According to Goldstein Research, "Growing food services and packaged food industry in developing countries fuelling the demand for edible oils." Rising personal disposable income population in developing countries led more people to eat in restaurants and also consume more food in packaged form. The edible oil content of packaged and restaurant food is higher than home-cooked meal.
The global edible oils market is segmented based on products, packaging, application and distribution channel. Products type is further bifurcated into palm oil, soybean oil, canola oil, sunflower oil, olive oil, coconut oil and others. Palm oil occupies the largest revenue share in global edible oils market. Palm, soybean, canola and sunflower oil dominate more than 70% of global edible oils market. Soybean oil is expected to register decline in sales owing to shifting consumer preference toward healthier substitutes such as olive and canola oil.
Global edible oil market is growing with the rising consumption coupled with increasing global population anticipated to expand at a CAGR of 5.3% over the forecast period i.e. 2016-2024. Global edible oils market is expected to reach over USD 125 billion over the forecast period.
Asia-Pacific is the largest region for edible oils market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific edible oils market valued more than USD 32.0 billion in 2016 and is estimated to reach USD 48.4 billion by 2024. China is expected to dominate the edible oils market followed by India due to large consumer base and growing imports of raw edible oils majorly palm oil.
Rising Health Concerns: Major Boost
Edible oils are the essential and widely used ingredient in preparation of food items. Edible oils are consumed by people in their day to day life in some form and have huge impact on their health. Rising instances of chronic diseases such as obesity and heart related problems shifted consumers to adopt more health beneficial edible oils. For instance, Monsanto Co. and Solae Co., both based in St. Louis, collaborated to develop edible oil with stearidonic acid (SDA), which helps body in formation of omega-3 fatty acid which lower the risk of chronic disease such as heart disease, cancer and arthritis. Development of such edible oils and their growing demand in consumer market will further propel the growth of global edible oil market.
“Global Edible Oils Market Outlook 2024” contains detailed overview of the global edible oils market in terms of market segmentation by product type, by packaging type, by applications and by distribution channel.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Edible Oils Market Report also includes competitive outlook of some of the major players which includes profiling of companies such as Bunge Limited, Associated British Foods, CHS Inc., Cargill Inc, Wilmar International Limited, Ruchi Soya Industries Ltd., Adams Group, Olympic Oils Limited etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global edible oils market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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