The global fats & oils market is estimated to be valued at USD 236.7 billion in 2021. It is projected to reach USD 285.22 billion by 2026, recording a CAGR of 3.8% during the forecast period. The global fats & oils market has been influenced by some of the macroeconomic and microeconomic factors witnessed in some key countries. This would prove strong enough to drive the market significantly in terms of value sales during the forecast period. The growth of this market is attributed to the increased awareness about healthier substitutes to trans-fat, demand for a more nutritious and balanced diet among consumers, and sustainable food and energy systems. Companies manufacturing edible oil or cooking oil are positioning their products as healthy oils to gain market share as the customers are focusing on consuming healthy food.
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Key insights & trends:
Biodiesel is an alternative to diesel fuel from fossil fuel energy sources. It has an advantage over diesel fuel as it does not run out and continues to grow in the fields. Rapeseeds, soybeans, the fruit of oil palms, and even old edible fats are ideal for biodiesel production. It is a non-toxic, biodegradable, and renewable fuel produced from a range of renewable raw materials, such as fresh or waste vegetable oils, animal fats, and oilseed plants. Environmental compatibility of land use, a verifiable saving of greenhouse emissions, and coexistence with food production are the main standards of sustainability maintained in biodiesel production. Hence, biodiesel and edible vegetable oils are produced with less harmful impact on the environment. Also, the rising costs of diesel fuel and continuous climatic changes due to the emission of greenhouse gases drive the market for the production and usage of biodiesel.
Owing to the increased health consciousness among consumers, trans-fats are gradually replaced by a much healthier substitute, namely unsaturated liquid vegetable oils, such as olive, canola, corn, or soy oils. The global market has been witnessing the trend of encapsulation. Several key manufacturers are now strategizing on encapsulating milk fat and vegetable oils in a matrix comprising whey proteins and mixtures of caseins and whey proteins. These fat-rich powders find applications in various food formulations as well as in nutritional supplements and pharmaceutical products. In the global fats and oils market, premium oil types, such as olive and sunflower, witness higher prices owing to their raw materials costing, superior-label claims, and value-added nutritional profiles. Western markets of Europe and North America remain the target for such premium categories of oils and fats, thereby witnessing comparatively higher prices than the global average. Thus, the factor is driving the market value for fats and oils in the global markets.
Opportunity: Emerging application of fats and oils as substitutes of trans-fats
Trans-fats are unsaturated fatty acids formed during the hydrogenation of vegetable oils or are found in animal products naturally produced in the gut of grazing animals. Consumption of trans-fat raises the level of low-density lipoprotein cholesterol in the blood. An elevated LDL blood cholesterol level can increase the risk of developing cardiovascular. Trans-fats are found in many food products, such as vegetable shortenings, stick margarine, refrigerated dough products (such as biscuits and cinnamon rolls), snack foods, coffee creamers, cookies, cakes, frozen pies, frozen pizza, and fast food.
Owing to the increased health consciousness among consumers, trans-fats are gradually replaced by a much healthier substitute, namely unsaturated liquid vegetable oils, such as olive, canola, corn, or soy oils.
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Asia Pacific is projected to be the fastest-growing region in the fats and oils market.
The Asia Pacific region is projected to be the fastest-growing market for fats & oils. The region is home to two important palm and palm kernel oil-producing countries namely Malaysia, and Indonesia: and two major fats & oils consuming countries namely China, and India. This is one of the significant factor which ensures that Asia pacific region is the largest as well as the fastest-growing market in fats & oils.
Key Market Players:
Key global market players offer wide range of fats & oils products in the retail chain. While prominent palm oil producing companies are present in Asia pacific region. The soybean oil producing companies capture the North American market. The key companies in the fats and oils market are Associated British Foods PLC (UK), Archer Daniels Midland Company (US), Bunge Limited (US), Wilmar International Limited (Singapore). Various strategies, such as expansions, mergers & acquisitions, and new product launches, were adopted by the key companies to remain competitive in the fats and oils market.
