The global Edible Oils Market is estimated to be valued at US$ 124.38 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Edible oils are oils extracted from fruits, seeds, nuts or vegetable sources that are suitable for human consumption. Some common edible oils include olive oil, corn oil, soybean oil, canola oil, sunflower oil, palm oil and coconut oil. These oils are largely used for cooking purposes as well as in various food applications such as mayonnaise, salad dressings and processed snacks and foods. Edible oils provide various health benefits such as being good sources of healthier fats and antioxidants. They are also considered essential ingredients in daily diets globally.
Market key trends:
One of the key trends in the edible oils market is the rising demand for organic and non-GMO edible oils. Consumers are increasingly preferring organic oils that are free from chemical fertilizers, pesticides and GMOs. This is encouraging edible oil producers to offer more organic varieties. Another major trend is the emergence of blended and flavored edible oils. Players are blending different types of oils and infusing flavors to cater to evolving consumer tastes. They are offering oils with added health benefits through ingredients like olive oil, flaxseed oil etc. Rapid urbanization coupled with hectic schedules has also boosted demand for convenient edible oil packaging like plastic bottles with measuring cups for ease of use.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established distribution channels by existing players pose threat of new entrants in the edible oils market.
Bargaining power of buyers: Large presence of substitutes and undifferentiated nature of products increases bargaining power of buyers in the edible oils market.
Bargaining power of suppliers: Availability of alternatives and transparency in prices reduces bargaining power of suppliers in the edible oils market.
Threat of new substitutes: Introduction of alternative plant-based and non-trans fats edible oils pose threat of substitution in the edible oils market.
Competitive rivalry: High level of competition between established brands and private labels leads to intense competitive rivalry in the edible oils market.
Key Takeaways
The Global Edible Oils Market Demand is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing health consciousness among consumers.
Regional analysis: Asia Pacific dominates the global edible oils market and is expected to continue its dominance over the forecast period, owing to large production and consumption of edible oils in countries like India and China. South Asia and Middle East & Africa are also projected to offer lucrative opportunities in the edible oils market.
Key players: Key players operating in the edible oils market are Adani Wilmar Ltd., Ruchi Soya Industries Ltd, Associated British Foods plc, Archer Daniels Midland Company, Bunge Limited, Borges Mediterranean Group, Cargill Incorporated, Fuji Vegetable Oil, Inc., Adams Group, American Vegetable Oils, Inc., and Olympic Oils Limited. Adani Wilmar Ltd. and Ruchi Soya Industries Ltd. enjoy largest market shares in the Indian edible oils market.
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