Cooking Oil Market

Market Definition:

The Cooking Oil Market size was valued at USD 172.50 billion in 2021 and is predicted to reach USD 263.05 billion by 2030 with a CAGR of 4.8% from 2022-2030. Cooking oil is a synthetic fat that is originated from plants and animals. It typically stays in liquid form at room temperature. However, other cooking oils including palm oil, palm kernel oil, and coconut oil contain saturated fats and therefore are also available in solid form. At the same time, butter and lard are considered as animal-based solid cooking oil.

Market Dynamics and Trends:

The demand for global cooking oil is increasing due to rising drift towards processed food, changing food habits, and its ability to be recycled and used in soaps, animal feed, fuel, and other industrial products. Modern working culture and lifestyle are promoting the demand for packaged and ready-to-serve foods which leads to increased demand for cooking oil. However, rising incidences of cardiovascular diseases such as heart attack, coronary artery disease, and pulmonary embolism across the globe has prompted people to consume healthy cooking oils.

On the other hand, cooking oils including over frying oil and rapeseed oil consists eminent level of toxic fatty acids, which are proven harmful to the human body for regular intake. Similarly, soybean oil can affect the digestive system if consumed in high amount. These factors, hamper the market growth to a certain extent.

Still, rising trend of low cholesterol cooking oils including vegetable oil, olive oil, palm oil, and avocado oil is expected to lift up the growth of the market globally. People around the world are adopting healthy eating habits, owing to which the companies are offering healthier options along with new marketing strategies. For instance, Marico Limited, one of the India's leading consumer goods companies is adopting such strategies to grow its market share. They are offering various types of cooking oil including Saffola Active, which is known to be a healthy oil that absorbs lesser fat compared to other cooking oils. Healthy oils contain antioxidants and Omega 3, which offer impressive advantages. Its increasing adoption, therefore, is expected to provide money-spinning opportunities to the market players.

Market Segmentations and Scope of the Study:

The global cooking oil market is segmented on the basis of type, end user, distribution channel, and geography. Based on type, the global market is divided into olive oil, avocado oil, palm oil, rapeseed oil, soy oil, sunflower oil, peanut oil, and others. By end user, the market is divided into food processing, food services, and residential. By distribution channel, the market is categorized into independent retail store, business to business, supermarket, and online sales channel. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

The global cooking oil market across the Asia Pacific region accounted for the highest market share and is expected to continue dominating the market throughout the forecast period. This is attributed to factors such as highest production of palm oil in Malaysia and Indonesia as well as rising adoption of rapeseed oil for snack foods due to its affordability. The region has also emerged as a dominant market for fish oil consumption, due to huge concentration of aquaculture industry in Vietnam, China, India, and Indonesia. At the same time, the growing health concerns among consumers have led to an increase in the usage of fish oil as a nutritional supplement in various developed countries such as Australia and Japan.

Furthermore, the market across North America is expected to show a steady rise, as the food and drug administration (FDA) agency has taken appreciable steps to encourage the consumption of cholesterol-free and low-calorie cooking oil. This in turn has raised the demand for foods prepared in healthy, natural, and nutritious oils.

Competitive Landscape:

The cooking oil market is comprising of various market players such as Archer Daniels Midland Company, Sime Darby Plantation, Bunge Limited., Olam International Limited, Kaneka Corporation, Cargill, George Weston Foods Limited, Louis Dreyfus Company, Nutiva, and SIFCA SA. These market players are implementing different joint venture arrangements and planning expansion of businesses across various zones to maintain their foothold in the cooking oil market. For instance, in November 2020, Nutiva has launched a new Organic Vegan Ghee, a rich and creamy plant-based option over traditional dairy-based ghee. This new product is a great culinary oil alternative for health-conscious foodies. Also, in February 2020, Bunge Limited has inaugurated advanced oils to help in reproducing the texture and cooking experience and to meet the expectations of consumers for plant-based meat preferences for nutritional as well as assertible reasons.

Key Benefits:

• The cooking oil market report provides the quantitative analysis of the current market trends and estimations through 2022-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of cooking oil market trends including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities is provided in the report.

• The report also focuses on providing the competitive analysis of the market players along with their market share in the cooking oil market

• The SWOT analysis and Porter’s Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

Key Market Segments:

By Type

• Olive Oil

• Avocado Oil

• Palm Oil

• Rapeseed Oil

• Soy Oil

• Sunflower Oil

• Peanut Oil

• Others

By End User

• Food Processing

• Food Services

• Residential

By Distribution Channel

• Independent Retail Store

• Business to Business

• Supermarket

• Online Sales Channel

By Geography

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• RoW

  • UAE

  • Saudi Arabia

  • South Africa

  • Brazil

  • Remaining countries

KEY PLAYERS

• Archer Daniels

• Midland Company

• Sime Darby Plantation

• Bunge Limited

• Olam International Limited

• Kaneka Corporation

• Cargill

• George Weston Foods Limited

• Louis Dreyfus Company

• Nutiva and

• SIFCA SA.

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Analysis Period	2021–2030
Base Year Considered	2021
Forecast Period	2022–2030
Market Size Estimation	Billion (USD)
Market Segmentation	By Type (Olive Oil, Avocado Oil, Palm Oil, Rapeseed Oil, Soy Oil, Sunflower Oil, Peanut Oil, and Others), by End User (Food Processing, Food Services, and Residential) and by Distribution Channel (Independent Retail Store, Business to Business, Supermarket, and Online Sales Channel)
Geographical Segmentation	North America (U.S., Canada, Mexico) Europe (UK, Germany, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific), Rest of the World (UAE, Saudi Arabia, South Africa, Brazil, Remaining countries)
Companies Profiled	Archer Daniels Midland Company, Sime Darby Plantation, Bunge Limited., Olam International Limited, Kaneka Corporation, Cargill, George Weston Foods Limited, Louis Dreyfus Company, Nutiva, and SIFCA SA.