Global Vegetable Oil Market Report Forecast By Oil Type (Palm Oil, Soybean Oil, Rapeseed Oil, Sunflower Oil, Olive Oil, Others), Application (Food, Feed, Others), Distribution Channel (B2B, B2C), Countries and Company Analysis 2024-2032

Global Vegetable Oil Market Analysis

The Global Vegetable Oil Market will reach US$ 305.65 billion by 2032, up from US$ 458.15 billion in 2023, with a CAGR of 4.60% between 2024 and 2032. People are becoming more conscious of their meals and leading healthier lifestyles worldwide. Foods that are vegetarian in nature are becoming more and more popular worldwide since they contain fat derived from plants. This is driving the global vegetable oil market's expansion in a positive way.

Global Vegetable Oil Industry Outlook

Vegetable oils are sourced from a variety of plants, including fruits, nuts, and seeds. They are prized for their abundance of vital nutrients, including omega-3 and omega-6 fatty acids and vitamins E, A, and B1. For use in both food and non-food applications, these oils offer a flexible and environmentally friendly substitute for petrochemicals and animal-based fats. They are widely used in the manufacturing of medicines, cosmetics, and bactericides.

Vegetable oils also provide a host of other health advantages, such as lowering cholesterol, enhanced digestion and metabolism, and a decreased chance of cardiovascular illnesses. Consequently, they find widespread application in the cooking of many cuisines across the globe.

Growth Drivers of Vegetable Oil Market

Increasing use in industry

Vegetable oils are becoming much more popular among consumers due to their many industrial applications outside of the culinary sphere. The market is being driven further by the fact that these oils are essential components used in the creation of soaps, detergents, cosmetics, and even biofuels. Vegetable oils are essential in a wide range of industrial processes due to their versatility. Demand for vegetable oils rises along with the expansion and diversification of industry. For example, the expanding vegetable oil industry is being helped forward by the growing biofuels sector, especially biodiesel. Vegetable oil consumption is being further driven by companies investing in research to find new industrial applications.

Shifting customer tastes toward healthy options

There is a rising need for vegetable oils that are high in unsaturated fats and low in saturated fats in today's health-conscious society. Oils high in monounsaturated and polyunsaturated fats, including avocado, canola, and olive oil, are becoming more and more popular than conventional oils high in saturated fats, such coconut or palm oil. Furthermore, oils high in omega-3 fatty acids are becoming more popular due to their well-established health advantages. This trend is being exacerbated by scientific studies, public awareness efforts, and labeling initiatives. The demand for particular types of vegetable oils that are marketed as being healthier is growing as more people base their decisions on the health benefits of oils.

Asia Pacific Vegetable Oil Market

China is the country that consumes and produces the most vegetable oil in Asia-Pacific, which is the region that dominates the global vegetable oil market. Despite the high level of output, consumption outpaces the volume of production, leading to larger import volumes relative to export quantities. For example, China's population consumed over 2.6 million metric tons of sunflower seed oil in 2021, up from about 2.07 million tons the year before, according to the US Department of Agriculture.

The main vegetable oils sold in China include olive, sunflower, rapeseed, palm, soybean, and peanut oils. Soybean and palm oil held the biggest market shares in China for vegetable oils throughout the previous five years. Xiwang Food, Cofco Corporation, and Wilmar International Ltd (Yihai Kerry) are a few of the leading edible vegetable oil businesses present in the Chinese and Asian markets. Another significant participant in the market is Japan. Olive oil is mostly imported into Japan from Southern Europe and is used both for cooking and non-food purposes. The US Department of Agriculture reports that Japan's olive oil consumption increased from 69 thousand metric tons in 2020 to approximately 75,000 metric tons in 2021. In a similar vein, India is moving quickly to become self-sufficient in edible oil.

The government announced the National Edible Oil Mission-Oil Palm (NMEO-OP) in August 2021 with the goal of achieving national oilseed self-sufficiency and boosting domestic oilseed production. The government declared that it would invest over 11,000 crores under the National Mission on Oilseeds and Oil Palm to provide farmers with every possible advantage, including better seeds and technologies to boost vegetable oil production. Over the course of the projection period, it is anticipated that these measures will increase sales, consumption, and productivity in the area.

Global Vegetable Oil Company Analysis

The key players in vegetable oil industry are Archer - Daniels -Midland Company, Wilmar, AAK (Aarhuskarlshamn), Unilever Plc, Bunge, Cargill, Sime Darby and Associated British Foods.

Global Vegetable Oil Company News

In February 2024, Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu are the four southern Indian states where Cargill first introduced its Gemini Pureit sunflower oil brand.

In August 2023, Due to an increase in exports of palm oil, India's imports of vegetable oil rose by 46% to 17.71 lakh tons in July of this year, according to industry association SEA. In the same period last year, the nation imported 12.14 lakh tonnes of vegetable oil.

In August 2023, Adani Wilmar (AWL), the largest edible oil manufacturer in the nation and, by turnover, one of the largest fast-moving consumer goods (FMCG) companies in India, is a joint venture between AEL and Singapore-based Wilmar International. Adani Enterprises (AEL), the flagship company of the Adani Group, is contemplating selling its stake in AWL.

Oil Type - Market breakup in 6 viewpoints:

1. Palm Oil

2. Soybean Oil

3. Rapeseed Oil

4. Sunflower Oil

5. Olive Oil

6. Others

Application - Market breakup in 3 viewpoints:

1. Food

2. Feed

3. Others

Distribution Channel - Market breakup in 2 viewpoints:

1. B2B

2. B2C

Countries - Market breakup in 25 viewpoints:

• North America

United States

Canada

• Europe

France

Germany

Italy

Spain

United Kingdom

Belgium

Netherland

Turkey

• Asia Pacific

China

Japan

India

South Korea

Thailand

Malaysia

Indonesia

Australia

New Zealand

• Latin America

Brazil

Mexico

Argentina

• Middle East & Africa

Saudi Arabia

UAE

South Africa

All the key players have been covered from 4 Viewpoints:

• Business Overview
• Key Persons
• Recent Development
• Financial Insights

Key Players Analysis:

1. Archer - Daniels -Midland Company

2. Wilmar

3. AAK (Aarhuskarlshamn)

4. Unilever Plc

5. Bunge

6. Cargill

7. Sime Darby

8. Associated British Foods