Edible Oils Market Revenue Report with Forecast to 2030
The liquid extracted from seeds, plants, and vegetables is known as edible oil. It is high in fatty acids, phospholipids, and antioxidants. Edible oil is used in the food processing industry as well as for human consumption. Edible oil offers low cholesterol, fats, and calories, which appeals to health-conscious consumers worldwide. Rising crop yields and oil output in developing economies are the primary drivers of edible oil growth in the global market. The rising popularity of olive oil and soybean oil will propel the global edible oil market over the forecast period. Increasing demand for organic edible oil, as well as rapid growth and expansion in the food sector, are projected to drive the edible oil market forward.
Furthermore, the growing use of corn oil in businesses is expected to create massive market potential in the coming years. Canola oil is a healthier and less expensive alternative to olive oil due to its low-fat level of roughly 6% compared to all other types of edible oils. The multiple advantages of edible oil enhance demand for this oil, which eventually drives 5market growth.
List of Prominent Players in the Edible Oils Market:
- Archer Daniels Midland Company (ADM)
- Borges International Group, S.L.U
- Cargill Incorporated
- Bunge Limited
- Associated British Foods Plc
- Wilmar International Limited
- Louis Dreyfus Company
- Aceitera General Deheza S.A.
- American Vegetable Oils, Inc.
- United Plantations Berhad
- Golden Agri-Resources Ltd.
- Adani Wilmar Limited
- The Nisshin Oillio Group, Ltd.
- Richardson Internation Limited
- Hebany
- Graincorp
- Vicentin S.A.I.C
- Sunora Foods
- Aveno Nv
- Basso Fedele & Figli Srl
- Ajanta Soya Limited.
Market Dynamics:
Drivers-According to the Organization for Economic Cooperation and Development (OECD) and Food and Agriculture Organization (FAO) report, the availability of vegetable oil in the least developed countries is expected to increase by 1.3% per year, reaching 9 kg per capita in 2030, up from 7.96 kg per capita in 2020. Additionally, the United States Department of Agriculture (USDA) predicts that imports of cooking/edible oil into developing nations will increase by 34%, accounting for 79% of worldwide import growth due to factors such as tourism and population expansion. As a result, these factors are anticipated to fuel market expansion in the future years.
The rising global consumption of processed foods is likely to play a significant role in propelling market expansion. Consumer preference for packaged and processed foods will increase demand for these oils in food preparation by small food chains, households, and restaurants, which will likely drive the market. Furthermore, the rate of income growth, combined with urbanization and the development of the middle class, leads to more diverse diets, hence increasing demand for processed food products.
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