The versatile complexion of edible oil is sparking interest from diverse industries. The food and foodservice industry has been paying attention to the nutritional and functional benefits associated with edible oil. Medicinal aspects of special edible with improved absorption of fat-soluble vitamins A, D, K, and E are generating curiosity amongst pharmaceutical producers because of its heart-healthy characteristics. The moisturizing characteristics and anti-aging feature of high-oleic oil has been bewitching beauty-care producers. Companies are also focusing on developing oil, especially for salad dressing purposes. These oils are gaining high attention of consumers, owing to the aroma and flavor they add to bland salads. Companies are also offering customization facilities for edible oil.
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The global edible oil market has witnessed substantial growth in the past few years, and this trend is expected to continue through the course of the forecast period of 2020 to 2030, estimated to rise at a steady CAGR of 4% over this time period.
Key Takeaways from Edible Oil Market Study
- By type, soybean oil is projected to witness significant growth during the forecast years in the global edible oil market. Soybean oil is a highly versatile edible oil used for multiple food and other applications. It is also rich in omega-3 fatty acids and associated with several health benefits.
- Palm oil and soybean oil have contributed the largest shares in the overall edible oil market. South Asia and East Asia witness major consumption of palm oil and soybean oil, respectively.
- Market demand for edible oils is increasing in cosmetics as well as personal care industries, along with the foodservice industry, because of their essential minerals. Cosmetic manufacturers are making appealing soaps, serums, and others products using flavored edible oil with its retained nutrients.
- Online retail is projected to witness high growth during the forecast period under the business to consumer segment of distribution channel. Increasing Internet penetration in African and Middle Eastern countries, along with easy availability of products, are major factors for the growth of the edible oil market in these regions.
- The COVOID-19 pandemic is projected to moderately impact the growth of the edible oil market in the near future.
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Edible Oil Market: Competitive Landscape
The edible oil market is fragmented in nature. Key players operating in the edible oil market are adapting their market strategies to benefit the most from prevailing market trends. Leading manufacturers are adopting strategies such as business expansion and acquisitions with a focus on increasing production capacity. Additionally, manufacturers are aiming to cater to the rising number of health-conscious consumers to gain a competitive advantage in this space.
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