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Global Vegetable Oil Market: By Type: Palm Oil, Soybean Oil, Canola Oil, Sunflower Oil, Coconut Oil, Rapeseed Oil, Others; By End Use: Food, Biofuel, Industrial; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Value Chain Analysis; Competitive Landscape; Industry Events and Developments
Global Vegetable Oil Market Outlook
The global vegetable oil market reached a volume of 206.86 MMT in 2021. 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 248.44 MMT in 2027.
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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The types of oil include the following:
- Palm
- Soybean
- Canola
- Sunflower
- Coconut
- Palm Kernel
- Others
It finds wide applications in the following:
- Food Industry
- Biofuels
- Others
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:
- Bunge Limited
- ADM
- Cargill, Incorporated
- Wilmar International Ltd.
- Louis Dreyfus Company
- 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.
| 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- Oil Type, Application, Region |
| Breakup by Oil Type | Palm Oil, Soybean Oil, Canola Oil, Sunflower Oil, Coconut Oil, Palm Kernel Oil, Others |
| Breakup by Application | Food Industry, Biofuels, Others |
| Breakup by Region | North America, Latin America, Europe, Middle East and Africa, Asia Pacific |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Trade Data Analysis | Major Importing Countries by Value and Volume, Major Exporting Countries by Value and Volume |
| Price Analysis | Historical and Forecast Price Trends-Regional |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Bunge Limited, ADM, Cargill, Incorporated, Wilmar International Ltd., Louis Dreyfus Company, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
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 Type
8.4.1 Palm Oil
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Soybean Oil
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Canola Oil
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Sunflower Oil
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Coconut Oil
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.4.6 Rapeseed 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 End Use
8.5.1 Food
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Biofuel
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Industrial
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Others
8.6 Global Pasta Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 Germany
9.2.3.2 United Kingdom
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Mexico
9.4.3.3 Argentina
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Trade Data Analysis
12.1 Major Exporting Countries
12.1.1 By Value
12.1.2 By Volume
12.2 Major Importing Countries
12.2.1 By Value
12.2.2 By Volume
13 Price Analysis
13.1 North America Historical Price Trends (2018-2022) and Forecast (2023-2028)
13.1.1 Palm Oil
13.1.2 Soybean Oil
13.1.3 Canola Oil
13.1.4 Sunflower Oil
13.1.5 Coconut Oil
13.1.6 Rapeseed Oil
13.2 Europe Historical Price Trends (2018-2022) and Forecast (2023-2028)
13.2.1 Palm Oil
13.2.2 Soybean Oil
13.2.3 Canola Oil
13.2.4 Sunflower Oil
13.2.5 Coconut Oil
13.2.6 Rapeseed Oil
13.3 Asia Pacific Historical Price Trends (2018-2022) and Forecast (2023-2028)
13.3.1 Palm Oil
13.3.2 Soybean Oil
13.3.3 Canola Oil
13.3.4 Sunflower Oil
13.3.5 Coconut Oil
13.3.6 Rapeseed Oil
13.4 Latin America Historical Price Trends (2018-2022) and Forecast (2023-2028)
13.4.1 Palm Oil
13.4.2 Soybean Oil
13.4.3 Canola Oil
13.4.4 Sunflower Oil
13.4.5 Coconut Oil
13.4.6 Rapeseed Oil
13.5 Middle East & Africa Historical Price Trends (2018-2022) and Forecast (2023-2028)
13.5.1 Palm Oil
13.5.2 Soybean Oil
13.5.3 Canola Oil
13.5.4 Sunflower Oil
13.5.5 Coconut Oil
13.5.6 Rapeseed Oil
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Archer Daniels Midland Company
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Cargill Inc.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Bunge Ltd.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Wilmar International Ltd.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Louis Dreyfus Company B.V.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Others
15 Industry Events and Developments
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 Type (USD Million), 2018-2022
3. Global Vegetable Oil Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Vegetable Oil Historical Market: Breakup by Application (USD Million), 2018-2022
5. Global Vegetable Oil Market Forecast: Breakup by Application (USD Million), 2023-2028
6. Global Vegetable Oil Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Vegetable Oil Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Vegetable Oil Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Vegetable Oil Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Vegetable Oil Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Vegetable Oil Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Vegetable Oil Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Vegetable Oil Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Vegetable Oil Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Vegetable Oil Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Vegetable Oil Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Vegetable Oil Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Major Importing Countries by Value
19. Major Exporting Countries by Value
20. Major Importing Countries by Volume
21. Major Exporting Countries by Volume
22. Global Vegetable Oil Market Structure
Key Questions Answered in the Report
In 2021, the global vegetable oil market attained a volume of 206.86 MMT.
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 248.44 MMT by 2027.
The major drivers of the industry 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 industry.
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 type of the product in the industry.
The major application sectors include food industry and biofuels, among others.
The leading players in the global vegetable oil market are Bunge Limited, ADM, Cargill, Incorporated, Wilmar International Ltd., and Louis Dreyfus Company, among others.
Analyst Review
The global vegetable oil market reached a volume of 206.86 MMT in 2021 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 248.44 MMT by 2027.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on its types, the global vegetable oil market can be segmented into palm, soybean, canola, sunflower, coconut, and palm kernel, among others, with palm oil accounting for the largest market share. On the basis of application, the industry can be divided into food industry and biofuels, among others. 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 industry include Bunge Limited, ADM, Cargill, Incorporated, Wilmar International Ltd., and Louis Dreyfus Company, 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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