Market Overview
Global Cooking Oil Market reached USD 182.2 billion in 2022 and is expected to reach USD 279.6 billion by 2030 growing with a CAGR of 5.5% during the forecast period 2023-2030. The increasing demand the healthier, sustainable, and plant-based edible oils is driving the global cooking oil market growth.
The expansion of e-commerce platforms for online retailing boosts the market growth of cooking oils. The various developments in e-commerce sectors are expected to fuel market growth. For instance, in May 2021, the joint venture between Adani Group and Wilmar International launched Fortune online mobile application. This app development made it easier for consumers to shop for their cooking oils online.
The growing health concerns of animal-based fat are driving the market for vegetable and plant-based cooking oils. In addition, the knowledge about high saturated fats and their effects on cholesterol levels is driving cooking oils with lower saturated fats content. Growing urbanization, increasing disposable incomes, and rising demand for fortified and healthy cooking oils are driving the global cooking oil market expansion.
Market Scope
|
Metrics |
Details |
|
CAGR |
5.5% |
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Size Available for Years |
2021-2030 |
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Forecast Period |
2023-2030 |
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Data Availability |
Value (US$) |
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Segments Covered |
Type, Application, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
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Fastest Growing Region |
Europe |
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Largest Region |
Asia-Pacific |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other vital Insights. |
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Market Dynamics
The Increasing Demand for Healthy Oils Drives the Cooking Oil Market Growth.
The growing health awareness among people about the health risks due to bad oils is pushing them towards choosing healthy oils. The emerging trend of sustainable living is driving the market for suitable cooking oils. Some the cooking oils, like olive oil and sunflower oil, are the most commonly used. About 75% of monosaturated fatty acids are present in olive oil. This help in improving heart health by lowering bad LDL cholesterol.
Avacado oil is considered one of the most popular healthier oils. It is rich in antioxidants and helps in preventing diseases. The beneficial antiviral and antibacterial characteristics of coconut oil help to improve the immune system. The demand for organic and non-GMO cooking oils is also increasing. The growing health awareness is increasing the demand for healthy oils is driving the global cooking oil market growth.
Growing Demand for the Processed Food Drives the Cooking Oil Market Growth
The rising demand for processed & convenience foods and the food service sector is one of the major drivers of the global cooking oil market. The increased employment-population ratio left little time for cooking, which increased the demand for processed food among people. There is an increased utilization of cooking oil in the processed food industry. The use of palm oil and soybean oil in processed food production raises the demand for cooking oil.
The growing urbanization, increasing disposable income, and changing food preferences is expected to boost the market growth. Furthermore, the expansion of retail and online platform sales made the products conveniently available for consumers. Also, the technological developments in the extraction and refining of oil are helpful in expanding the cooking oil market size.
The Unavailability of Raw Materials Restrains the Market Growth.
The raw materials unavailability can be a major restraint to the market growth. Climate change and environmental issues affect the availability of raw resources for corn oil, canola oil, and other cooking oil production. The unavailability influences the price of such raw materials resulting in a drop in production or certainly in high costs for production. Thus, reduces the demand for cooking oil and increases the demand for other cooking mediums.
The existence of various alternatives in the cooking oil market includes alternatives such as butter and margarine. The presence of such alternatives can hinder the market growth. The rising demand for healthier cooking oil alternatives increased the demand for these competitors. The use of butter and margarine is more common, recently restraining the market expansion.
Segment Analysis
The global cooking oil market is segmented based on type, application, and region.
In the Cooking Oil Market, the Household Segment Holds the Largest Market Share.
The global cooking oil market has been segmented by application into household, food service outlets, and food processing. The household segment held the largest cooking oil market share of 38.8% in 2022 in the cooking oil market analysis report. The increase in the number of people eating meals at home is increasing the segment’s growth.
The health consciousness people are carefully choosing their cooking oil for household use. The people are choosing branded and high-quality cooking oils to maintain good health. The increase in the online and offline grocery shopping stores and the availability of cooking oil in all such stores is increasing market expansion. The changing living standards and growing urbanization boost the target segment growth.
Geographical Penetration
Asia-Pacific Held the Largest Share of the Global Cooking Oil Market.
The global cooking oil market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The Asia-Pacific cooking oil market has the largest market share of 38.6% in 2022 in the cooking oil market analysis. The high production and consumption of cooking oils in this region is driving the segment’s growth.
The growing urbanization and increasing demand for healthy oils are driving this region’s market. The increasing strategic market development by the critical players of this region is expected to drive the region’s market growth. The key market players are considering the growing health consciousness among people and launching products to satisfy this category. For instance, Marico Limited, India’s consumer goods company, is presenting Saffola Gold cooking oil which can improve 50% of heart health.
Major Key Players
The major global players in the market include Cargill Inc., Archer Daniels Midland Company, Bunge Limited, Wilmar International Ltd., FUJI OIL CO. LTD., ConAgra Brands, Inc., IFFCO Group, Ottogi Co. Ltd., Associated British Foods plc, and C J Cheiljedang Corporation.
COVID-19 Impact Analysis
Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:
COVID-19 impacted cooking oil market in a moderate way. The lockdown conditions disrupted the production, distribution, and sales of final products affecting the market. The closure of various restaurants and hotels decreased demand. However, the lockdown regulations increased consumer preference towards the purchase of packaged food products for home consumption and resulting in the increased the sales of cooking oil for food processing.
By Type
- Soy Oil
- Sunflower Oil
- Peanut Oil
- Palm Oil
- Canola/Rapeseed Oil
- Corn Oil
- Coconut Oil
- Others
By Application
- Household
- Food Service Outlets
- Food Processing
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- In April 2023, Plenty Foods, an Australian-based company, launched a super high oleic safflower oil. This oil is promoted to possess superior cooking qualities and health credentials.
- In February 2023, Cargill India, a subsidiary of global food corporation Cargill, announced the launch of Gemini Pureit, a sunflower oil brand in South India.
- In October 2022, Natural Grocers, an American family-operated organic and natural grocery retailer, expanded its product offerings by adding Organic Extra Virgin Unrefined Coconut Oil to its product line.
- In April 2021, Cargill Inc. announced the construction of a new rapeseed processing plant in Regina, Saskatchewan. This project helps in increasing rapeseed oil production.
Why Purchase the Report?
- To visualize the global cooking oil market segmentation based on type, application, and region and understand key commercial assets and players.
- Identify commercial opportunities in the market by analyzing trends and co-development.
- Excel data sheet with numerous data points of cooking oil market-level with all segments.
- The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
- Product mapping is available as Excel consists of key products of all the major market players.
The Global Cooking Oil Market report would provide approximately 50 tables, 53 figures and 165 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
