According to the report by Visiongain, the global vegetable oils market was valued at USD 323.18 billion in 2022 and is expected to grow at a CAGR of 6.2% during the forecast period 2023-2033.
Visiongain has released a new report titled Vegetable oil 2023-2033. It includes Vegetable Oil Profiles and Forecast Market Segment by Estimate (Market Value (Billion US$), Market Volume (Million Metric Tons)) Market Segment by End Use (Food Industry, Industrial, Material Market Segment by (Industrial, Pharmaceuticals, Cosmetics, Lubricants, Paints) Market Segment by Food Industry (Cooking and Frying Processes, Salads and Cooking Oils, Margarine and Other Spreads, Processed Foods and Frozen Foods, Fat Ingredients and Others) Market Segment by Type (Palm Oil, Soybean Oil, Rapeseed Oil, Sunflower Oil, Palm Kernel Oil, Other Types) plus COVID-19 Impact Analysis and Recovery Model Analysis (“V-Shaped”, “W-Shaped”, “U-Shaped”, “L-Shaped”), Top Company, Region and Country Profiles.
Increase in demand for herbal products
Growing awareness of the environmental impact of animal agriculture and the ethical concerns associated with it has led to an increased demand for plant-based products. Carrier oils, being derived from plants, are considered a sustainable and cruelty-free choice. The growing popularity of plant-based diets and veganism has spurred the demand for vegetable oils as a key ingredient in various plant-based food products, such as vegan spreads, salad dressings, and dairy alternative products.
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How has COVID-19 had a significant negative impact on the vegetable oil market?
The economic downturn caused by the pandemic has had a direct impact on consumer habits. Falling incomes, job losses and financial uncertainties have led to changes in buying behaviors. Consumers have become more price-conscious and focused on essential goods, leading to lower discretionary spending on non-essential food items, including more expensive specialty vegetable oils. The closure of restaurants, cafes, hotels and other catering establishments due to lockdowns and social distancing measures has significantly reduced the demand for vegetable oils used in commercial food preparation. The decline of on-site dining services and the shift to take-out and delivery options has led to a reduced need for bulk vegetable oils typically used in restaurant operations.
How will this report help you?
Visiongain’s 330-page report provides 156 charts and 220 charts/graphs. Our new study is suitable for anyone who needs in-depth business analytics for the global vegetable oils market, along with detailed analysis of market segments. Our new study will help you assess the entire global and regional vegetable oil market. Obtain financial analysis of the overall market and different segments including type, end use, industry, and food industry and capture a higher market share. We believe there are strong opportunities in this fast growing vegetable oil market. Find out how to use the existing and upcoming opportunities in this market to generate revenue in the near future. Moreover, the report will help you improve your strategic decision-making, enabling you to set growth strategies, strengthen analysis of other market players and maximize business productivity.
What are the current market drivers?
Global demand for biofuels is increasing
Global demand for biofuels is increasing, a shortage of cooking oil is expected. The shift to biofuels is driving up demand for vegetable oil, which is also commonly used for cooking. The increase in demand has led to higher prices, which could lead to a shortage of cooking oil in some areas. This could have significant implications for countries that rely heavily on vegetable oil for cooking and may need to import more to meet demand.
For example, in 2022, the global sunflower oil trade was disrupted and prices reached record highs due to Russia’s invasion of Ukraine. This has led to an increase in demand for palm oil and soy as substitutes. Despite this, most countries have not relaxed their biofuel policies, which has resulted in lower demand for vegetable oil among consumers in developing countries.
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Where are the market opportunities?
The use of vegetable oils in the pharmaceutical industry is growing
The use of vegetable oils in the pharmaceutical industry is growing, representing a significant opportunity for vegetable oil producers. Vegetable oils have a wide range of applications in pharmaceuticals, including as excipients (substances used as carriers for active pharmaceutical ingredients), solvents, and emulsifying agents. They are also used in the production of soft gel capsules, which are widely used for the administration of drugs, vitamins and other dietary supplements.
One of the main advantages of using vegetable oils in pharmaceuticals is their natural origin and low toxicity, which makes them a preferred alternative to synthetic and mineral oils. Additionally, vegetable oils have unique physical and chemical properties that make them ideal for use in specific drug formulations.
Competitive landscape
The major players operating in the vegetable oils market are Abu Dhabi Vegetable Oils Co, Adani Wilmar Ltd, Archer Daniels Midland Company, Areej Vegetable Oils & Derivatives SAOC, Associated British Foods Plc, Borges Agricultural & Industrial Nuts SA, Bunge Limited, CannOils LLC , Cargill, Incorporated, Golden Agri-Resources Ltd, Louis Dreyfus Company BV, Mewah International, Inc., Momin Oil Industry, Omani Vegetable Oils & Derivatives Co. LLC, Ruchi Soya Industries Limited, Wilmar International Ltd, . These major players operating in this market have adopted various strategies including mergers and acquisitions, R&D investments, collaborations, partnerships, regional business expansion and new product launches.
RECENT DEVELOPMENTS
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On April 10, 2023, Bunge, a leading global agribusiness company, partnered with IOI Corporation to acquire a newly constructed refinery from Fuji Oil in Louisiana. The state-of-the-art facility will allow Bunge to expand its customer base through its multi-oil refining capabilities. The transaction is subject to customary closing conditions.
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On January 20, 2023, Cargill announced that it had completed the acquisition of Owensboro Grain Company, a fifth-generation, family-owned soybean processing and refinery facility located in Owensboro, Ky.
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