Cooking
oils and fats constitute an important component of a healthy human
diet. The food and drinks that we consume have varying levels of
several essential nutrients, one of which are fats. While
monosaturated and polysaturated fats help reduce cholesterol levels,
saturated fats increases the cholesterol level in the body. Dietary
fat is essential for bodily functions such as circulation of
essential vitamins around the body and synthesis of hormones.
Cooking
Oils and Fats Market: Drivers and Restraints
Globally,
overall economic growth leading to increasing disposable incomes and
busy lifestyles have led to demand for processed foods and
ready-to-drink beverages, which is driving demand for cooking oils
and fats. In emerging markets such as India, Argentina, and
Indonesia, the growing urban population, with Western food habits, is
driving demand for processed foods, which in turn is fueling the
cooking
oils and fats market.Additionally, rising consumer awareness
regarding the quality of edible oils and health benefits of moderate
consumption of oils and fats is contributing to the growth of the
global cooking oils and fats market.
On
the other hand, increased awareness regarding adverse health
implications of excessive consumption of oils and fats is hindering
growth of the market. Excessive intake of trans fats increases
cholesterol levels in the body, which increases chances of heart
diseases, cancer, and type 2 diabetes. Processed foods such as pizza,
doughnuts, and French fries are loaded with trans fats and are
detrimental to human health if consumed on a regular basis. However,
development of suitable substitutes for trans fats is likely to open
opportunities for the oils and fats market globally.
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.The cooking oils and fats
market was worth US$59,782.3 million in 2014 and is anticipated to be
worth US$65,270.6 million by 2021, growing at a meager 1.2% CAGR from
2015 to 2021. By volume, the market was valued at 21,204.5 million kg
in 2014 and will reach 22,333.1 million kg by 2021, growing at a 0.7%
CAGR between 2015 and 2021.
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RoW
to Dominate Global Cooking Oils and Fats Market
The
global cooking oils and fats market is segregated on the basis of
products and geography. By products, the market is divided into
vegetable and seed oil, butter, olive oil, spreadable oils and fats,
margarine, and cooking fats. Among the product segments, vegetable
and seed oil dominated the market and will continue to enjoy the
leading market position in the coming years.
Geographically,
the market is divided into North America, Asia Pacific, Europe, and
Rest of the World (RoW). In 2014, Asia Pacific and Europe
collectively accounted for more than 50% of the global cooking oils
and fats market. The same year, Rest of the World exhibited the
fastest y-o-y growth, followed by Asia Pacific, in the global cooking
oils and fats market.For the period of 2015-20121, the cooking oils
and fats market in Rest of the World will display the fastest growth
at a 1.6% CAGR, followed by Asia Pacific. Wilmar International Ltd,
Associated British Foods plc, Ajinomoto Co., Unilever plc, and CHS
Inc. are major vendors with significant presence in the global
cooking oils and fats market.
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