The fats and oils market size has grown strongly in recent years. It will grow from $170.87 billion in 2023 to $184.28 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historical period can be ascribed to robust economic expansion in emerging markets, a rise in the global population, and shifts in dietary patterns.
The fats and oils market size is expected to see strong growth in the next few years. It will grow to $237.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period can be credited to governmental backing, a rising demand for vegetable oil in the energy and cosmetic sectors, an upsurge in interest from health-conscious consumers, and an increasing demand in the food service and retail domains. Key trends expected in the forecast period encompass the production of cooking oils through fermentation with a clean, neutral taste and high smoke point, emphasizing the utilization of e-commerce platforms, concentrating on innovative fat technologies, devising automated cooking oil management systems, and creating inventive products through advanced technologies.
Many countries worldwide are grappling with plummeting crop prices due to overcapacity, leading to expectations of reduced raw material costs for fats and oils manufacturing companies. As an illustration, in November 2022, as reported by the India-based agricultural magazine Frontline, the Cabinet Committee on Economic Affairs unveiled an $8.4 billion (Rs 7000 crore) bailout package for farmers in the sugar production sector. The package aimed to establish a minimum selling price of refined sugar at $0.35 (Rs 29 per kilogram) to address the drop in prices to Rs 23-24 due to overproduction. Consequently, the overproduction of certain crops is foreseen to contribute to enhanced profit margins for food and beverage companies. These augmented profit margins will empower fat and oil manufacturing companies to boost productivity, propelling the market forward.
The expansion of the global population is anticipated to drive the growth of the fats and oils market in the foreseeable future. Population growth signifies the total number of individuals or organisms in a specific geographic area or community at a given time. The rise in population is a crucial factor in the heightened demand for fats and oils, given their essential role in food production. The increasing number of consumers necessitates elevated food production. As of 2022, the United Nations reports that the world's population is on the rise, expected to reach approximately 10 billion by 2050. Hence, population growth remains a key driver for the fats and oils market.
Manufacturers are responding to the growing demand from health-conscious consumers by increasingly offering avocado oil. Avocado oil is gaining popularity due to its numerous health benefits, serving as a healthy fat and rich in vitamins. Global avocado fruit production has witnessed a rise, reaching five million metric tons, with an anticipated annual increase of nearly 200,000 metric tons. Notably, Mexico stands out as a major contributor, producing around 1.8 million metric tonnes of avocado fruit. This surge in fruit production is expected to drive an upswing in demand.
Prominent companies in the fat and oil market are directing their focus towards innovative product launches, introducing alternatives such as plant-based fat to cater to sustainability and healthier choices compared to traditional fats. Plant-based fat, in this context, refers to dietary fats and oils derived from plant sources rather than animals. A case in point is Shiru, a US-based alternative protein company, unveiling OleoPro in March 2023. OleoPro stands as their inaugural plant-based fat, combining plant proteins with unsaturated oil. Its distinctive features include maintaining shape at room temperature, browning when cooked, and delivering a juicy mouthfeel in plant-based meat applications.
Major companies operating in the fats and oils market report are Bunge Limited, Wilmar International Limited, Archer Daniels Midland Company (ADM), Mewah International Inc., AAK AB, Cargill, Incorporated, The Nisshin Oillio Group, Musim Mas Group, Fuji Oil Co. Ltd., Associated British Foods PLC, Miyoshi Oil & Fat Co Ltd., IOI Group, Fairchem, Australian Chemical Industries Int Co, Jayant Oils And Derivatives Ltd., Atlas Chemicals, Guangdong Jiangmen Chemical Plant, Shanghai Yan'an Grease Chemical Co Ltd., Gysmecol (Guangzhou) Technology Co Ltd., Eastman Chemical Company, BASF SE, Aker BioMarine, Oleon NV, Emery Oleochemicals GmbH, Kao Oleochemical, Ashland Global Specialty Chemicals Inc., Zaplaza Tec, Krasnogorsk Oil Plant Llc, Th Ekobiotek-Uktaine Ltd., Verona Agroexport, Pe Rpc Elitphito, Oliya Voluni, Flp Kasap, Bulk Apothecary, Vigon International, Ingredients Online, Sonneborn LLC, Welch Holme & Clark Co Inc., Amazonian Natural Oils, Copacol foods, Crista Industria E Comercio Ltda, Romero E Jacobucci Ltda, Arab Sudanese Vegetable Oil Company (ASVOC), Emek Yag Sanayii AS, Egenin Kalbi, Balsari Yag Sanayi Ve Ticaret Limited Sirketi, United Foods Company, Abu Dhabi Vegetable Oil Company (ADVOC), AJWA Group Food Industries, Olam Togo SARL.
Asia-Pacific was the largest region in the fats and oils market in 2023. Western Europe was the second-largest region in the fats and oils market. The regions covered in the fats and oils market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Fats and oils are glyceryl esters of diverse organic acids, forming part of the fatty acid series, and are sourced from either plant or animal origins.
The primary categories of fats and oils encompass both fats and oils, representing fatty compounds found in the tissues of plants and animals. These substances are prevalent in various foods consumed by people. Key product types include palm, sunflower, olive, soybean, rapeseed, derived from a range of sources such as plants and animals. Their applications span across the food, personal care, pharmaceutical, and animal feed industries, as well as other distribution channels. These products are distributed through various channels, including supermarkets/hypermarkets, convenience stores, e-commerce, and other distribution channels.
The fats and oils research report is one of a series of new reports that provides fats and oils statistics, including fats and oils industry global market size, regional shares, competitors with fats and oils share, detailed fats and oils segments, market trends and opportunities, and any further data you may need to thrive in the fats and oils industry. This fats and oils 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 countries covered in the fats and oils market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The fats and oils market consists of sales of tallow, butter, lard, soybean oil, palm oil, sunflower oil, rapeseed oil, and other fats and oils. 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 fats and oils market is segmented into fats and oils.
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.
This product will be delivered within 3-5 business days.
The fats and oils market size is expected to see strong growth in the next few years. It will grow to $237.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period can be credited to governmental backing, a rising demand for vegetable oil in the energy and cosmetic sectors, an upsurge in interest from health-conscious consumers, and an increasing demand in the food service and retail domains. Key trends expected in the forecast period encompass the production of cooking oils through fermentation with a clean, neutral taste and high smoke point, emphasizing the utilization of e-commerce platforms, concentrating on innovative fat technologies, devising automated cooking oil management systems, and creating inventive products through advanced technologies.
Many countries worldwide are grappling with plummeting crop prices due to overcapacity, leading to expectations of reduced raw material costs for fats and oils manufacturing companies. As an illustration, in November 2022, as reported by the India-based agricultural magazine Frontline, the Cabinet Committee on Economic Affairs unveiled an $8.4 billion (Rs 7000 crore) bailout package for farmers in the sugar production sector. The package aimed to establish a minimum selling price of refined sugar at $0.35 (Rs 29 per kilogram) to address the drop in prices to Rs 23-24 due to overproduction. Consequently, the overproduction of certain crops is foreseen to contribute to enhanced profit margins for food and beverage companies. These augmented profit margins will empower fat and oil manufacturing companies to boost productivity, propelling the market forward.
The expansion of the global population is anticipated to drive the growth of the fats and oils market in the foreseeable future. Population growth signifies the total number of individuals or organisms in a specific geographic area or community at a given time. The rise in population is a crucial factor in the heightened demand for fats and oils, given their essential role in food production. The increasing number of consumers necessitates elevated food production. As of 2022, the United Nations reports that the world's population is on the rise, expected to reach approximately 10 billion by 2050. Hence, population growth remains a key driver for the fats and oils market.
Manufacturers are responding to the growing demand from health-conscious consumers by increasingly offering avocado oil. Avocado oil is gaining popularity due to its numerous health benefits, serving as a healthy fat and rich in vitamins. Global avocado fruit production has witnessed a rise, reaching five million metric tons, with an anticipated annual increase of nearly 200,000 metric tons. Notably, Mexico stands out as a major contributor, producing around 1.8 million metric tonnes of avocado fruit. This surge in fruit production is expected to drive an upswing in demand.
Prominent companies in the fat and oil market are directing their focus towards innovative product launches, introducing alternatives such as plant-based fat to cater to sustainability and healthier choices compared to traditional fats. Plant-based fat, in this context, refers to dietary fats and oils derived from plant sources rather than animals. A case in point is Shiru, a US-based alternative protein company, unveiling OleoPro in March 2023. OleoPro stands as their inaugural plant-based fat, combining plant proteins with unsaturated oil. Its distinctive features include maintaining shape at room temperature, browning when cooked, and delivering a juicy mouthfeel in plant-based meat applications.
Major companies operating in the fats and oils market report are Bunge Limited, Wilmar International Limited, Archer Daniels Midland Company (ADM), Mewah International Inc., AAK AB, Cargill, Incorporated, The Nisshin Oillio Group, Musim Mas Group, Fuji Oil Co. Ltd., Associated British Foods PLC, Miyoshi Oil & Fat Co Ltd., IOI Group, Fairchem, Australian Chemical Industries Int Co, Jayant Oils And Derivatives Ltd., Atlas Chemicals, Guangdong Jiangmen Chemical Plant, Shanghai Yan'an Grease Chemical Co Ltd., Gysmecol (Guangzhou) Technology Co Ltd., Eastman Chemical Company, BASF SE, Aker BioMarine, Oleon NV, Emery Oleochemicals GmbH, Kao Oleochemical, Ashland Global Specialty Chemicals Inc., Zaplaza Tec, Krasnogorsk Oil Plant Llc, Th Ekobiotek-Uktaine Ltd., Verona Agroexport, Pe Rpc Elitphito, Oliya Voluni, Flp Kasap, Bulk Apothecary, Vigon International, Ingredients Online, Sonneborn LLC, Welch Holme & Clark Co Inc., Amazonian Natural Oils, Copacol foods, Crista Industria E Comercio Ltda, Romero E Jacobucci Ltda, Arab Sudanese Vegetable Oil Company (ASVOC), Emek Yag Sanayii AS, Egenin Kalbi, Balsari Yag Sanayi Ve Ticaret Limited Sirketi, United Foods Company, Abu Dhabi Vegetable Oil Company (ADVOC), AJWA Group Food Industries, Olam Togo SARL.
Asia-Pacific was the largest region in the fats and oils market in 2023. Western Europe was the second-largest region in the fats and oils market. The regions covered in the fats and oils market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Fats and oils are glyceryl esters of diverse organic acids, forming part of the fatty acid series, and are sourced from either plant or animal origins.
The primary categories of fats and oils encompass both fats and oils, representing fatty compounds found in the tissues of plants and animals. These substances are prevalent in various foods consumed by people. Key product types include palm, sunflower, olive, soybean, rapeseed, derived from a range of sources such as plants and animals. Their applications span across the food, personal care, pharmaceutical, and animal feed industries, as well as other distribution channels. These products are distributed through various channels, including supermarkets/hypermarkets, convenience stores, e-commerce, and other distribution channels.
The fats and oils research report is one of a series of new reports that provides fats and oils statistics, including fats and oils industry global market size, regional shares, competitors with fats and oils share, detailed fats and oils segments, market trends and opportunities, and any further data you may need to thrive in the fats and oils industry. This fats and oils 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 countries covered in the fats and oils market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The fats and oils market consists of sales of tallow, butter, lard, soybean oil, palm oil, sunflower oil, rapeseed oil, and other fats and oils. 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 fats and oils market is segmented into fats and oils.
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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Fats and Oils Market Characteristics4. Fats and Oils Market Trends and Strategies68. Global Fats and Oils Market Competitive Benchmarking69. Global Fats and Oils Market Competitive Dashboard70. Key Mergers and Acquisitions in the Fats and Oils Market
3. Fats and Oils Product/Service Analysis -Product/Service Examples
5. Fats and Oils Market - Macro Economic Scenario
6. Global Fats and Oils Market Size and Growth
7. Fats and Oils Market Segmentation
8. Fats and Oils Market Regional and Country Analysis
9. Asia-Pacific Fats and Oils Market
10. China Fats and Oils Market
11. India Fats and Oils Market
12. Japan Fats and Oils Market
13. Australia Fats and Oils Market
14. Indonesia Fats and Oils Market
15. South Korea Fats and Oils Market
16. Bangladesh Fats and Oils Market
17. Thailand Fats and Oils Market
18. Vietnam Fats and Oils Market
19. Malaysia Fats and Oils Market
20. Singapore Fats and Oils Market
21. Philippines Fats and Oils Market
22. Hong Kong Fats and Oils Market
23. New Zealand Fats and Oils Market
24. Western Europe Fats and Oils Market
25. UK Fats and Oils Market
26. Germany Fats and Oils Market
27. France Fats and Oils Market
28. Italy Fats and Oils Market
29. Spain Fats and Oils Market
30. Austria Fats and Oils Market
31. Belgium Fats and Oils Market
32. Denmark Fats and Oils Market
33. Finland Fats and Oils Market
34. Ireland Fats and Oils Market
35. Netherlands Fats and Oils Market
36. Norway Fats and Oils Market
37. Portugal Fats and Oils Market
38. Sweden Fats and Oils Market
39. Switzerland Fats and Oils Market
40. Eastern Europe Fats and Oils Market
41. Russia Fats and Oils Market
42. Czech Republic Fats and Oils Market
43. Poland Fats and Oils Market
44. Romania Fats and Oils Market
45. Ukraine Fats and Oils Market
46. North America Fats and Oils Market
47. USA Fats and Oils Market
48. Canada Fats and Oils Market
49. Mexico Fats and Oils Market
50. South America Fats and Oils Market
51. Brazil Fats and Oils Market
52. Chile Fats and Oils Market
53. Argentina Fats and Oils Market
54. Colombia Fats and Oils Market
55. Peru Fats and Oils Market
56. Middle East Fats and Oils Market
57. Saudi Arabia Fats and Oils Market
58. Israel Fats and Oils Market
59. Iran Fats and Oils Market
60. Turkey Fats and Oils Market
61. United Arab Emirates Fats and Oils Market
62. Africa Fats and Oils Market
63. Egypt Fats and Oils Market
64. Nigeria Fats and Oils Market
65. South Africa Fats and Oils Market
66. Fats and Oils Market Competitive Landscape and Company Profiles
67. Fats and Oils Market Other Major and Innovative Companies
71. Fats and Oils Market Future Outlook and Potential Analysis
72. Appendix
Executive Summary
Fats And Oils Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on fats and 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.
Reasons to Purchase:
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- Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for fats and oils? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report 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.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Fats, Oils2) By Product Type: Palm Oil, Sunflower Oil, Olive Oil, Soybean Oil, Rapeseed Oil, Other Product Types
3) By Source: Plants, Animals
4) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
5) By Application: Food And Beverages, Personal Care, Pharmaceutical, Animal Feed, Other Applications
Key Companies Mentioned: Bunge Limited; Wilmar International Limited; Archer Daniels Midland Company (ADM); Mewah International Inc; AAK AB
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 Segmentation: 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.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Bunge Limited
- Wilmar International Limited
- Archer Daniels Midland Company (ADM)
- Mewah International Inc
- AAK AB
- Cargill, Incorporated
- The Nisshin Oillio Group
- Musim Mas Group
- Fuji Oil Co. Ltd
- Associated British Foods PLC
- Miyoshi Oil & Fat Co Ltd
- IOI Group
- Fairchem
- Australian Chemical Industries Int Co
- Jayant Oils And Derivatives Ltd
- Atlas Chemicals
- Guangdong Jiangmen Chemical Plant
- Shanghai Yan'an Grease Chemical Co Ltd
- Gysmecol (Guangzhou) Technology Co Ltd
- Eastman Chemical Company
- BASF SE
- Aker BioMarine
- Oleon NV
- Emery Oleochemicals GmbH
- Kao Oleochemical
- Ashland Global Specialty Chemicals Inc
- Zaplaza Tec
- Krasnogorsk Oil Plant Llc
- Th Ekobiotek-Uktaine Ltd
- Verona Agroexport
- Pe Rpc Elitphito
- Oliya Voluni
- Flp Kasap
- Bulk Apothecary
- Vigon International
- Ingredients Online
- Sonneborn LLC
- Welch Holme & Clark Co Inc
- Amazonian Natural Oils
- Copacol foods
- Crista Industria E Comercio Ltda
- Romero E Jacobucci Ltda
- Arab Sudanese Vegetable Oil Company (ASVOC)
- Emek Yag Sanayii AS
- Egenin Kalbi
- Balsari Yag Sanayi Ve Ticaret Limited Sirketi
- United Foods Company
- Abu Dhabi Vegetable Oil Company (ADVOC)
- AJWA Group Food Industries
- Olam Togo SARL.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 300 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 184.28 Billion |
Forecasted Market Value ( USD | $ 237.8 Billion |
Compound Annual Growth Rate | 6.6% |
Regions Covered | Global |