questions Answered in the Report
The market was valued at 219.88 MMT in 2023.
The market is projected to grow at a CAGR of 3.10% between 2024 and 2032.
The revenue generated from the vegetable oil market is expected to reach 289.41 MMT in 2032.
The market is categorised according to the oil type, which includes palm oil, soyabean oil, sunflower oil, olive oil, canola oil, coconut oil, and others.
The market key players 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.
Based on the application, the market is divided into food, feed, and industrial.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
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