Projected to Reach $420.47 Billion by 2028, the Global Vegetable Oil Market Nourishes Diets and Industries Alike
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The global Vegetable Oil Market is anticipated to reach a valuation of US$ 420.47 billion by 2028. Vegetable oils play a crucial role in global diets, serving as a significant source of fats that contribute to around 10% of daily caloric intake, equivalent to about 300 kcal per day. Vegetable oils are the second most important food group after cereals. They offer essential nutritional benefits, being rich in omega-3 and omega-6 fatty acids, as well as vitamins E and K.
Beyond their culinary applications, vegetable oils provide an affordable alternative for less affluent consumers who might not be able to afford more expensive options like butter or animal fat-based products. The global trade of vegetable oils is substantial, with imports accounting for approximately 40% of global consumption, surpassing other commodities like grains, where imports make up less than 20%.
The Vegetable Oil Market is exhibiting a growth rate (CAGR) of 3.56% during the period from 2022 to 2028. Vegetable oils have diverse applications beyond cooking, including soap production, biodiesel, cosmetics, pesticides, and various other industries. As a renewable energy source, the production of vegetable oils has witnessed significant growth due to population increases, rising per capita income, and urbanization, especially since the industrial revolution. The shift toward urban living has led to global population growth, improved economic prosperity, and elevated living standards, all of which contribute to the growth of the vegetable oil market.
Countries such as Malaysia, Indonesia, Thailand, and Sri Lanka have become prominent players in palm oil production due to its cost-effectiveness. The rise in living standards in developing regions across the Asia-Pacific, Middle East, and Africa has influenced dietary preferences. As health awareness increases, the demand for processed food products rises, and consumers are willing to invest more in high-quality products to meet their nutritional needs.
Consumption of soybean oil has seen significant growth due to consumers’ awareness of its health benefits compared to other edible oils. Soybean oil, rich in omega-3 and vitamin E, is versatile and supports overall health. It is widely used for cooking, baking, salad dressings, and as a raw material for various industries. Soybean oil’s benefits include treating osteoarthritis, lowering LDL cholesterol, and acting as a mosquito repellent.
The Vegetable Oil Market is segmented by end-users, including Food Services, Residential, Food Processing, and Others. The residential segment caters to household consumption for cooking, baking, and salad dressings, meeting global dietary needs. Increased health awareness drives demand for zero trans-fat, low saturated fat oils, influenced by changing food habits, population growth, urbanization, and economic conditions.
The market is further categorized based on distribution channels, including Hypermarkets & Supermarkets, Retail Stores, Business-to-Business, and Online sales channels. Online distribution channels are surging, providing revenue opportunities for manufacturers. E-commerce platforms enable manufacturers to reach a wider audience, expand market reach, and increase sales. They also offer valuable consumer insights for tailored offerings and marketing strategies.
The Vegetable Oil Market is divided by packaging type, including cans, bottles, and pouches. Pouches have gained popularity globally due to their convenience, portability, versatility, and cost-effectiveness. They offer an eco-friendly alternative to rigid containers and are cost-effective due to high production volumes and automation.
Palm oil, known for its productivity and cost-effectiveness, stands out in vegetable oil production. Its demand is driven by the food, beverage, biofuel, energy, personal care, and cosmetics industries. The competitive market is concentrated in the Asia Pacific due to easy access to raw materials.
Sunflower oil, with diverse applications in curing ailments and food production, is expected to grow due to rising demand from food producers. Europe remains the largest market for processed sunflower oil, with Ukraine, Russia, and Argentina as major players in exports.
Key Players:
- Archer – Daniels Midland Company
- Wilmar
- AAK (Aarhuskarlshamn)
- Bunge
- Sime Darby
- Unilever
- Associated British Foods
- Cargill
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 370 |
| Forecast Period | 2022 – 2028 |
| Estimated Market Value (USD) in 2022 | $56.16 Billion |
| Forecasted Market Value (USD) by 2028 | $92.32 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Driver
4.2 Challenges
5. Global Vaccines Market
5.1 Adult Vaccines Market
5.2 Pediatric (Infant) Vaccines Market
6. Global Vaccinated People
6.1 Adult Vaccinated People
6.2 Pediatric (Infant) Vaccinated People
7. Share Analysis – Global Vaccines Market & People
7.1 Vaccine Market Share
7.2 By Country
7.3 Vaccinated People Share
8. Categories – Global Vaccines Market & People Share
8.1 Adult VsPediatric (Infant) Vaccines Market Share
8.2 Adult VsPediatric (Infant) Vaccines Number Share
9. Disease wise – Vaccines Market and Forecast
10. Disease wise – Numbers of Vaccinated People & Forecast
11. Country – Global Vaccine Market
12. Porter’s Five Forces
13. SWOT Analysis
14. Vaccines Key Players Sales
For more information about this report visit https://www.researchandmarkets.com/r/6p5r1n
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