Cutthroat
competition among prominent players characterizes the global market
for cooking oils and fats. Leading companies in the market, uncovers
a report by Transparency Market Research, have resorted to mergers
and acquisitions, joint ventures, and partnerships to gain
competitive advantage over their rivals. They have also invested in
extensive research and development to come up with new, better
products to entice the rising ranks of discerning consumers who
prefer products with zero trans fats and additional nutritive value.
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Some
of the big names operating in the global market for cooking oils and
fats are Ajinomoto Co. Inc, Wilmar International Ltd, Unilever plc,
Associated British Foods plc, and CHS Inc. The
market is expected to attain a value of US$65.2 bn by 2021 by
expanding at a sluggish pace, predicts the TMR report. It also
forecasts the volume to reach 22,333.1 kg mn by 2021.
Europe
to Pare its Market Share due to Rising Health Concerns
The
global market for cooking oils and fats can be divided on the basis
of product type into olive oil, vegetable oil and seeds, butter,
spreadable oil and fats, margarine, and cooking fats. Among them, the
vegetable oil and seeds segment has been grossing maximum revenue and
has almost half the share in the market.
This is because of the growing awareness about its
benefits among consumers. Low-fat, low-cholesterol, and low-calorie
vegetable oil are particularly enjoying a soaring popularity.
Geographically,
the global
cooking oils and fats market can be divided into Asia Pacific,
North America, Europe, and the Rest of the World. Asia Pacific,
powered by China, Indonesia, India, Japan, and Malaysia, accounts for
a dominant share in the market. The percentage share was about 35% of
the total market in 2014. Europe is another leading market, but going
forward it would likely trim its market share due to rising concerns
about health among consumers. Demand from various emerging
economies in the Rest of the World is also slated to be robust due to
the rising disposable income and changing lifestyle.
Economic
Growth Drives Demand
At
the forefront of driving demand in the global market for cooking oils
and fats is the swift pace economic growth across the world,
especially in emerging economies in the Asia Pacific and South
America. Economic growth has led to rising disposable incomes, which
in turn, has filliped demand for cooking oil and fats. Another factor
majorly contributing to the market is the raft of processed foods and
ready-to-drink beverages that are seeing quick uptake on account of
the busy lifestyle of people.
Countries
such as India, Indonesia, and Argentina, for example, with a
burgeoning urban population, are increasingly digging into processed
foods, thereby propelling demand for cooking oils and fats.
Further,
awareness among consumers about the quality of edible oils and the
health benefits of consuming oils and fats in moderate proportions is
also aiding the global cooking oils and fats market.
Negative
Impact on Health Deters Uptake
A
major challenge to the global cooking oils and fats market is the
acute awareness of its negative impact on health. Intake of trans
fats beyond acceptable limits, for instance, ups the level of
cholesterol in the body, which in turn makes one susceptible to heart
diseases, cancer, and type 2 diabetes. Processed foods, namely
pizzas, doughnuts, burgers, and French fries that are loaded with
trans fats and can negatively impact the health if eaten frequently.
“High raw material prices also pose a challenge to the growth of
the market. This inhibits new players from entering the cooking oils
and fats market due to the high initial outlay,” informs the lead
analyst of TMR report.
This
review is based on the findings of a TMR report titled “Cooking
Oils and Fats (Product Type - Vegetable Oil and Seeds, Spreadable
Oils and Fats, Butter, Margarine, Olive Oil, and Cooking Fats) -
Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2015–2021.”
Global
Cooking Oils and Fats Market, by Product Type
- Vegetable and Seed Oil
- Spreadable Oils and Fats
- Butter
- Margarine
- Olive Oil
- Cooking Fats
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