DELRAY BEACH, Fla., Dec. 9, 2024 /PRNewswire/ — The edible oils market is estimated at USD 250.78 billion in 2024 and is projected to reach USD 306.92 billion by 2029, at a CAGR of 4.1% from 2024 to 2029, according to a report published by MarketsandMarkets™.
Some of the key factors fueling rapid growth in the global edible oils market are increasing consumer awareness of healthier cooking alternatives and higher disposable incomes. A rise in plant-based diets and sustainable food choices has resulted in increased demand for health-benefiting oils such as – olive, sunflower, and coconut. These oils improve digestion but also offer the possibility of adding essential fatty acids and improving heart health. Edible oils have a wide variety of uses frying, baking, dressings, marinades, etc. Additionally, the adoption of advanced technologies in extraction and fortification of products with vitamins and antioxidants is expected to create new avenues of scope to target the consumers. Emerging markets in Asia-Pacific and Africa are particularly contributing to this growth globally, owing to their high population.
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The sunflower oil segment is having a significant share within the type of segment of the edible oils market.
Sunflower oil, extracted from the seeds of Helianthus annuus L., is a versatile product largely used in food, biodiesel, and animal feed industries. The crude sunflower oil has a light amber color, while refined appears pale yellow, having a strong flavor and smell, which can be removed by processing. Composition of sunflower oil is significantly affected by factors like climate, temperature, genetics, and seed position. Although sunflower oil has several uses, its most prominent use is still for food as it has a highly nutritional profile. USDA 2023 reports show that global sunflower oil production reached 21.72 million metric tons in the year 2022/2023 and jumped to 22.13 million metric tons in the year 2023/2024. It experienced a 2% year-on-year increase. Major producers were Russia and Ukraine, both with 31%, while the European Union had 18%, Argentina 7%, and Turkey 3%. However, this growth indicates a high demand for sunflower oil in the global market due to increased usage in various culinary processes and in processed foods.
The household segment is growing at a significant CAGR in the edible oils market during the forecasted period 2024-2029.
The market share of edible oils used in the household end-use segment in the edible oils market is sufficiently high because of the rising population; segment in the edible oils market is sufficiently high because of household consumption, rising population, and growing household incomes. As households demand greater quantities of edible oils for everyday consumption, this segment has observed steady growth. According to the Government of India, Ministry of Commerce & Industry, December 2023 data, domestic consumption of edible oilseeds is increasing in a range of around 10 LMT per annum. This rise is majorly due to the fast-growing population and the increasing disposable incomes leading to overall demand for edible oils. The increased availability of edible oil supports this trend of usage as the domestic market is healthy and production capacities are going on increasing. The household-use segment would, therefore, be expected to continue its growth parallelly with the global rise in demand for edible oils.
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Based on region, Europe has a significant share in the edible oils market.
The European edible oils market has significant market share due to strong demand in all sectors such as domestic and food service. Key participants such as Associated British Foods plc (UK), BORGES AGRICULTURAL & INDUSTRIAL EDIBLE OILS, S.A.U. (Spain), and Louis Dreyfus Company (Netherlands) are building the market landscape. These companies are not only expanding their productive capacities but are also resorting to innovative solutions to meet rising demand. For example, Borges Agricultural & Industrial Edible Oils, S.A.U. inaugurated a USD 10.8 million seed oil extraction plant in Tárrega, Spain, at the beginning of December 2021. This plant is part of a USD 25 million investment package aimed at raising the capacity by 30% and upgrading efficiency in extraction with minimal environmental impacts. Such expansion marks an indicator of the region’s commitment for increasing safe operational practices and optimization of production facilities. With continued investments in sustainable practices and technological advancements, the European edible oils market is poised for robust growth in the coming years.
The report profiles key players such as ADM (US), Bunge (US), Associated British Foods plc (UK), Wilmar International Ltd (Singapore), United Plantations Berhad (Malaysia), Sime Darby Berhad (Malaysia), BORGES AGRICULTURAL & INDUSTRIAL EDIBLE OILS, S.A.U. (Spain), Cargill Incorporated (US), GrainCorp (Australia), Adani Group (India), The Nisshin OilliO Group, Ltd. (Japan), Beidahuang Group (China), AJANTA SOYA LIMITED (India), Patanjali Foods Ltd. (India), and Louis Dreyfus Company (Netherlands).
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