According
to a new study by Transparency Market Research (TMR), the continued
mushrooming of restaurants, eateries, and fast food joints across the
world is the key factor behind the substantial growth of the global
market for edible oil. The report, titled “Edible Oil Market -
Global Industry Analysis, Market Size, Share, Trends, Analysis,
Growth and Forecast 2016–2024,” further states that the ongoing
expansion in various finished food product industries is also
reflecting positively on the demand for edible oil.
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In
addition to this, the rise in research and development activities to
produce low fat oil with added nutrients, such as rice bran oil, is
projected to boost this market substantially, over the forthcoming
years. Besides, the growing preference for refined oil, on account of
the increasing awareness level among consumers pertaining to health
and fitness, is also anticipated to impact this market positively in
the long run, states the research report.
In
this research study, the global market for edible oil has been
analyzed on two fronts: The product, and the geography. On the basis
of the product, the market has been segmented into sunflower,
soybean, and rapeseed palm oil. Among these, rapeseed palm oil has
been registering the most prominent demand and is expected to remain
so during the forecast period. In 2015, this segment accounted for a
share of around 30% in the overall market, states the research
report.
On
the geographical front, the report segments the global edible oil
market into Asia Pacific, North America, Europe, and the Rest of the
World. Thanks to the growing consumption of edible oil, Asia Pacific
is likely to acquire the leading position in this market over the
forecast period. The rising population base in China and India is
likely to present new growth opportunities for edible oil producers
in Asia Pacific. The edible
oil markets in Europe and North America are also expected to
register a steady progression in the near future, notes the market
study.
Further, the research report provides a competitive analysis of the business landscape of the global edible market by profiling the key companies operating in this market. According to the study, the market is highly fragmented and the leading companies are focusing aggressively on product innovation and upgradation in their current offerings. Archer Daniels Midland Co., Ruchi soya, Ach Food Companies Inc., Beidahuang Group, The Adani Group, and Bunge Alimentos SA are some of the leading producers of edible oil across the world, reports the research study.
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