Vegetable Oil Market Synopsis:
The growth of the vegetable oil market can be ascribed to its high nutritional value. It has relatively higher nutrient content as compared to its alternatives such as mustard oil. This, in turn, has increased its consumption levels in the past few years and is poised to continue the same consumption pattern over the next couple of years. A moderate CAGR is projected for the global vegetable oil market across the review period 2018 to 2023 by Market Research Future in its latest observation.
Introduction of oils with added benefits to heart health is one of the key factors having a great influence on the growth of the vegetable oil market. It is poised to keep adding to the revenues generated by market players in the years to come. Also, the shift towards a health-conscious food pattern is prognosticated to boost the sales of oil made from vegetables. This, in turn, is expected to catalyze the expansion of vegetable oil market over the next couple of years.
Factors such as increasing income and rising awareness about the benefits of vegetable oil are poised to drive the proliferation of the market over the next few years. In addition, increasing applications in industrial uses, hydrogenated oils, and fuel are further anticipated to accelerate revenue generation in the vegetable oil market in the foreseeable future.
Competitive Dashboard:
The key players in the global vegetable oil market are focusing on the expansion of their product portfolio to capitalize on developmental opportunities. Also, increasing investments in research development are being observed by the industry leaders for introducing innovative products. In order to gain an edge over competitors, market participants are adding ingredients to boost the nutrient profile of the oil. For instance, many producers are focusing on the addition of ingredients that facilitate the upliftment of heart health. In addition, investments in advertisements are projected to further boost the profile of these players in the years to come. Packaging innovations are also expected to fuel competition among the brands over the next few years.
The Manischewitz Company (US), Waitrose Partners (UK), Conagra Brands, Inc. (US), The J.M. Smucker Co. (US), Unico (Canada), IFFCO (UAE), Woolworths Group Limited (Australia), Marico Limited (India), Edible Oils Ltd. (UK), and Adani Wilmar Limited (India) are some of the major vegetable oil key market players.
Market Segmentation:
By product type, the vegetable oil market overview is segmented into olive oil, palm oil, canola oil, sunflower oil, soybean oil, peanut oil, and others.
On the basis of packaging type, the global vegetable oil market has been segmented into pouches, bottles, cans, and others.
On the basis of distribution channel, the segments include store-based (convenience stores, hypermarkets, supermarkets, and others) and non-store based.
Regional Assessment:
The Asia Pacific region, with its flourishing agriculture industry, is dominating the global vegetable oil market, registering the highest CAGR. Furthermore, the presence of diverse cultures as well as cuisines that promote the usage of a range of healthy oils is fostering the growth of the regional market and creating a huge demand.
Also, factors such as the high population growth and the agriculture sector, which have led to increased production and consumption of soybean oil in China and India and palm oil in regions of Indonesia and Malaysia, are expected to drive regional market growth during the forecast period.
Moreover, the increasing number of biodiesel and biofuel plants, alongside the huge demand from burgeoning industries such as food and beverage, pharmaceuticals, and personal care products, propels the growth of the regional market.
The vegetable oil market size in the European and North American regions is expected to experience moderate growth throughout the forecast period. The rapidly growing FB, pharmaceutical, and personal care products industries drive the growth of the markets in these regions. Spain Italy among other European countries, stand the largest olive oil producing countries.
Latest Industry Developments:
In May 2019, the Indian government has a mission named ‘National Mission for Vegetable Oils’ for promoting indigenous production of vegetable oils and lessen the reliance on imports for the same.
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