Vegetable
oil is plant or vegetable derived oil that is in liquid state in room
temperature. It is a plant extracted triglyceride. Vegetable oils
that are solid in room temperature are known as vegetable fats.
Primarily, oil is extracted from plant seeds, although they can be
derived from other plant or vegetable parts aswell.
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Vegetable
oils that are not edible in nature are used in industrial
applications, pharmaceuticals, cosmetics, paints and lubricants. The
global vegetable oil market is segmented on the basis of type,
extraction method, application, and geography. On the basis of type,
the global market is segregated into sunflower oil, rapeseed (canola)
oil, soybean oil, palm kernel oil, palm oil, and minor vegetable oil.
Palm oil held the most dominant market share in 2015 and is
forecasted to witness a steady growth rate over the forecast period.
This is attributed to its low price among all the variants of
vegetable oil and its continued demand from the food sector for use
in cooking oil, frying fat, bakery fat, and margarine among others.
Its growing application in the form of feedstock in the bio-fuel
industry is also a major reason for its continued steady growth.
Sunflower oil is experiencing significant growth in this category.
This is attributed to its property ofproviding a trans-fat free
alternative in the food service industry. On the basis of extraction
method, the global vegetable oil market is segregated into mechanical
extraction, solvent extraction, hydrogenation, and sparging.
Mechanical extraction held the keymarket share in 2015 and is
expected to grow at a steady rate over the forecast period.
Hydrogenation
is the most speedilygrowing segment in this category. On the basis of
application, the global market for vegetable oil is segregated into
food, industrial, and bio diesel. Food application is further
segregated into baking & frying processes, salads & cooking
oils, fatty ingredients, margarine & other spreads,
frozen&processed foods, and others. Industrial application is
sub-divided into paints, lubricants, cosmetics, pharmaceuticals, and
others. In the biodiesel segment the major application of vegetable
oil is in feedstock.
Major
drivers of the global
vegetable oil market include increasing use of vegetable oil in
the food industry as they provide a trans-fat free alternative.
Increasing demand for vegetable oils in the bio fuel industry as
feedstock to produce bio fuel is another major driver. Growing health
benefits of a few vegetable oils is another major reason triggering
the overall market growth of vegetable oil globally. High price
volatility of vegetable oils is a restraint that is hindering market
growth as it is resulting in lack of working capital required to
carry on with the production processes. Palm oil as a reliable
substitute to trans-fat in the cooking sector is a promising
opportunity for the growth of the vegetable oil market globally.
Geographically,
the market is segregated into North America, Europe, Asia Pacific,
Middle East & Africa, and Latin America. Asia Pacific was the
most dominant market in 2015 and is forecasted to maintain its
dominance over the forecast period owing to the growing convenience
food sector as a result of urbanization. This in turn increases the
demand for palm and kernel oil. North America closely follows Asia
Pacific owing to the large size of the food and food service industry
which triggers continued demand for vegetable oil.
Major players of the global vegetable oil market include Archer Daniel Midland Company, ACH Foods Company Inc, Cargill Agricola S.A., Bunge North America Inc., Chinatex Corporation, ConAgra Foods Inc., J-Oil Mills Inc., Carapelli Firenzi S.P.A, CHS Inc., and Richardson Oilseed Ltd. among others.
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