Growing Consciousness About Health Among People and Increasing Application of Vegetable Oil in Various Industries Are Likely to Aid in the Growth of the Global Vegetable Oil Market.
Global Vegetable Oil Market size is estimated to reach $3,700 million by 2026, growing at a CAGR of 6.1% over 2021-2026. Vegetable oils are extracted from various plant seeds such as palm, sunflower, mustard and many more. Vegetable oils are a mixture of triglycerides of fatty acids which are esters of glycerol and are chemically known as fat. Recently, vegetable oils are made from margarine that suppress polyunsaturated fats which can lower the bad cholesterol and are considered as highl processed food product. The vegetable oil which is extracted from soybean seeds are widely used for cooking oils. In food Industry, the addition of oil in hydrogen is called hydrogenation and this helps to increase the shelf life of food. Growing consciousness about health among people and increasing application of vegetable oil in various industries are the major factors driving the growth of this market. Furthermore, increasing research and development activities in food and beverage industry and rising government initiatives is set to further enhance the overall market demand for Global Vegetable Oil Market for the period 2021-2026.—
Global Vegetable Oil Segment Analysis – By Type
The Global Vegetable Oil Market based on Type can be further segmented into Palm Oil, Soyabean Oil, Rapeseed Oil, Sunflower Oil, Olive Oil, and Others. The Palm Oil segment is the major segment generating revenue in 2020. This is mainly owing to the increasing benefits of health and the limited price of palm oil. Moreover, palm oil is extracted from plant seeds that helps to increase vision and protects from cardiovascular diseases and also helps to increase the growth of hair that are increasing the consumption of triglycerides palm oil and are rising the market growth. The Soyabean Oil segment is estimated to register the fastest CAGR of 1.05% for the period 2021-2026. This is mainly owing to usage in cooking purpose and also contains hydrogenation that helps to increase the shelf life and are increasing the growth of this segment.
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Global Vegetable Oil Segment Analysis – By Packaging Type
The Global Vegetable Oil Market based on Packaging Type can be further segmented into Cans, Bottles, Pouches, and Others. The Pouches segment registers for the highest Vegetable Oil market share in 2020. This is owing to storage and usage is easy and are widely used as packs contains refill that are rising the growth of this market. The Bottles segment is forecasted to register the fastest CAGR of 2% over 2021-2026. This is mainly owing to easy to store and carry, cost effective and wide availability in several sizes that are increasing the growth of this market.
Global Vegetable Oil Segment Analysis – By Geography
Asia Pacific dominated the Vegetable Oil Market with a major share of 40% in 2020. This is owing to increasing accessibility of various number of food and beverage manufacturers, rising research and advancement in food industry and rising initiatives by the government. According to Food and Agricultural Organization (FAO), per capita consumption growth of vegetable oil is increased by 3.1% p.a. and India is considered as the number one importer of vegetable oil in the world that increases the growth of this market. However, North America is estimated to outpace all the regions by clocking the highest CAGR of 3.05% during the forecast period 2021-2026 owing to rising research and development activities and increasing development in the food and beverage industry.
Global Vegetable Oil Market Drivers
Growing Consciousness about Health
Increasing consciousness about health and rising demand for organic health-based products increases the demand of vegetable oil as it is made from margarine and are increasing the growth of the Market. Various manufacturers are offering vegetable oils products that are used in various purposes such as cooking, fuel production etc, increasing the growth of the Vegetable Oil Market over 2021-2026.
Increasing Application in Various Industries
Increasing application of vegetable oil in fuel production, culinary, soaps, and perfume formulations and various industries increases the growth of this Market. Moreover, rising demand of biodiesel in automotive and aerospace industries as the vegetable oils used as an alternative energy source that is increasing the growth of Vegetable Oil Market over 2021-2026.
COVID-19 pandemic had greatly impacted the growth of Vegetable Oil Market. During pandemic, there is disruption in supply chain that reduced the supply and causes disruption in various industries such as food and beverage and are negatively impacted the growth of this market.
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Global Vegetable Oil Market Challenges
Rising Environmental Concerns
The factors that is set to impede the growth of the Global Vegetable Oil Market are the rising concerns about environment in order to reduce the use of palm oil and high cost of processing is set to create hurdles for the Vegetable Oil Market.
Global Vegetable Oil Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Vegetable Oil Market. Vegetable Oil top 10 companies are The Manischewitz Company, Conagra Brands, Inc., Waitrose & Partners , The J.M. Smucker Co., IFFCO , Unico, Woolworths Group Limited, Edible Oils Ltd., Marico Limited, and Adani Wilmar Limited.
In April 2019, L'Oreal launched a beauty brand product with sunflower seed oil that increases the demand of vegetable plant seeds and are increasing the growth of this market.
Geographically, in 2020, North America dominated the Global Vegetable Oil Market owing to increasing accessibility of various number of food and beverage manufacturers, rising research and advancement in food industry and rising initiatives by the government.
Growing consciousness about health among people and increasing application of vegetable oil in various industries are likely to aid in the market growth of the Global Vegetable Oil.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Global Vegetable Oil Market report.
Rising concerns about the environment and high cost of production is set to create hurdles for the Global Vegetable Oil Market.
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