Rising use of vegetable oil as fuels to drive the Vegetable Oil Market Growth

 

 Vegetable Oil Market 

Vegetable Oil Market is segmented by Type (Palm Oil, Soybean Oil, Rapeseed Oil, Sunflower Oil, Olive Oil, and Other Types), Application (Food, Feed, and Industrial), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Vegetable Oil Market is estimated to be valued at US$ 255.2 Billion in 2022 and is expected to exhibit a CAGR of 5 % over the forecast period as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Vegetable oils are a class of fats that are extracted from some cereal grains, seeds, nuts, and fruits. It is essential to know that not all of these vegetable oils are fluid oils at ambient heat. Mustard, Sunflower, groundnut and coconut are some basic vegetables and other things from which the vegetable oil is derived. Soybean oil is the most consumed vegetable oil.

Competitive Landscape:

Key players involved in growth of global Vegetable Oil Market are Archer Daniels Midland Company, Golden Agri-Resources, Sime Darby Plantation Berhad, Bunge Limited, and Wilmar International Limited.

Market Key Drivers:

Vegetable oils are mostly used in fuels, dishwashers and also in the composition of perfumes which is expected to drive the growth of global Vegetable Oil Market. For instance, as per USDA Foreign Agricultural Service, the volume of edible oil used as a feedstock for biodiesel fuel manufacture in India in 2021 was 55,000 metric tons, than 50,000 metric tons in 2020.

The fortifying cooking oil and the requirement of vitamin D in daily food is projected to propel the growth of global Vegetable Oil Market. For instance, as per FSSAI, Fortifying cooking oil can help people in using 25% to 30% more vitamin D and A than is needed.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Vegetable Oil Market due to the rise in pandemic cases. The imposition of strict lockdown and shutdown cases have led to the interruption in supply chain and the halt in supply of raw materials along with the closure of manufacturing units and production has impeded the market growth.

Key Takeaways:

The global Vegetable Oil Market is expected to exhibit a CAGR of 5 % during the forecast period owing to the rising initiative towards fortification of vegetable oil. For instance, in September 2021, to fortify edible oils, irrespective of the quantity being manufactured, BASF West Africa collaborated with EDCEL Limited and introduced the Vitamin A premix for edible oils. 

Among regions, North America, Asia Pacific and Europe anticipated to witness robust growth in the global Vegetable Oil Market due to rising consumption of vegetable oil, fortification of vegetable oil, increasing launches and approvals. For instance, as per the US Department of Agriculture, the consumption of olive oil in Japan was around 75 thousand metric tons in 2021.