In 2020, the market for cooking oil was worth USD 186.55 billion. In the projection period of 2021–2028, the market is expected to increase from USD 204.74 billion in 2021 to USD 281.72 billion in 2028, increasing at a CAGR of 4.67%. The impact of COVID-19 on the world has been unprecedented and astounding, and the pandemic has had a detrimental effect on demand for vegetable oil in every region. According to our data, the global market grew spectacularly in 2020, by 18.43%, compared to the average annual increase between 2017 and 2019. When the pandemic is gone, this market’s demand and growth will resume to pre-pandemic levels, which explains the abrupt decline in CAGR.
A synthetic fat called cooking oil is used for frying, baking, food preparation, and flavouring. These oils are made up of different fatty acid fractions. The oils of palm, canola, sunflower, soybean, avocado, and other plants are popular in food applications and have a number of health advantages. Strong consumer desire for healthy, organic, unsaturated products drives the market. The drivers propelling the market expansion are an increase in healthy soybean oil product launches by major companies, an increase in the use of avocado oil for its nutritional health benefits, and an increase in the demand for canola oil in snacks due to its affordability and adaptability.
Additionally, this industry is anticipated to benefit from the growing trend toward packaging that maintains environmental sustainability. Instead of using disposable cans, people frequently use reusable spray bottles for vegetable oil. These elements working together are probably going to feed demand for more environmentally friendly packaging and support market expansion.
Manufacturers now face fresh hurdles as a result of the sustainability of the refining process and the quality of the oil. To accomplish these new objectives, advanced refining technique technology must be created and implemented. High grade soybean, canola, and sunflower oils are still being developed through research and development using conventional farming techniques. Additionally, scientists are concentrating on ways to extend the shelf life of substances without sacrificing their clean label designation.
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While addressing challenges of land usage and sustainability, plant scientists and geneticists continue to discover strategies to boost production from oilseed crops. For instance, genetic characteristics in grown soybeans that improve oil content have been found by Purdue University researchers. Beyond seeds, where the majority of study has been concentrated, Purdue University researchers have found a link between oil production and the genetic characteristic essential for flowering in the pods. Therefore, recent developments in the expansion of the cooking oil market include functional improvements and extraction technologies, both of which are anticipated to open up new prospects for the industry.
It is anticipated that rising processed food consumption will significantly speed up industry expansion. Small food chains, homes, and restaurants will need more of these oils to make food as a result of consumer preference for packaged and processed foods, which is likely to drive the market. Additionally, the development of the middle class, urbanisation, and the income growth rate all contribute to more diverse diets, which increases the demand for processed food items. Organization for Economic Co-operation and Development (OECD) and Food and Agriculture Organization (FAO) research states that availability of vegetable oil is anticipated to rise by 1.3% annually for least developed nations, reaching 9 kg per capita in 2030 as opposed to 7.96 kg per capita in 2020. Additionally, the U.S. Department of Agriculture (USDA) reports that due to factors including tourism and population expansion, cooking/edible oil imports into emerging nations are predicted to rise by 34%, accounting for 79% of the growth in global imports. Therefore, it is anticipated that these factors will fuel market expansion in the next years.
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- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa