Forecasted Expansion: Organic Edible Oil Market Projected to Nearly Triple USD 7.43 Billion by 2033
The organic edible oil market, valued at $2.04 billion in 2018, is expected to reach $3.14 billion in 2023 and $7.43 billion by 2033, driven by a 9% CAGR. Increasing health consciousness, environmental awareness, improved availability, and enhanced marketing are fueling consumer demand. Key players are focusing on product diversification, strong branding, sustainability, and innovation to capture market share.
The demand for organic edible oil is expected to reach a valuation of US$ 3.14 billion in 2023 and is projected to be worth US$ 7.43 billion by 2033. The market is capturing a CAGR of 9% during the forecast period.
How are Consumers Rapidly Growing the Demand for Organic Edible Oil?
There are several ways in which consumers are rapidly growing the demand for organic edible oil.
- Increase in Health Consciousness: Consumers are becoming more health-conscious and actively seeking healthier food options. Organic edible oil is considered healthier as it is free from harmful chemicals, pesticides, and other toxic substances that can adversely affect human health. As a result, more consumers are buying organic edible oil to improve their overall health and well-being.
- Rise in Environmental Awareness: Consumers are becoming more aware of the impact of conventional farming practices on the environment. Using chemical fertilizers and pesticides in conventional farming can pollute the soil, air, and water. On the other hand, organic farming promotes using natural fertilizers and pest control methods to reduce environmental impact. As consumers become more environmentally conscious, they choose organic edible oil over conventional oil.
- Increased Availability and Accessibility: Organic edible oil is becoming more widely available and accessible to consumers. As more farmers and producers switch to organic farming methods, the supply of organic edible oil is increasing. Additionally, many grocery stores and online retailers now offer organic edible oil, making it easier for consumers to access and purchase.
- Increasing Marketing and Advertising Efforts:Many companies are aggressively marketing their organic edible oil products, highlighting the health and environmental benefits. They are making consumers more aware of organic edible oil’s benefits and driving the demand for these products. These trends continue increasing consumer awareness and upsurging the demand for organic edible oil.
Key Takeaways:
- The organic edible oil market is estimated to secure a CAGR of 9% with a valuation of US$ 7.43 billion by 2033.
- Historically, the market captured a valuation of US$ 2.04 billion in 2018.
- India is leading the global market by producing a maximum share during the forecast period.
Which Strategies are Implemented by Key Players in the Global Market?
Key players are implementing various strategies in the global market to maintain their market position and growth. A few common strategies are:
- Product Diversification: Key Players in the market offer a wide range of products to cater to different customer needs. It helps them capture a huge market share and build customer loyalty.
- Branding and Marketing:Strong branding and marketing strategies are important for key players to build brand recognition and consumer awareness. They invest in marketing and advertising campaigns to reach a wider audience and differentiate their products from competitors.
- Sustainable and Ethical Practices: Sustainable and ethical practices are increasingly important to consumers, and key organic edible oil market players often highlight their values. They may use environmentally-friendly production methods, source ingredients from local and sustainable sources, and use eco-friendly packaging.
- Innovation: Key players in the market may invest in research and development to create new and innovative products that meet consumers’ changing needs and preferences. They may also adopt new technologies to improve production efficiency and reduce costs.
Recent Development in the Organic Edible Oil Market are:
- Wilmar International:Wilmar International is an agribusiness company that produces and sells organic edible oils under its brand, Fortune. In July 2021, Wilmar International announced that it had agreed to acquire a 50% stake in FFM Berhad.
- Adams Group:Adams Group is a family-owned company that produces and sells organic edible oils, including organic soybean oil and sunflower oil. In July 2021, Adams Group announced that it had acquired J.M. Smucker Co.’s Natural Oils business assets, including the brand name Crisco.
Other Prominent Players in the Market are:
- Cargill Incorporated
- Bunge Limited
- Archer Daniels Midland Company
- Adams Group Inc
- Wilmar International Limited
- Conagra Brands Inc
- Hain Celestial Group Inc
- Spectrum Organics
- Ventura Foods LLC
- NOW Foods
- Nutiva
- Dr. Bronner’s
- Chosen Foods LLC
- La Tourangelle Inc
Organic Edible Oil Market by Category
By Type:
- Palm Oil
- Rapeseed Oil
- Coconut Oil
- Soybean Oil
- Olive Oil
- Sunflower Oil
By Distribution Channel:
- Specialty Stores
- Convenient Stores
- Supermarkets/Hypermarkets
- Online Retail Stores
By Region:
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East Africa
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