Market Research Future published a Cooked Research Report on Global Edible Oils and Fats Market which is estimated to grow more than 4.56% after 2023
Market Overview:
Edible Essential Oils Market is projected to grow at 4.56% during the forecasted period 2017 to 2023. APAC region is estimated to dominate the market with more than 50% of market share in the year 2017 followed by Europe. Europe will witness higher growth rate in savory snacks application of oils and fats during the forecast period due to increasing consumption of meat and other snacks products. APAC holds major market share in bio-diesel application, and it projected to reach 26,649 kilo tons with CAGR of 5.49%. Europe will witness higher growth rate in bio-diesel application of oils and fats during the forecast period.
Edible Essential Oils Market Forecast:
Global edible oils and fats market is projected to reach 298,522 kilo tons by 2023 with CAGR of 4.56% in terms of volume. Palm oil and soybean oil together holds more than 45% of market share in the year 2017. Corn oil will witness higher growth rate during the forecast period due to increasing demand of corn oil from industrial application. The plant source edible oil and fats hold more than 80% of market share in 2017 as majority of edible oils and fats are made from plant source across world. Animal source fats will witness steady growth rate during the forecast period. There are many types of oils and fat available in market as each one has its unique characteristics which attracting number of consumers across the globe. Industrial uses of edible oil and fats such as Biofuel has boosted the market and will continue to contribute in market growth during forecast period.
Edible Essential Oils Market - Competitive Analysis:
Fiercely competitive, the edible oils & fats market appears well-established with the presence of several notable players. To gain a larger competitive share in the market, these players adopt strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/ technology launch. Players invest substantially to meet their expansion plans. They acquire small yet promising companies from emerging regions. Rising product innovations and oil extracting technologies are expected to create strong investment opportunities for global players.
Top Key Players Edible Essential Oils Market:
Players leading the global edible oils & fats market include Wilmar International Ltd. (Singapore), James Richardson & Sons, Limited (Canada), Associated British Foods PLC (UK), United Plantations Berhad (Malaysia), Cargill, Incorporated (US), AAK AB (Sweden), IFFCO (UAE), Bunge Limited (US), Archer Daniels Midland Company (US), and Conagra Brands, Inc. (US), among others.
Edible Essential Oils Market - Segmentation:
The analysis has been segmented into four major dynamics.
Type: Oils (olive oil, sunflower oil, rapeseed/canola oil, soybean oil, palm oil, others) and Fats (butter, butter oil, lard & tallow, margarine, white cream fat, others).
Source: Plant and Animal.
Application: Bakery & Confectionery, HORECA, Spreads & Dressings, Convenience Foods, Sauces, and others.
Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Edible Oils & Fats Market - Regional Analysis:
The Asia Pacific region dominates the global edible oils and fats market, registering the highest CAGR. The largest market share majorly attributes to the flourishing agriculture industry in the region. Besides, the suitable weather conditions in the region offer cultivation of various grains & seeds, which helps to increase the production of oil & fats.
Furthermore, the presence of diverse cultures and cuisines fosters the growth of the regional market, promoting usages of various healthy oils and thus, creating a huge demand. With the increasing consumption in bio-diesel application, the production of the APAC edible oil & fats market is projected to reach 26,649-kilo tons with CAGR of 5.49% over the review period.
Europe stands second in the global oils & fats market. Factors such as the higher growth rate in the market demand from savory snacks application and increasing consumption of foods such as meat and snacks. Europe holds a major share in the bio-diesel market.
Moreover, the increasing numbers of biodiesel & biofuel plants in the region create large market demand. Also, massive consumption in the burgeoning F&B, pharmaceuticals, and personal care products industries propel the growth of the regional market. The European edible oil & fats market is estimated to grow at 4.06% CAGR during the forecast period.
The edible oils & fats market in the North American region is growing briskly. Rapidly growing industries F&B, pharmaceuticals, and personal care products drive the growth of the regional markets excellently. Besides, the presence of various oil & fat producers in the region, alongside the rising health-conscious populaces, bolster the revenues in the regional market. North America's edible oils and fats market is projected to create a valuation of over USD 31,203.4 MN by 2023.
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