Asia Pacific Edible Oils and Fats Market Forecast to 2030 - Regional Analysis

Description

List of Tables

The Asia Pacific edible oils and fats market was valued at US$ 18,638.32 million in 2023 and is expected to reach US$ 26,975.16 million by 2030; it is estimated to grow at a CAGR of 5.4% from 2023 to 2030.

Strategic Development Initiatives by Manufacturers Drive Asia Pacific Edible Oils and Fats Market

According to the Organization for Economic Co-operation and Development (OECD), in 2022, the consumption of vegetable oil reached 249 million metric tons, with the food sector accounting for the major share. Furthermore, the COVID-19 pandemic caused short-term disruptions in the oilseed and oilseed product markets, which led to sharp price hikes in the second half of 2020. This price increase is the result of restricted supply growth, particularly for palm oil, and strong demand, particularly for imported soybeans by China. Over the period of 2021-30, soybean production is expected to rise by 1.1% per year. By 2030, soybean production is predicted to reach 411 Mt, more than twice the total production of all oilseeds (groundnuts, sunflower seeds, and rapeseed), which is projected to be 179 Mt. 90% of soybeans and 87% of other oilseeds are processed into protein meal, which is nearly exclusively used for feed, and vegetable oil, which is used for food, oleochemicals, and biodiesel. Moreover, the confectionery industry significantly utilizes butter as a primary ingredient, followed by margarine. The high-quality edible oils and fats are used in bakery and confectionery, dairy and frozen desserts, snacks, Ready-to-Eat (RTE) and Ready-to-Cook (RTC) meals, and other food and beverage items. Refined oils and fats are a rich source of lipids. Thus, their use is increasing due to rising application and growing global population. The food & beverages industry in various regions such as North America and Asia Pacific is continuously growing owing to an upsurging inclination toward sustainability, preference for convenience and ready-to-eat products, and rising adoption of organic and plant-based products. The industry is witnessing substantial motion with innovation in processes, products, and services to cater to rapidly changing consumer preferences. Thus, the growing food & beverages industry across the globe propels the demand for edible oils and fats.

Asia Pacific Edible Oils and Fats Market Overview

The Asia Pacific edible oils and fats market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The market growth is attributed to increasing demand for bakery products, especially breads, cakes, pastries, and muffins, coupled with the growing influence of Western culture on the millennial and Gen-z population in the region. The bakery sector in China witnessed tremendous growth, with retail sales of bakery products accounting for US$ 34 billion in 2020, according to the United States Department of Agriculture (USDA). Moreover, manufacturers of edible oils and fats actively operate across the region and offer edible oils and fats made with fine-quality oil or its fractions. Distinct melting profiles of butter and margarines, packaging types, and the expansion of antifoaming or antioxidant agents of edible oils and fats are available across the region and widely applicable in many end-use industries such as confectionery, bakery, dairy, and infant nutrition.

Companies such as Cargill Incorporated, Novozymes, ADM, and Kerry Group Plc operate actively in the region. These domestic and international players often use strategic initiatives to expand their businesses. In November 2021, Cargill, Incorporated invested US$ 35 million in establishing its production facility of specialty fats in Malaysia to cater to the growing demand for specialty fats. This Cargill's dry palm fractionation facility currently serves chocolates, confectionery, coating, fillings and compounds, spreads, bakery, and other end-use industries with its different products in the edible oils and fats segment. Additionally, in July 2023, Novozymes announced its expansion of Kuala Lumpur's 2,000 square feet palm oil facility by 800 Sq. Ft. in Asia Pacific.

Edible oils and fats also have significant applications in non-food sectors such as animal nutrition, pharmaceuticals, and nutraceuticals. In animal nutrition, these products are used in animal feed formulation, contributing to the market's growth. Also, technological advancements, such as efficient extraction methods and refining processes, enhance the quality and yield of edible oils and fats. This, in turn, boosts production capacities and meets the rising demand from pharmaceuticals and nutraceuticals industries, thereby driving market expansion.

Asia Pacific Edible Oils and Fats Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Edible Oils and Fats Market Segmentation

The Asia Pacific edible oils and fats market is segmented based on type, application, and country.

Based on type, the Asia Pacific edible oils and fats market is bifurcated into oils and fats. The oils segment held a larger share in 2023 . The fats segment is further subsegmented into butter, margarine, palm oil based shortening, vegetable oil based shortening, and others. The oils segment is further subsegmented into soybean oil, sunflower oil, palm oil, canola oil/rapeseed oil, and others.

By application, the Asia Pacific edible oils and fats market is segmented into food and beverages, animal nutrition, pharmaceuticals and nutraceuticals . The food and beverages segment held the largest share in 2023. The food and beverages segment is further subsegmented into bakery and confectionery, Dairy and frozen desserts, RTE and RTC meals, snacks, and others.

Based on country, the Asia Pacific edible oils and fats market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. The Rest of Asia Pacific dominated the Asia Pacific edible oils and fats market in 2023.

AAK AB, Archer-Daniels-Midland Co, Bunge Ltd, Cargill Inc, ConnOils LLC, Fuji Oil Co Ltd, J-Oil Mills Inc, Kao Corp, Louis Dreyfus Co BV, and Olam Group Ltd are some of the leading companies operating in the Asia Pacific edible oils and fats market.

Product Code: BMIRE00029885

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
3.4 Limitations and Assumptions

4. Asia Pacific Edible Oils and Fats Market Landscape

4.1 Overview
4.2 Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Competitive Rivalry
- 4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers
- 4.3.2 Manufacturing Process
- 4.3.3 Distributors or Suppliers
- 4.3.4 End Users

5. Asia Pacific Edible Oils and Fats Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Rising Demand for Edible Oils and Fats from Food & Beverage Processing Industry
- 5.1.2 Strategic Development Initiatives by Manufacturers
5.2 Market Restraints
- 5.2.1 Increasing Prices of Edible Oils
5.3 Market Opportunity
- 5.3.1 Growing Demand for Plant-based Shortenings and Low-fat Oils
5.4 Future Trend
- 5.4.1 Adoption of Microencapsulation Technology
5.5 Impact Analysis

6. Edible Oils and Fats Market - Asia Pacific Market Analysis

6.1 Asia Pacific Edible Oils and Fats Market Revenue (US$ Million)
6.2 Asia Pacific Edible Oils and Fats Market Forecast and Analysis

7. Asia Pacific Edible Oils and Fats Market Analysis - Type

7.1 Oils
- 7.1.1 Overview
- 7.1.2 Oils Market Revenue and Forecast to 2030 (US$ Million)
- 7.1.3 Soybean Oil
  - 7.1.3.1 Overview
  - 7.1.3.2 Soybean Oil Market Revenue and Forecast to 2030 (US$ Million)
- 7.1.4 Sunflower Oil
  - 7.1.4.1 Overview
  - 7.1.4.2 Sunflower Oil Market Revenue and Forecast to 2030 (US$ Million)
- 7.1.5 Palm Oil
  - 7.1.5.1 Overview
  - 7.1.5.2 Palm Oil Market Revenue and Forecast to 2030 (US$ Million)
- 7.1.6 Canola Oil/Rapeseed Oil
  - 7.1.6.1 Overview
  - 7.1.6.2 Canola Oil/Rapeseed Oil Market Revenue and Forecast to 2030 (US$ Million)
- 7.1.7 Others
  - 7.1.7.1 Overview
  - 7.1.7.2 Others Market Revenue and Forecast to 2030 (US$ Million)
7.2 Fats
- 7.2.1 Overview
- 7.2.2 Fats Market Revenue and Forecast to 2030 (US$ Million)
- 7.2.3 Butter
  - 7.2.3.1 Overview
  - 7.2.3.2 Butter Market Revenue and Forecast to 2030 (US$ Million)
- 7.2.4 Margarine
  - 7.2.4.1 Overview
  - 7.2.4.2 Margarine Market Revenue and Forecast to 2030 (US$ Million)
- 7.2.5 Palm Oil Based Shortening
  - 7.2.5.1 Overview
  - 7.2.5.2 Palm Oil Based Shortening Market Revenue and Forecast to 2030 (US$ Million)
- 7.2.6 Vegetable Oil Based Shortening
  - 7.2.6.1 Overview
  - 7.2.6.2 Vegetable Oil Based Shortening Market Revenue and Forecast to 2030 (US$ Million)
- 7.2.7 Others
  - 7.2.7.1 Overview
  - 7.2.7.2 Others Market Revenue and Forecast to 2030 (US$ Million)

8. Asia Pacific Edible Oils and Fats Market Analysis - Application

8.1 Food and Beverages
- 8.1.1 Overview
- 8.1.2 Food and Beverages Market Revenue, and Forecast to 2030 (US$ Million)
- 8.1.3 Bakery and Confectionery
  - 8.1.3.1 Overview
  - 8.1.3.2 Bakery and Confectionery Market Revenue, and Forecast to 2030 (US$ Million)
- 8.1.4 Dairy and Frozen Desserts
  - 8.1.4.1 Overview
  - 8.1.4.2 Dairy and Frozen Desserts Market Revenue, and Forecast to 2030 (US$ Million)
- 8.1.5 RTE and RTC Meals
  - 8.1.5.1 Overview
  - 8.1.5.2 RTE and RTC Meals Market Revenue, and Forecast to 2030 (US$ Million)
- 8.1.6 Snacks
  - 8.1.6.1 Overview
  - 8.1.6.2 Snacks Market Revenue, and Forecast to 2030 (US$ Million)
- 8.1.7 Others
  - 8.1.7.1 Overview
  - 8.1.7.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Animal Nutrition
- 8.2.1 Overview
- 8.2.2 Animal Nutrition Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Pharmaceuticals and Nutraceuticals
- 8.3.1 Overview
- 8.3.2 Pharmaceuticals and Nutraceuticals Market Revenue and Forecast to 2030 (US$ Million)

9. Asia Pacific Edible Oils and Fats Market - Country Analysis

9.1 Asia Pacific Edible Oils and Fats Market - Country Analysis
- 9.1.1 Asia Pacific Edible Oils and Fats Market Breakdown by Country
  - 9.1.1.1 Asia Pacific Edible Oils and Fats Market Breakdown by Country
  - 9.1.1.2 China: Asia Pacific Edible Oils and Fats Market Revenue and Forecasts to 2030 (US$ Million)
    - 9.1.1.2.1 China: Asia Pacific Edible Oils and Fats Market Breakdown by Type
    - 9.1.1.2.2 China: Asia Pacific Edible Oils and Fats Market Breakdown by Application
  - 9.1.1.3 Japan: Asia Pacific Edible Oils and Fats Market Revenue and Forecasts to 2030 (US$ Million)
    - 9.1.1.3.1 Japan: Asia Pacific Edible Oils and Fats Market Breakdown by Type
    - 9.1.1.3.2 Japan: Asia Pacific Edible Oils and Fats Market Breakdown by Application
  - 9.1.1.4 India: Asia Pacific Edible Oils and Fats Market Revenue and Forecasts to 2030 (US$ Million)
    - 9.1.1.4.1 India: Asia Pacific Edible Oils and Fats Market Breakdown by Type
    - 9.1.1.4.2 India: Asia Pacific Edible Oils and Fats Market Breakdown by Application
  - 9.1.1.5 Australia: Asia Pacific Edible Oils and Fats Market Revenue and Forecasts to 2030 (US$ Million)
    - 9.1.1.5.1 Australia: Asia Pacific Edible Oils and Fats Market Breakdown by Type
    - 9.1.1.5.2 Australia: Asia Pacific Edible Oils and Fats Market Breakdown by Application
  - 9.1.1.6 South Korea: Asia Pacific Edible Oils and Fats Market Revenue and Forecasts to 2030 (US$ Million)
    - 9.1.1.6.1 South Korea: Asia Pacific Edible Oils and Fats Market Breakdown by Type
    - 9.1.1.6.2 South Korea: Asia Pacific Edible Oils and Fats Market Breakdown by Application
  - 9.1.1.7 Rest of Asia Pacific: Asia Pacific Edible Oils and Fats Market Revenue and Forecasts to 2030 (US$ Million)
    - 9.1.1.7.1 Rest of Asia Pacific: Asia Pacific Edible Oils and Fats Market Breakdown by Type
    - 9.1.1.7.2 Rest of Asia Pacific: Asia Pacific Edible Oils and Fats Market Breakdown by Application

10. Competitive Landscape

10.1 Company Positioning & Concentration
10.2 Heat Map Analysis by Key Players

11. Company Profiles

11.1 Bunge Ltd
- 11.1.1 Key Facts
- 11.1.2 Business Description
- 11.1.3 Products and Services
- 11.1.4 Financial Overview
- 11.1.5 SWOT Analysis
- 11.1.6 Key Developments
11.2 Archer-Daniels-Midland Co
- 11.2.1 Key Facts
- 11.2.2 Business Description
- 11.2.3 Products and Services
- 11.2.4 Financial Overview
- 11.2.5 SWOT Analysis
- 11.2.6 Key Developments
11.3 Fuji Oil Co Ltd
- 11.3.1 Key Facts
- 11.3.2 Business Description
- 11.3.3 Products and Services
- 11.3.4 Financial Overview
- 11.3.5 SWOT Analysis
- 11.3.6 Key Developments
11.4 Kao Corp
- 11.4.1 Key Facts
- 11.4.2 Business Description
- 11.4.3 Products and Services
- 11.4.4 Financial Overview
- 11.4.5 SWOT Analysis
- 11.4.6 Key Developments
11.5 AAK AB
- 11.5.1 Key Facts
- 11.5.2 Business Description
- 11.5.3 Products and Services
- 11.5.4 Financial Overview
- 11.5.5 SWOT Analysis
- 11.5.6 Key Developments
11.6 J-Oil Mills Inc
- 11.6.1 Key Facts
- 11.6.2 Business Description
- 11.6.3 Products and Services
- 11.6.4 Financial Overview
- 11.6.5 SWOT Analysis
- 11.6.6 Key Developments
11.7 Cargill Inc
- 11.7.1 Key Facts
- 11.7.2 Business Description
- 11.7.3 Products and Services
- 11.7.4 Financial Overview
- 11.7.5 SWOT Analysis
- 11.7.6 Key Developments
11.8 Olam Group Ltd
- 11.8.1 Key Facts
- 11.8.2 Business Description
- 11.8.3 Products and Services
- 11.8.4 Financial Overview
- 11.8.5 SWOT Analysis
- 11.8.6 Key Developments
11.9 ConnOils LLC
- 11.9.1 Key Facts
- 11.9.2 Business Description
- 11.9.3 Products and Services
- 11.9.4 Financial Overview
- 11.9.5 SWOT Analysis
- 11.9.6 Key Developments
11.10 Louis Dreyfus Co BV
- 11.10.1 Key Facts
- 11.10.2 Business Description
- 11.10.3 Products and Services
- 11.10.4 Financial Overview
- 11.10.5 SWOT Analysis
- 11.10.6 Key Developments

12. Appendix