PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1610359
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1610359
The edible oils market is estimated at USD 250.78 billion in 2024 and is projected to reach USD 306.92 billion by 2029, at a CAGR of 4.1% from 2024 to 2029. Technological advancements play a pivotal role in the growth of the edible oils market. Innovations in extraction methods, such as improved solvent recovery systems and mechanical pressing technologies, have significantly enhanced efficiency and yield. Furthermore, the development of enzymatic and ultrasound-assisted extraction methods allows for higher quality oils with preserved nutritional value. Automation and digitalization in oil processing plants also improve production capacity, reduce waste, and ensure consistent product quality. These technological improvements contribute to the cost-effectiveness of oil production, meeting the increasing global demand for edible oils while supporting sustainability initiatives in the industry.
Scope of the Report | |
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Years Considered for the Study | 2024-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) |
Segments | By Type, Packaging Type, Packaging Technology, Extraction Technology, Grade, Application, End Use, Distribution Channel, and Region |
Regions covered | North America, Europe, Asia Pacific, South America, and Rest of the World |
"The Palm oil segment holds a significant market share among the type segment in the edible oils market."
Edible palm oil has seen significant growth in recent years, driven by its versatile uses and economic benefits. Commonly used in cooking, frying, and as an ingredient in processed foods like snacks, margarine, and baked goods, palm oil is valued for its high stability at high cooking temperatures. It also has a longer shelf life compared to other vegetable oils, which is beneficial for food manufacturers. The growth of edible palm oil is attributed to its cost-effectiveness, high yield per hectare, and growing demand in emerging markets, particularly in Asia and Africa.
"The solvent extraction technology holds significant use among the technology in the edible oils market."
Solvent extraction methods are widely used in the edible oil extraction industry due to their efficiency and ability to process a wide range of raw materials, including seeds, grains, and other oil-rich crops. This method primarily involves using solvents, such as hexane, to dissolve the oil from the raw material, followed by separating and evaporating the solvent to obtain the oil. It is widely adopted for its ability to extract a higher yield compared to mechanical methods, making it ideal for large-scale commercial production.
Solvent extraction's benefits include its high efficiency, cost-effectiveness, and ability to extract oil from a diverse range of crops with minimal waste. It is particularly beneficial for extracting oils from oilseeds with low oil content, such as soybeans, sunflowers, and canola.
The growth of solvent extraction is driven by the increasing demand for edible oils in food processing, rising production capacities, and innovations in solvent recovery systems that enhance environmental sustainability and reduce costs, further fueling its market dominance.
North America region holds a significant market share in the edible oils market.
North America holds a significant market share in the global edible oils market due to its well-established food processing industry, high disposable incomes, and the increasing popularity of health-conscious and premium oils. The presence of key players such as Cargill, Incorporated (US), ADM (US), and Bunge (US) further strengthens the market, as these companies offer a wide range of products, including vegetable oils, olive oils, and specialty oils. These players benefit from advanced production technologies, strong distribution networks, and a diverse consumer base.
Growth opportunities in North America are driven by several factors. The rising demand for healthier cooking oils, such as avocado oil and olive oil, aligns with shifting consumer preferences toward plant-based, organic, and low-cholesterol products. Additionally, innovation in packaging and the expansion of plant-based food products provide further growth prospects. Strategic partnerships, mergers, and acquisitions in the region are expected to enhance market expansion.
Prominent companies in the market include ADM (US), Bunge (US), Associated British Foods plc (UK), Wilmar International Ltd (Singapore), United Plantations Berhad (Malaysia), Sime Darby Berhad (Malaysia), BORGES AGRICULTURAL & INDUSTRIAL EDIBLE OILS, S.A.U. (Spain), Cargill Incorporated (US), GrainCorp (Australia), Adani Group (India), The Nisshin OilliO Group, Ltd. (Japan), Beidahuang Group (China), AJANTA SOYA LIMITED (India), Patanjali Foods Ltd. (India), and Louis Dreyfus Company (Netherlands).
Other players include Golden Agri-Resources Ltd. (Singapore), Richardson International Limited (Canada), Hebany (UAE), Aceitera General Deheza (Argentina), Vicentin S.A.I.C. (Argentina), Tradizione Italiana (Italy), EFKO Group (Russia), Nutiva Inc. (US), American Vegetable Oils, Inc. (US),and Sunora Foods (Canada).
This research report categorizes the edible oils market edible oils market by type (soybean oil, palm oil, sunflower oil, rapeseed oil, olive oil, and other edible oils), end use (Domestic, Industrial, and food service), packaging technology, packaging type, application, extraction technology, grade, distribution channel, and region (North America, Europe, Asia Pacific, South America, and Rest of the World). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of edible oils. A detailed analysis of the key industry players has been done to provide insights into their business overview, services, key strategies, contracts, partnerships, agreements, new service launches, mergers and acquisitions, and recent developments associated with the edible oils market. Competitive analysis of upcoming startups in the edible oils market ecosystem is covered in this report. Furthermore, industry-specific trends such as technology analysis, ecosystem and market mapping, and patent, and regulatory landscape, among others, are also covered in the study.
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall edible oils and the subsegments. It will also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.