Cooking Oils and Fats Market size in 2019 is estimated to be $63.328 billion, growing at a CAGR of 1.01% during the forecast period 2020-2025. Cooking oil and fats are nutritious and healthy food product made from saturated, polysaturated and monosaturated fatty acids. Cooking oils, such as olive oil, coconut oil, palm oil, butter, and avocado oil provides several health benefits. Increasing awareness towards health and rising number of hotels and restaurants, fast food joints and quick service restaurant are the major factors driving the growth of the market. Moreover, increasing innovations of new flavors and growing usage of healthy ingredients further enhance the overall market demand for Cooking Oils and Fats during the forecast period 2020-2025.
Key Takeaways
- In 2019, North America dominates the cooking oils and fats market owing to increasing advanced manufacturing procedures in oil and fats industry and increasing consumption of fast food among consumers.
- Increasing awareness towards health and rising number of hotels and restaurants, fast food joints and quick service restaurant is driving the market growth of cooking oils and fats.
- Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the cooking oils and fats market report.
- Adverse side effects and stringent food safety regulation are challenging the growth of the market.
Type - Segment Analysis
Based on the Type, Cooking Oils and Fats Market is segmented into Vegetable & Seed Oil, Spreadable Oil & Fats, Olive Oil, Cooking Fats, and Others. The vegetable & seed oil segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 1.5% during the forecast period 2020-2025. This is mainly owing to presence of various nutritional constituents including vitamin E, selenium, phytosterols, and magnesium and provides more immunity. Moreover, low saturated fat value and no trans-fat nature further contributing the growth of this segment.
Source - Segment Analysis
Based on the Source, Cooking Oils and Fats Market is segmented into Plant, Animal. In 2019, plant held the largest share in the cooking oils and fats market. This is mainly owing to presence of vitamins, polyphenols and polyunsaturated fats which are useful of heart diseases is also contributing to the growth of this segment.
Geography - Segment Analysis
North America dominated the market share accounting for 33% of the market in 2019. This is mainly owing to increasing advanced manufacturing procedures in oil and fats industry and increasing consumption of fast food among consumers. According to United States Department of Agriculture, cooking oil has become the highest production for the consumption in U.S. and in 2019, U.S consumed about 10.66 million metric tons of edible oil.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing awareness among people about health and rising demand of convenience foods & bakery and confectionary products.
Drivers – Cooking Oils and Fats Market
- Increasing Awareness Towards Health
Increase in the awareness levels about the adverse effects of obesity such as heart diseases and diabetes and Increasing demand for high quality edible oils and fats in the food industry are some factors driving the growth of cooking oils and fats market. Moreover, increasing innovations of new flavors and growing usage of healthy ingredients is also set to increase the market growth.
- Rising Number of Restaurants
Rising number of hotels and restaurants, fast food joints and quick service restaurant are some factors driving the growth of the market. In addition, growth in disposable income of consumers and busy lifestyle of consumers further contributing to the growth of cooking oils and fats market.
Challenges – Cooking Oils and Fats Market
Adverse side effects caused by Trans fats owing to excess consumption of oils & fats and stringent food safety regulation are challenging the growth of the market. Moreover, high cost of raw materials are further restraining its market growth during the forecast period 2020-2025.
Cooking Oils and Fats Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Cooking Oils and Fats Market. Cooking Oils and Fats top 10 companies are Unilever plc, Cargill Inc., International Foodstuff Company Limited, American Animal, Inc., Fuji Vegetable Oil, Inc., Beidahuang Group, ConAgra Foods Inc., Ajinomoto Co., Inc., Bunge Limited, United Plantations Berhad, CHS Inc., Mother Dairy, Wilmar International Limited, and Associated British Foods plc.
Acquisitions/Product Launches:
- On 27 Feb 2020, Bunge Limited launches oil portfolio for plant-based meats at NPEW ’20 which helps to replicate the taste, texture and cooking experience.
- On 19 Sep 2019, CHS Inc. launches new plans for the production of soybean processing plant that helps to improve the soybean oil production capacity.
