“Global Edible Oils Market: Increasing Demand from Developing Regions and Increasing Competition in Developed Markets, Major Players are Shifting Focus towards Markets with Low Per Capita Edible Oil Consumption, And Entering into Markets in Countries Such As India, China, And Brazil, And Mexico”
Persistence Market Research (PMR) delivers key insights on the global edible oil market in its upcoming outlook titled, “Edible Oils Market (2016 – 2024)”. In terms of value, the global edible oils market is projected to register a healthy CAGR of 5.1% during the forecast period (2016–2024). This is attributed to various factors, regarding which PMR offers vital insights in detail.
On the basis of type, the global edible oils market is segmented into palm oil, soybean oil, sunflower oil, olive oil, corn oil, canola oil, specialty blended oils, and other oils. Demand for edible oils has grown significantly owing to increasing consumption of fried foods. Changing dietary habits, improving living standards, and increasing consumer preference for healthy edible oils are factors expected to drive the growth of the global edible oils market during the forecast period. On the basis of end-users, the global edible oils market is segmented into foodservice, food processor, and retail.
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An increasing number of health conscious consumers and growing awareness about food contents with trans-fats, partially hydrogenated oils (PHOs), and cholesterol that are responsible for various chronic diseases are factors fueling demand for edible oils. Edible oils manufacturers are adapting new processing technique such as cold pressing and new edible oils products are introduced in the market, which is healthier and has balanced fatty acid profile. This makes them preferred choice of health conscious consumers, in turn driving demand for such products. Increasing disposable income among the population in Southeast Asia, Latin America, and Eastern Europe is one of the factors driving growth of the global edible oils market. Consumer preference for healthy edible oils such as olive oil, canola oil, and palm oil is attributed to increasing consumer spending on food products and food services.
Increasing global population and spending on foodservice industries such as restaurants, hotels, motels, bars, casinos, and catering companies are expected to fuel demand for edible oils consumption. Increasing global consumption of edible oils is attributed to significantly high demand for edible oils from processed food providers.
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This report covers trends driving each segment and offers analysis and insights of the potential of the edible oils market in specific regions. Asia Pacific (APAC), Europe, and North America are expected to register high growth rates between 2016 and 2024.The edible oils market in Latin America is expected to register significant growth over the forecast period owing to increasing per capita consumptions of edible oils in this region. Also, the region is characterized by easy availability of raw materials for edible oils products such as soybean oil and sunflower oil throughout the year. APAC is expected to gain substantial market share owing to high demand for edible oils from India and China, especially in the food and beverages industries. In term of value, APAC accounted for 41.2% market share of the global edible oils market in 2015 and is expected to account for 42.4% by 2024. The market in APAC is expected to gain 120 BPS during 2016-2024. In terms of volume, Europe and MEA are expected to witness a decline in market shares over the forecast period, attributed to consumer preference for high-quality edible oils.
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