The global edible oils and fats market was worth around USD 96.90 billion in 2021 and is estimated to grow to about USD 138.2343836 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.10 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Due to a combination of factors, including greater consumer awareness of healthier options such as vegetable-derived oils, rising health concerns about traditional fats, and increased consumption of processed and baked foods, the fats and oils industry has a promising growth potential. Vegetable fats and oils are rapidly being used in industrial applications such as soaps, detergents, paints, and oleo chemicals, the most important of which is biodiesel. Concerns regarding the harmful effects of trans-fat consumption, such as an increased risk of coronary heart disease, type 2 diabetes, and stroke, are likely to encourage the use of vegetable oil as a cooking substitute. Furthermore, edible oils are employed as a flavouring agent due to the remarkable scent of peanut or groundnut oil. Owing to the rise in demand for edible oils and fats the global edible oils and fats market is estimated to grow at a CAGR of 6.10% during the forecast period.
The global edible oils and fats market is segregated based on type, application, form and source. Based on type, the global market is that vegetable oils, palm oil, soybean oil, sunflower oil, rapeseed oil, olive oil, other oils, fats, butter & margarine, lard, tallow & grease and other fats. The palm oil segments dominate the market. Based on application, the market is segregated into Food applications, Bakery & confectionary, bakery, confectionery, processed food, snacks & savory, foods/convenience foods, sauces, spreads, and dressings, Other foods (incl. meat products), industrial applications, biodiesel, other industrial applications, Oleo chemicals and animal feed. The food application segment is expected to lead over the forecast period. Based on form, the market is segmented into solid and liquid, the latter contributes massively towards the overall Edible Oils and Fats market share. Based on Source, the market is segmented into Vegetables and animals. The vegetable segment dominates the market.
Over the forecast period, North America is expected to have a significant rise in the market. This is because the region is home to a number of oil and fat producers. Furthermore, manufacturers’ introduction of healthy edible oils to capitalize on the growing health-consciousness trend is expected to boost regional revenue in the edible oils and fats market. In 2021, Asia Pacific will lead the market, accounting for a larger share of the global market. The segment is expected to grow at an impressive CAGR due to population growth, rising disposable income, and urbanization in emerging economies such as China, India, and Bangladesh.
