Oils Global Market Report 2024

“Oils Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on oils market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for oils? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The oils market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Oil Type: Palm Oil; Soybean Oil; Canola Oil; Sunflower Oil; Other Oil Types
• 2) By Form: Liquid; Solid
• 3) By Source: Fruits And Vegetables; Herbs And Spices; Flowers
• 4) By Method Of Extraction: Distillation; Carbon Dioxide Extraction; Cold Press Extraction
• 5) By Application: Food Industry; Biofuels; Other Applications
• Companies Mentioned: Associated British Foods PLC; Archer Daniels Midland Company; Bunge Limited; Wilmar International Limited; United Plantations Berhad
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Oils are fatty liquids obtained from plants, animals, or synthetic substances, commonly employed in frying, baking, and food preparation. While their primary purpose is to extend the shelf life of products, oils also function as natural flavoring ingredients.

The main types of oils include palm oil, soybean oil, canola oil, sunflower oil, and others. Palm oil, a vegetable oil derived from the fruit of oil palm plants, is widely used in various food products such as cakes, chocolates, biscuits, margarine, and fried fats. Oils exist in both liquid and solid forms and originate from diverse sources such as fruits, vegetables, herbs, spices, and flowers. They undergo refinement through various extraction methods such as distillation, carbon dioxide extraction, and cold press extraction. Oils find applications in various industries, including the food industry, biofuels, and others.

The oils market research report is one of a series of new reports from The Business Research Company that provides oils market statistics, including oils industry global market size, regional shares, competitors with a oils market share, detailed oils market segments, market trends and opportunities, and any further data you may need to thrive in the oils industry. This oils market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The oils market size has grown strongly in recent years. It will grow from $84.19 billion in 2023 to $89.66 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth observed in the historical period can be attributed to factors such as industrialization, global population growth, economic development, political stability, culinary diversity, and infrastructure development.

The oils market size is expected to see strong growth in the next few years. It will grow to $110.86 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to factors such as the implementation of renewable energy policies, the influence of health and wellness trends, climate change initiatives, a shift towards plant-based diets, adherence to government regulations, and emerging market demands. Significant trends in this period include the integration of technology in agriculture, innovations in extraction processes, advancements in packaging, the promotion of clean label products, and a commitment to sustainable practices.

The oils market is poised for growth due to the increased demand for food. Food, comprising proteins, carbohydrates, fats, and essential nutrients, serves as an energy source for the human body. Oils, such as olive oil, canola oil, and sunflower oil, known for their monounsaturated fats, play a crucial role in food preparation, reducing the risk of heart and cardiovascular disorders. In 2022, food expenditures accounted for 12.8% of total spending by U.S. households, reflecting an increase from the 12.4% recorded in 2021, as reported by the United States Department of Agriculture. Additionally, a global report on the food crisis indicated that up to 205 million people could be severely food insecure in 2022, emphasizing the growing demand for food and, consequently, the oils market.

The oil market is expected to experience growth driven by the increasing awareness of health and fitness. Health and fitness awareness involves individuals, communities, or societies' understanding of maintaining physical and mental well-being through healthy lifestyle choices, exercise, and nutrition. The heightened awareness prompts consumers to opt for healthier cooking oils, such as olive oil or avocado oil, high in unsaturated fats, contributing to heart health and overall well-being. A survey by Nutrisystem in January 2022 revealed that 53% of respondents aimed to lose weight in 2022, with an average target of 14 pounds. This increasing awareness about health and fitness is a significant factor propelling the growth of the oil market.

The oils market is witnessing a significant trend towards product innovations, with major companies actively engaged in developing new products to maintain their market position. A case in point is KTC Edibles Ltd., a UK-based independent manufacturer and distributor of edible oils, which introduced certified sustainable hard palm kernel oil (KPKO) in February 2023. This 100% vegetable oil is vegan-friendly and low in trans fats, making it suitable for a wide range of applications, including ice cream and confectionery goods. KTC HPKO boasts a neutral flavor and odor, making it an ideal choice for both dairy-based and vegan products. It stands out for being free of additives, allergies, and genetically modified components. The company's expanding line of premium edible oils and fats now includes Certified Sustainable Segregated HPKO, alongside other items such as the UK's first and only Halal beef dripping and a recently introduced premium Italian lard.

Major companies are actively pursuing innovation by developing bioengineered oils to cater to larger customer bases, drive more sales, and increase revenue. Bioengineered oils are synthetic or modified oils produced through genetic engineering processes involving microorganisms, plants, or algae. This approach offers sustainable and customized alternatives to traditional oils. A noteworthy example is C16 Biosciences, a US-based company specializing in oil and fats production, which launched Palmless in November 2022. Palmless is a unique bioengineered palm oil developed through fermentation, presenting a revolutionary solution for various consumer industries. By eliminating the need for environmentally detrimental agricultural sourcing in the global south, Palmless enables consumer goods companies to harness the benefits of palm oil responsibly. The product is produced through a sustainable fermentation process, offering an environmentally friendly alternative.

In April 2023, Groupe Berkem, an Italy-based chemical company, made a strategic move by acquiring Biopress for an undisclosed amount. This acquisition serves to expand Berkem's portfolio in the 'Health, Beauty, and Nutrition' sector, with a particular focus on the cosmetics and nutraceutical markets. Biopress, a France-based producer, specializes in 100% natural vegetable oils and proteins, aligning with Berkem's commitment to offering products with the virtues of oils and the advantages provided by plant proteins.

Major companies operating in the oils market report are Associated British Foods PLC, Archer Daniels Midland Company, Bunge Limited, Wilmar International Limited, United Plantations Berhad, Unilever PLC, Mewah International Inc., Sime Darby Plantation Berhad, Cargill Inc, Richardson International, Kulim (Malaysia) Berhad, IOI Corporation Berhad, Abu Dhabi Vegetable Oil Co LLC, Parakh Foods and Oils Limited, AarhusKarlshamn, ExxonMobil Corporation, Chevron Corporation, Saudi Aramco, Gazprom, China National Petroleum Corporation, Equinor ASA, TotalEnergies SE, Eni S.p.A., Symrise AG, Flavex Naturextrakte GmbH, Firmenich SA, Synthite Industries Ltd, Peyto Exploration & Development Corp, Callon Petroleum Co, Gulfport Energy Corp, SM Energy Co, Crescent Point Energy Corp, DuPont de Nemours Inc, JM Huber Corporation, Herbstreith and Fox Corporate Group, Silvateam SpA .

Asia-Pacific was the largest region in the oils market in 2023. It is expected to be the fastest-growing region in the oils market report during the forecast period. The regions covered in the oils market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the oils market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The oils market consists of sales of clove oil, kerosene, olive oil, coconut oil, petroleum oils, paraffin, and basil oil Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.