Immense Growth of Food Industry to Promote Expansion of Global Edible Oil Market

The global demand for edible oil is expected to shoot up, thanks to the popularity of healthier options made available by a number of leading market players. Registering a high CAGR over the forecast years between 2016 and 2024, the global market for edible oil will continue to expand, according to a study by Transparency Market Research (TMR). Edible or cooking oil can be animal, plant, or synthetic fat and is used in frying, roasting, baking, and several other forms of cooking.

Q. What are the major catalysts of the global market for edible oil?

Extensive research and development activities are being undertaken by a number of market players. The use of healthier, organic ingredients in the manufacturing of edible oils is promoting the growth of the global edible oil market. As the demand for olive oil, coconut oil, trans-fat-free soya bean oil, and canola oil from health-conscious customers is escalating, the market will gain traction. The boom in the food industry worldwide, growing economies, stronger retailing networks, increasing disposable incomes, improving crop yields, and changing preferences of consumers have led to a considerable increase in the production of oil on a global scale. All this is aiding the expansion of the market.

Q. Which regional markets promise greater growth opportunities?

Based on geography, the global market for edible oil has been segmented into the Middle East and Africa (MEA), Asia Pacific, Europe, and North America. The countries in Asia Pacific – such as China, Malaysia, India, Singapore, Japan, and Thailand – have been demanding vast quantities of edible oil to fulfill the growing needs of the ever-increasing population in these regions. The growing popularity of fried foods and convenience foods and rapid progress of the food and beverage industry in Asia Pacific has been responsible for the growing demand for edible oil. In North America, the US will account a major share in the global market for edible oil.

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Q. What are the recent developments in the global edible oil market?

The Government of India, in a recent notification issued by the Director General of Foreign Trade, announced the lifting of a nine-year ban on the export of edible oil. Soybean oil, groundnut oil, maze oil, and sesame oil can now be exported in any pack size. This is likely to have a massive impact on India as a contender in the edible oils market. The enhancement of nutrient content of edible oils is also being promoted by several food regulators in the country. For instance, the Food Safety and Standards Authority of India (FSSAI) urged all leading edible oil manufacturers and processors to fortify the products with vitamin A and D in March 2017. Developments such as these are sure to give this market a major boost.