Vegetable Oil Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights

The vegetable oil market is expected to register a CAGR of 7% during 2023–2031. The increasing demand for fortified vegetable oil is likely to be the trend in the vegetable oils market.

Vegetable Oil Market Analysis:

• The vegetable oil market is anticipated to register steady growth over the next decade, backed by an increasing global population, rising food consumption, and expanding applications across several industries.
• Palm oil, soybean oil and canola oil dominate the market; while soybean oil remains the most consumed vegetable oil, palm oil leads due to its versatility and lower production costs. Changing dietary habits, growing demand for biofuels, and rising health concerns are pushing consumers towards healthier oil options.
• Growing consumption is continuously witnessed in emerging economies, particularly in Asia-Pacific and Latin America. The vegetable oil industry faces a growing pressure of sustainability concerns such as deforestation for palm oil production. High demand for certified, sustainable vegetable oils is especially driving the industry forward. Innovations in production techniques and the development of dedicated specialty oils for various applications will shape the future of the market.

Vegetable Oil Market Overview

• Vegetable oils are fats derived from plants, primarily from seeds, nuts, and fruits. The major market drivers for the industry are the growth of the world population, increasing health awareness, and the expanding use of vegetable oil in food, cosmetics, and biofuel applications.
• The main trends that will shape the future of vegetable oils are the growing popularity of healthier plant-based oils like olive and avocado oil, sustainable sourcing, and non-GMO and organic products.

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Vegetable Oil Market: Strategic Insights

Vegetable Oil Market

• 
  CAGR (2023 - 2031)

  7%
• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Market Dynamics

GROWTH DRIVERS

• Increase in Oilseed Production
• Strategic Initiatives by Key Players

FUTURE TRENDS

• Increasing Consumer Demand for Healthier Oil Alternatives

OPPORTUNITIES

• Increasing Demand for Fortified Vegetable Oil

Key Players

• Cargill Incorporated
• Wilmar International Limited
• B and G Foods Inc
• Richardson Food and Ingredients
• ACH Food Companies Inc
• Golden Agri Resources Ltd
• Sime Darby Plantation Berhad
• La Tourangelle
• Conagra Brands Inc
• IFFCO Group

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Palm Oil
• Sunflower Oil
• Soybean Oil
• Olive Oil
• Coconut Oil

Category

• Organic
• Conventional

Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Retail

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Vegetable Oil Market Drivers and Opportunities

Increase in Oilseed Production

• The growth in oilseed production is spurring retail vegetable oil demand by providing a consistent and competitive supply of oils, enabling manufacturers to develop a wider range of oils with different properties and at good prices.
• This, in turn, is spurring retailers to expand their product portfolios, including premium and specialty oils for vegetarian and health-conscious consumers and for people interested in gourmet cooking.

Increasing Consumer Demand for Healthier Oil Alternatives

• The opportunities for growth in the vegetable oil market are a result of rampant rise in demand for healthier vegetable oil alternatives, owing to growing consumer preference for food ingredient alternatives that offer a myriad of benefits such as convenience, health, comfort, taste, and nutrition while withstanding changing consumer needs. Vegetable oils are witnessing higher demand as an alternative to saturated fats and trans fats to maintain a healthy lifestyle.
• This demand shift towards balanced and nutritious diets has proved to be a boon for the vegetable oil market, as people in the US have started switching solid fats with vegetable oils like olive oil and canola oil, both in their kitchen and in the food processing industry. Vegetable oils have also become a viable option in frozen desserts or ice cream, salad oils, and dressings, compound coatings, fillings and spreads, and substitutes for dairy fats.

Vegetable Oil Market Segmentation

The scope of the global vegetable oils market is segmented based on type, category, and distribution channel.

• On the basis of type, the market is segmented into palm oil, sunflower oil, soybean oil, olive oil, coconut oil, and others.
• Based on category, the market is segmented into organic and conventional.
• Based on distribution channels, the vegetable oils market is classified into supermarkets and hypermarkets, convenience stores, online retail, and others.

Vegetable Oil Market Share Analysis by Geography

• The vegetable oil market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering vegetable oils market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers Porter's Five Forces analysis, which involves the study of major factors that influence the vegetable oils market in these regions.

Vegetable Oil Market Report Scope

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Vegetable Oil Market News and Recent Developments:

The vegetable oils market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:

• Eni completed the construction of the oilseed collection and pressing plant (agri-hub) in Makueni, Kenya, and started production of the first vegetable oil for bio-refineries. The first agri-hub will have an installed capacity of 15,000 tons, with an expected production of 2,500 tons in 2022. (Source: Newsletter, Eni, July 2022)

Vegetable Oil Market Report Coverage and Deliverables

The "Vegetable Oil Market Size and Forecast (2021 – 2031)" provides a detailed analysis of the market covering below areas:

• Vegetable oil market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Vegetable oil market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter's Five Forces and SWOT analysis
• Vegetable oil market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the vegetable oils market
• Detailed company profiles