Overview and Scope
Fats and oils are defined as glyceryl esters of various organic acids that belong to the fatty acid series and are derived from plant or animal sources.
Sizing and Forecast
The fats and oils market size has grown strongly in recent years. It will grow from $170.87 billion in 2023 to $184.28 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in world population and increase in changing dietary patterns.
The fats and oils market size is expected to see strong growth in the next few years. It will grow to $237.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to government support, increasing demand for vegetable oil in the energy and cosmetic industries, increase in demand from health-conscious consumers, growing demand in the food service and retail industries. Major trends in the forecast period include cooking oils produced by fermentation and with a clean, neutral taste and high smoke point, focusing on leverage e-commerce platforms, focusing on novel fat technologies, developing automated cooking oil management systems and developing innovative products by using advanced technologies..
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Segmentation & Regional Insights
The fats and oils market covered in this report is segmented –
1) By Type: Fats, Oils
2) By Product Type: Palm Oil, Sunflower Oil, Olive Oil, Soybean Oil, Rapeseed Oil, Other Product Types
3) By Source: Plants, Animals
4) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
5) By Application: Food And Beverages, Personal Care, Pharmaceutical, Animal Feed, Other Applications
Asia-Pacific was the largest region in the fats and oils market in 2023. Western Europe was the second-largest region in the fats and oils market. The regions covered in the fats and oils market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Many countries across the globe are experiencing falling prices of crops due to overcapacity; this is expected to result in low raw material costs for fats and oils manufacturing companies. For instance, in November 2022, according to the report Frontline, an India-based national magazine on agriculture, the Cabinet Committee on Economic Affairs announced a bailout package of $8.4 billion (Rs 7000 crore) for farmers involved in the sugar production sectors to fix the minimum selling price of refined sugar at $ 0.35 (Rs 29 per kilogram) (prices dropped to Rs 23-24 recently due to overproduction) and to create a buffer stock of 3 million tonnes of sugar for one year. Thus, the overproduction of certain crops is likely to result in higher profit margins for food and beverage companies. Higher profit margins will enable fat and oil manufacturing companies to increase their productivity and drive the market going forward.
Key Industry Players
Major companies operating in the fats and oils market report are Bunge Limited, Wilmar International Limited, Archer Daniels Midland Company (ADM), Mewah International Inc, AAK AB, Cargill, Incorporated, The Nisshin Oillio Group, Musim Mas Group, Fuji Oil Co. Ltd, Associated British Foods PLC, Miyoshi Oil & Fat Co Ltd, IOI Group, Fairchem, Australian Chemical Industries Int Co, Jayant Oils And Derivatives Ltd, Atlas Chemicals, Guangdong Jiangmen Chemical Plant, Shanghai Yan’an Grease Chemical Co Ltd, Gysmecol (Guangzhou) Technology Co Ltd, Eastman Chemical Company, BASF SE, Aker BioMarine, Oleon NV, Emery Oleochemicals GmbH, Kao Oleochemical, Ashland Global Specialty Chemicals Inc, Zaplaza Tec, Krasnogorsk Oil Plant Llc, Th Ekobiotek-Uktaine Ltd, Verona Agroexport, Pe Rpc Elitphito, Oliya Voluni, Flp Kasap, Bulk Apothecary, Vigon International, Ingredients Online, Sonneborn LLC, Welch Holme & Clark Co Inc, Amazonian Natural Oils, Copacol foods, Crista Industria E Comercio Ltda, Romero E Jacobucci Ltda, Arab Sudanese Vegetable Oil Company (ASVOC), Emek Yag Sanayii AS, Egenin Kalbi, Balsari Yag Sanayi Ve Ticaret Limited Sirketi, United Foods Company, Abu Dhabi Vegetable Oil Company (ADVOC), AJWA Group Food Industries, Olam Togo SARL.
The fats and oils market report table of contents includes:
1. Executive Summary
2. Fats And Oils Market Characteristics
3. Fats And Oils Product/Service Analysis -Product/Service Examples
4. Fats And Oils Market Trends And Strategies
5. Fats And Oils Market – Macro Economic Scenario
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68. Global Fats And Oils Market Competitive Benchmarking
69. Global Fats And Oils Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Fats And Oils Market
71. Fats And Oils Market Future Outlook and Potential Analysis
72. Appendix
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