Market Synopsis:
The growth of the vegetable oil market can be ascribed to its high nutritional value. It has relatively higher nutrient content as compared to its alternatives such as mustard oil. This, in turn, has increased its consumption levels in the past few years and is poised to continue the same consumption pattern over the next couple of years. A moderate CAGR is projected for the global vegetable oil market across the review period 2022 to 2030 by Market Research Future in its latest observation.
Vegetable Oil Market is projected to register a CAGR of 6.5 % and reach a value of USD 3,786 million by 2030
What is the major driver of the global Market for Vegetable Oil?
Introduction of oils with added benefits to heart health is one of the key factors having a great influence on the growth of the vegetable oil market. It is poised to keep adding to the revenues generated by market players in the years to come. Also, the shift towards a health-conscious food pattern is prognosticated to boost the sales of oil made from vegetables. This, in turn, is expected to catalyze the expansion of vegetable oil market over the next couple of years.
Factors such as increasing income and rising awareness about the benefits of vegetable oil are poised to drive the proliferation of the market over the next few years. In addition, increasing applications in industrial uses, hydrogenated oils, and fuel are further anticipated to accelerate revenue generation in the vegetable oil market in the foreseeable future.
Competitive Dashboard:
The key players in the global vegetable oil market are focusing on the expansion of their product portfolio to capitalize on developmental opportunities. Also, increasing investments in research & development are being observed by the industry leaders for introducing innovative products. In order to gain an edge over competitors, market participants are adding ingredients to boost the nutrient profile of the oil. For instance, many producers are focusing on the addition of ingredients that facilitate the upliftment of heart health. In addition, investments in advertisements are projected to further boost the profile of these players in the years to come. Packaging innovations are also expected to fuel competition among the brands over the next few years.
The Manischewitz Company (US), Waitrose & Partners (UK), Conagra Brands, Inc. (US), The J.M. Smucker Co. (US), Unico (Canada), IFFCO (UAE), Woolworths Group Limited (Australia), Marico Limited (India), Edible Oils Ltd. (UK), and Adani Wilmar Limited (India) are some of the major participants of the vegetable oil market manufactures.
Market Segmentation:
By product type, the vegetable oil market is segmented into olive oil, palm oil, canola oil, sunflower oil, soybean oil, peanut oil, and others.
The global vegetable oil market size on the basis of packaging type, has been segmented into pouches, bottles, cans, and others.
The segments, on the basis of distribution channel include store based (convenience stores, hypermarkets and supermarkets, and others) and non-store based.
Regional Assessment:
On the basis of region, the global vegetable oil market growth has been segmented into four important regions - Europe, Asia Pacific, North America, and the Rest of the World (RoW). Asia Pacific is anticipated to secure the pole position through the assessment period. The increasing population of the region, in conjunction with rising health benefits, is projected to favor the growth of the regional vegetable oil market share in the forthcoming years. In addition, rising production of vegetable oil in fast-developing countries such as India and China are poised to have an encouraging influence on the expansion of the vegetable oil industry over the next couple of years.
Latest Industry Developments:
In May 2019, the Indian government has a mission named ‘National Mission for Vegetable Oils’ for promoting indigenous production of vegetable oils and lessen the reliance on imports for the same
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