Edible oils are extensively utilized in cooking, baking, and food preparation applications owing to their high smoke points and neutral flavors. Cooking oils help enable even heat distribution and reduce sticking during cooking processes. The global edible oils market is driven by increasing health awareness among consumers and growing preferences for plant-based oils over animal fats and butter due to associated heart health benefits.
The global Edible Oils Market is estimated to be valued at US$ 124.38 Bn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for healthier cooking options is one of the key trends fueling the edible oils market. Consumers are increasingly opting for plant-based Global Edible Oils Market Size like olive, sunflower, and avocado oils that are lower in saturated fats and provide various health benefits like improved heart health. Compared to other traditional animal fats and butter, these healthier plant-based oils have higher smoke points enabling them to withstand higher cooking temperatures without breaking down or developing toxic compounds. Their neutral flavors also allow showcasing the natural tastes of food. As health consciousness rises globally, the demand for these healthier edible oil options is expected to grow substantially over the forecast period.
SWOT Analysis
Strength: Edible oils provide essential nutrients like vitamins E and K which are important for growth and development. They are also a good source of energy and improve overall health and well-being.
Weakness: Fluctuating prices of raw materials like oilseeds impacts the profit margins of edible oil producers. Poor harvests due to adverse weather conditions can increase prices in the domestic and international markets.
Opportunity: Rising health consciousness among consumers is driving the demand for healthy edible oils. Product innovation and development of edible oils enriched with omega fatty acids, antioxidants offers new opportunities.
Threats: Changing consumption patterns and increasing demand for low-fat alternatives like olive oil poses a threat. Stringent food quality and safety regulations across nations challenge producers to maintain high standards of production.
Key Takeaways
The global edible oils market is expected to witness high growth.
Regional analysis related content comprises Asia Pacific dominates the global edible oils market attributed to large consumer base and rising disposable incomes in populous nations like India and China. India is the leading producer and consumer of edible oils globally.
Key players operating in the edible oils market are Illumina, Inc., Eurofins Scientific, PerkinElmer, Inc., F. Hoffmann-La Roche AG, Natera, Inc., Yourgene Health Plc., Laboratory Corporation of America Holdings (LabCorp), BGI Group, and Quest Diagnostics Incorporated. They focus on expanding their production capacities and product portfolios to cater to the growing needs of food processors and households across regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it