Food & Beverage

Global Edible Vegetable Oil Market

April 4, 2022
ID: SR/FB-15
Format:Pdf
Pages:220

Global Edible Vegetable Oil Market By Type (Palm Oil, Soybean Oil, Rapeseed Oil, Sunflower Oil, Olive Oil and other), By Application (Food and Feed), By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2028.

Description

Edible Vegetable Oil Market Overview

The global edible vegetable oil market was valued at USD 2,623.64 million in 2021, and it is predicted to reach USD 3,964.5 million with a CAGR of 6.3% during the forecast period of 2022-2028. Edible Vegetable oils have multiple applications in the foodservice and food processing industries. The commercial applications in the food industry have the use of edible vegetable oils for salad & dressing, cooking, industrially produced fried foods, compound layers, ice cream coatings, fillings & spreads, and substitute for dairy fats. With the popularity of fast food and transformations in consumer lifestyle toward more convenient foods, the demand for edible vegetable oils from the food processing and service industries has significantly increased.

What is Edible Vegetable Oil?

Edible vegetable oil is extracted from different fruits, seeds, grains, and nuts. The most famous edible oils are canola, palm, peanut, safflower, coconut, corn, olive, soybean, rice bran, mustard and sunflower. It is used to prepare food and also adds flavor to the food. Edible vegetable oil is rich in Vitamin E needed in the body for cell protection and development. It includes anti-oxidants that aid in fighting free radicals, responsible for causing diseases in the body.

Growth Drivers

Growing Consciousness about Health

Vegetable oil plays an essential role in diet and nutrition. Edible vegetables contain polyunsaturated (omega-3 and omega-6 fatty acids), monounsaturated fats, and saturated fats in various proportions. They help in cholesterol management: Polyunsaturated and monounsaturated fats are the most often found fats in edible vegetable oils. They support lower bad cholesterol levels (LDL) and decrease the chance of cardiovascular diseases, thus enhancing cardioprotective effects. Oils protect our brain cells. Some oils like Peanut oil, Almond oil and Wheat Germ oil are rich in vitamin E, which is needed in the body for cell protection cum product and the right function of the nervous system. This vitamin helps our body by enhancing the immune system. It works as an anti-oxidant and saves the different body tissues such as skin, eyes, etc. Also, the presence of vitamin E in oils allows controlling heart diseases. Vitamin E is an anti-oxidant – controls free radicals aids prevent blood clots and blockages in coronary arteries, thus helping in controlling cardiovascular ailments; these beneficial uses are the growth drivers in the global edible vegetable oil market.

Opportunities

Evolution of processing and packaging system in the edible Vegetable oil industry

The edible vegetable oil industry is competitive and innovative in product processing, quality, and cost-effectiveness. The manufacturer has been concentrating on recent trends and market growth to embrace marketing strategies to compete with other players in the market. Recently Adani Wilmar created improvisation in the packaging system of edible vegetable oil. Introduced square shape bottles replacing traditional oval oil containers helps them to the efficiency of shelf-space in supermarkets and retail sector fit the product in less space and gain consumer interest in the market.

Restraints

Risks during Oil-Bearing Plant Cultivation

Currently, oil-bearing plants are risked by diseases, pests, air and soil pollution, pesticide residues, and other environmental aspects. The significant decay impacting oil quality and safety is heavy metals and pesticides. Many impurities have been identified during the planning phase that will enter the edible vegetable oil. Some fungi can infect oil plants and produce large amounts of toxins that are very harmful to our human bodies. Aspergillus flavors and A. pesticides can infect peanuts, causing a severe decline in yield, and what’s more, aflatoxin created by them is a heavy carcinogen; pesticides play an essential role in controlling diseases and pests of oil plants, but at the same time, they also pollute the environment and oil plants. During oil processing, pesticides will emigrate and ultimately collect in edible vegetable oils. Pesticide remains in EPOs have become a significant element impacting human health. Common pesticides are endosulfan, chlorpyrifos, cypermethrin, and HCH, categorized as persistent organic pollutants because of their perseverance, bioaccumulation, long-distance migration, and negative effects on organisms.

Pre Covid-19 Impact on Global Edible Vegetable Oil Market

Before the covid-19 period, the increasing usage in food applications, mainly in emerging countries, helped the global market growth. The global edible vegetable oil market is increasing consumption in economies like China and India. The rise in consumption in these economies results from the growing population, changing diets, and higher living standards. The rising demand for its imports has delivered further impetus to the market.

Covid-19 Impact on Global Edible Vegetable Oil Market

During the covid-19 period, the covid-19 pandemic has unleashed a series of unusual events affecting every industry. However, since overburdened the food industry with the responsibility of meeting the requirements in the time of emergency, especially during the lockdown period, consumed edible vegetable oil for food applications in large amounts, and the market witnessed a surge in demand from the sector. Further, various studies have shown that the demand for edible vegetable oil is rising by 5.5 million by forthcoming years.

Post Covid-19 Impact on Global Edible Vegetable Oil Market

After the covid-19 outbreak, increasing awareness of the health advantages of people and less consumption of fat-free oils has a significant impact on the edible vegetable oil market. Raising interest in olive oil and canola oil from the food industry will drive the edible vegetable oil market before the covid-19. Edible vegetable oil consumption has increased in developing nations due to increased fried-food practices and increasing disposable income of people. Moreover, edible oil producers adopt advanced processing strategies to offer healthier and more reasonable oil. For example, raising interest in olive oil and canola oil from the food industry will drive the edible oil market.

By Type Segmental Analysis

Based on type, the global edible vegetable oil market, Palm Oil, Soybean Oil, Rapeseed Oil, Sunflower Oil, Olive Oil and others. Palm Oil is the major part of generating revenue in 2021. It is mainly owing to the increasing use of health and the nominal price of palm oil. Moreover, palm oil is generated from plant seeds that support improved vision and protection from cardiovascular diseases and also helps to improve the growth of hair, increases the consumption of triglycerides palm oil and raises the market growth. The Soyabean Oil segment is estimated to record the fastest CAGR of 1.05% for 2021-2026. It is mainly due to use for cooking purposes and includes hydrogenation that helps increase the shelf life and expand the growth of this segment.

By Application Segmental Analysis

The global edible vegetable oil market is segmented into Food and Feed based on application. The food segment holds the highest share in the global edible vegetable oil market. Edible vegetable oils are normally used in industrial food manufacturing and home food preparing worldwide and are the foremost source of unsaturated fats and vitamin E in human diets.

For Instance; The American Heart Association advises a regular intake of omega-3 fatty acids to control cardiovascular diseases. Thus oils and fats form an essential part of any healthy and balanced diet.

By Regional Segmental Analysis

The global edible vegetable oil market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. It is owing to the increasing accessibility of the different number of food and beverage factories, growing research and advancement in the food industry and rising endeavors by the government. According to Food and Agricultural Organization, the per capita consumption growth of edible vegetable oil is raised by 3.1% p.a. India is considered the number one importer of vegetable oil globally, increasing this market’s growth.

Competitors Analysis

Fuji Vegetables Oil, Inc., Bunge Limited, Conagra Brands, Adani Group, America Vegetables Oils, Inc., Emami Agrotech Ltd., Victoria Group, Sunflower Vegetable Oil, Nisshin Oillo Group and other prominent players in the global edible vegetable oil market.

Key Stakeholders

Recent Development

In February 2019, Richardson International Limited declared the purchase of Wesson, a retail brand of canola and vegetable oils. The company purchased Wesson from Conagra Brands Inc., a leading international edible oil company.
In February 2019, Calyxt, Inc. established ‘Calyno high oleic soybean oil’ in the US market. The product claims to contain 80% oleic acid and zero grams of trans fat (per serving) and can be used for frying purposes, salad dressings, and others.
In 2019, EFKO Group and VTB Group contracted to develop infrastructure in the Taman seaport. The agreement contains the invention and further exploitation of infrastructure objects for transshipment of grain and meal under 10 million metric tons and 3 million metric tons of vegetable oils in Taman seaport in the Russian Federation.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD 2,623.64 million
The revenue forecast in 2028	USD 3,964.5 million
Growth Rate	CAGR of 6.3% from 2022 to 2028.
Historical data	2017 – 2020
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Fuji Vegetables Oil, Inc., Bunge Limited, Conagra Brands, Adani Group, America Vegetables Oils, Inc., Emami Agrotech Ltd., Victoria Group, Sunflower Vegetable Oil, Nisshin Oillo Group are the key players.

Market Modelling

By Type

By Application

Food
Feed

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is the market size of the global edible vegetable oil market during the forecast period of 2022-2028?

The global edible vegetable oil market was valued at USD 2,623.64 million in 2021, and it is predicted to reach USD 3,964.5 million with a CAGR of 6.3% during the forecast period of 2022-2028.

What are the growth drivers in the global edible vegetable oil market?

Edible vegetable oil contains polyunsaturated (omega-3 and omega-6 fatty acids), monounsaturated fats, and saturated fats in various proportions. They help in cholesterol management: Polyunsaturated and monounsaturated fats are the most often found fats in edible vegetable oils. They support lower bad cholesterol levels (LDL) and decrease the chance of cardiovascular diseases, thus enhancing cardioprotective effects. These are the growth factors in the global edible vegetable oil market.

Who are the key players in the global edible vegetable oil market?

Fuji Vegetables Oil, Inc., Bunge Limited, Conagra Brands, Adani Group, America Vegetables Oils, Inc., Emami Agrotech Ltd., Victoria Group, Sunflower Vegetable Oil, Nisshin Oillo Group are the key players in the global edible vegetable oil market.

What is the restraint in the global edible vegetable oil market?

Many impurities have been identified during the planning phase that will enter the edible vegetable oil. Some fungi can infect oil plants and produce large amounts of toxins that are very harmful to our human bodies.

Which region is expected to hold the highest share in the global edible vegetable oil market?

The Asia Pacific dominated the Vegetable Oil Market with a major share of 45% in 2021. It is owing to the increasing accessibility of the different number of food and beverage factories, growing research and advancement in the food industry and rising endeavors by the government.

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Global Edible Vegetable Oil Market