Market Highlights
The Global Cooking Oils
& Fats Market is estimated to be valued at USD 74,865.82 Million
by 2024 and is expected to register a CAGR of 1.77% during the
forecast period. The global cooking oils and fats market is expected to
register a prominent growth during the forecast period. Increasing consumption
of oils and fats in the foodservice industry, rising global population, and increasing
demand for bakery & confectionery, and processed & convenience foods
are expected to boost the market growth.
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However, increasing health
concerns and stringent legislation for cooking oils and fats are hampering the
growth of the market. Increasing investment in R&D along with technological
advancements offer opportunities for market growth while the major challenge
faced by manufacturers of cooking oils and fats is the fluctuating prices of
raw materials in the global market.
Segmental Analysis
The global cooking oils &
fats market has been segmented based on type, source, application, and region.
By type, the market has been
divided into oils and fats. The oils segment is estimated to retain its
dominance throughout the forecast period of 2019 to 2024. The oils segment
is projected to be valued at USD 49,145.87 Million by the end of 2024. The
oils segment has been further divided into palm oil, soybean oil, sunflower
oil, rapeseed oil, olive oil, and others. Among the oils segment, the palm oil
segment accounted for the largest market share of 22.66% in 2018, and the
segment is projected to expand at a moderate growth rate
of 1.15% during the forecast period. The fats segment is projected to
witness a stupendous growth rate of 2.09% during the forecast period.
The fats segment has been further divided into butter, margarine, lard &
tallow, and others. Among the fats segment, the butter segment accounted
for 33.19% in 2018 and is projected to expand at a below average
growth rate during the forecast period. However, the lard & tallow segment
is projected to exhibit a significant growth rate during the review period.
Based on the source, the Cooking
Oils & Fats Industry has been segmented into plant and animals. The
plant segment accounted for 73.00% in 2018, and it is projected to
register a CAGR of 1.63% during the forecast period. The most commonly
used plant sources for the production of oils and fats are coconut, olive,
palm, peanut, sesame, soybean, and sunflower. In recent years, the demand for
rice bran oil has also witnessed an exponential boost due to increasing health
awareness among consumers. However, the animals segment is projected to witness
the highest growth rate of 2.13% during the forecast period.
Based on application, the global
cooking oils & fats market has been classified as bakery &
confectionery, convenience foods, sauces, spreads & dressings, and others.
The bakery & confectionery segment has accounted for the largest market
share of 35.44% in 2018, and it is projected to be valued at USD
25,278.66 Million by the end of 2024 and register a CAGR of
0.94% during the forecast period. However, the sauces, spreads &
dressings segment is projected to witness the highest growth rate
of 2.26% during the forecast period.
Market Players
Market Research Future
recognizes Bunge Limited (US), Associated British Foods PLC (UK), Conagra
Brands, Inc. (the US), Archer Daniels Midland Company (US), United Plantations
Berhad (Malaysia), IFFCO (UAE), AAK AB (Sweden), Cargill, Incorporated (US),
James Richardson & Sons, Limited (Canada), and Wilmar International Ltd
(Singapore) as the key players in the global cooking oils & fats
market.
Regional Analysis
Geographically, the global
cooking oils & fats market has been segmented into North America,
Europe, Asia-Pacific, and the rest of the world (RoW). As per the MRFR
analysis, Asia-Pacific dominated the market, accounting for the largest share
in 2018. Moreover, Asia-Pacific is expected to register the
highest CAGR of 2.54% during the assessment period. The European
market accounted for the second-largest market share in 2018. The
market in Europe is estimated to reach USD 17,556.22 Million by the
end of 2024, with Germany being the leading domestic market.
Key Findings of the Study:
- The global cooking oils & fats market is
projected to reach USD 74,865.82 Million by 2024 at a 77%
CAGR during the review period of 2019 to 2024.
- Asia-Pacific accounted for the largest market share
in 2018, with China being the major contributor to the growth of the
regional market.
- The plant segment is projected to dominate the global
cooking oils & fats market, by source, during the forecast
- The bakery & confectionery segment accounted for
the global cooking oils & fats market, by application
in 2018 and, it is estimated to retain its dominance throughout
the forecast period.
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