The Fats And Oils by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Fats And Oils, 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.
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.
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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
Manufacturers are increasingly offering avocado oil due to an increase in demand from health-conscious customers. Avocado oil provides a lot of health benefits as it is a healthy fat and contains plenty of vitamins. Also, there is an increase in global avocado fruit production of five million metric tons, and annual production is expected to increase by nearly 200,000 metric tons. Mexico produces around 1.8 million metric tonnes of avocado fruit. This increase in fruit production is also expected to lead to increased demand.
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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26. Germany Fats And Oils Market
27. France Fats And Oils Market
28. Italy Fats And Oils Market
29. Spain Fats And Oils Market
30. Austria Fats And Oils Market
Top Major Players:
- Bunge Limited
- Wilmar International Limited
- Archer Daniels Midland Company (ADM)
- Mewah International Inc
- AAK AB
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