Vegetable Oils Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Vegetable Oils Market is segmented By Type (Palm Oil, Soybean Oil, Sunflower Seed Oil, Palm Kernel Oil, Peanut Oil, Cotton Seed Oil, Coconut Oil, Others), By Application (Food, Bio Lubricants, Pharmaceuticals, Cosmetics, Paints and Coatings, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Vegetable Oils Market Overview

The global vegetable oils market reached USD million in 2022 and is projected to witness lucrative growth by reaching up to USD  million by 2030. The market is expected to exhibit a CAGR of 5.6% during the forecast period (2024-2031). The vegetable oils market is a critical component of many industries and a significant driver of economic growth in many countries.

The increasing demand for natural and sustainable ingredients is likely to drive the market growth and innovation in the vegetable oil industry, and companies that can adapt to changing consumer preferences and production methods will be well-positioned for success. The industry is highly competitive, with key players competing based on factors such as product quality, price, and innovation.

Vegetable Oils Market Scope and Summary

To Get a Free Sample Click here

Vegetable Oils Market Dynamics

Increasing demand from emerging economies drives the market growth

Emerging economies such as India, China, and Brazil are expected to drive the growth of the vegetable oils market in the coming years. According to the United Nations Food and Agriculture Organization (FAO), vegetable oil use will surpass the average level globally by 2030, reaching 21 kg per person annually. This suggests that the region will be responsible for 71% of the increase in global vegetable oil consumption over the next ten years, especially when combined with some nations' stronger population growth, like India. This growth is driven by population growth, urbanization, and changing dietary habits.

Growing demand for healthier oils drives the market growth

Consumers are becoming more aware of the negative health effects of consuming oils that are high in saturated and trans fats. These fats have been linked to a range of health problems, including heart disease, obesity, and diabetes. As a result, many consumers are seeking healthier alternatives to traditional vegetable oils, which are often high in saturated and trans fats. In response to this growing demand for healthier oils, many vegetable oil companies are investing in research and development to develop new and innovative products. According to the Solvent Extractors' Association of India (SEAI), the total amount of vegetable oils imported during the first eight months of the oil year 2021–22, from November 2021 to June 2022, was reported at 87,60,640 tons, up 1% from 86,74,012 tons during the same period last year.

Vegetable Oils Market Segment Analysis

The global vegetable oils market is segmented based on type, application, and region.

Increased consumption of palm oil

Palm oil is a highly versatile and widely used vegetable oil that has held the largest global market share. Palm oil has a wide range of applications across various industries, such as food, cosmetics, and biofuels. It is commonly used as an ingredient in food products such as snacks, baked goods, and margarine, as well as in personal care products like soap and shampoo. According to the Indonesian Palm Oil Association (GAPKI), in January 2023, 793,000 tons palm oil was used in the food industry. In the meantime, consumption for the oleochemical industry in January 2023 was recorded at 183,000 tons, roughly the same as in December 2022 (185,000 tons).

Source: DataM Intelligence Analysis (2023)

Vegetable Oils Market Geographical Penetration

Increased production and  consumption of vegetable oils

The Asia-Pacific region is the largest producer and consumer of vegetable oils in the world, accounting for more than 50% of the global vegetable oils market. The tropical climate and fertile soil in many countries in the Asia-Pacific region, such as Indonesia, Malaysia, Thailand, and Vietnam, make it ideal for growing oil palm trees, which are the primary source of palm oil, the most widely used vegetable oil in the world. According to the US Foreign Agriculture Service, Indonesia is predicted to export palm oil products every year of around 30 million metric tons (mt) in 2022–2023—significantly more than the combined exports of vegetable oils from top producers. Malaysia will export 18.4 million metric tons in 2022–2023, placing it in second place behind Indonesia.

Source: DataM Intelligence Analysis (2023)

Vegetable Oils Companies and Competitive Landscape

The major global players include ACH Food Companies, Inc., ADM, Bunge Limited, Carapelli Firenze SpA, Cargill, Incorporated, CHS Inc., Conagra Brands, Inc., FUJI OIL CO., LTD., IOI Corporation Berhad, and Kuala Lumpur Kepong Berhad.

Key Developments

• In June 2022, Gemini Edibles & Fats India (GEF India), the manufacturer of Freedom Refined Sunflower Oil, announced plans to expand into additional States, including Tamil Nadu and Kerala. The company claimed that it is considering strategic expansion and has plans to enter Tamil Nadu and Kerala, two states with high demand for sunflower oil, in the upcoming year.
• On July 18, 2022, Eni launched its first vegetable oil production for biorefining in Kenya. The first agri-hub will have an installed capacity of 15,000 tons, and in 2022, 2,500 tons of production are anticipated. Castor, croton, and cottonseeds will be processed at the agri-hub to produce vegetable oil.
• On December 12, 2022, FEDIOL aisbl launched a brand-new, specialized website that discusses only vegetable fats and oils with the intention of highlighting the nutritional and health benefits of each. The website, which is intended to inform, provides simple, current, and in-depth information about vegetable oils and fats, including information on their properties, their role in healthy diets, their EU labeling, their health benefits, and other helpful details that help people make better food consumption decisions. 

Why Purchase the Report?

• To visualize the global vegetable oils market segmentation based on type, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of vegetable oils market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global vegetable oils market report would provide approximately 53 tables, 53 figures and 106 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies