The
global market for cooking oils and fats is gaining traction from a
number of factors, such as growing demand from the vastly populated
emerging economies such as India and China, increasing consumption of
processed foods, incremented usage of high quality edible oils,
health benefits associated with the consumption of fats and cooking
oils, escalating demand for biodiesel, and requirement coming from
the bakery and confectionery market. On the other hand, health
concerns regarding the excessive consumption of fats and oils,
legislations pertaining to labeling of fats and oils, safety issues,
and high cost of raw materials are some of the factors obstructing
the global
cooking oils and fats market from attaining its true
potential.
As
per the findings of a recent report by Transparency Market Research,
the demand in the global cooking oils and fats market will increment
at a CAGR of 0.7% during the forecast period of 2015 to 2021,
reaching a valuation of US$65.2 bn by 2021, up from its evaluated
worth of US$59.8 bn in 2014. Emerging application of fats and oils as
alternatives of trans-fats and rapid growth in the raw material
cultivation and production are two trends that are expected to favor
the market in the near future.
Which
segments are most lucrative?
Based
on product type, the TMR report segments the global cooking oils and
fats market into spreadable oils and gats, vegetable and seed oil,
butter, olive oil, cooking fats, and margarine. Currently, vegetable
oils segment offers the maximum demand, both in terms of volume and
value. Sunflower, rapeseed, soybean, coconut, palm, and cotton seed
are some of the commonly used raw materials for cooking oils and
fats, which finds application in various food segments as well as in
other industrial applications. Growing awareness among the consumers
regarding the low-cholesterol, low-calorie content, low fat, tastes,
and textures offered by vegetable cooking oils and fats is expected
to drive the demand for this segment in the near future.
Which
region is most profitable in the global cooking oils and fats market?
Geographically,
the TMR report takes stock of the potential of cooking oils and fats
market in the regions of Europe, North America, Asia Pacific, and the
Rest of the World. In 2014, the Rest of the World accounted for the
maximum demand, and is expected to remain most profitable,
incrementing the demand at a CAGR of 1.60% during the forecast period
of 2015 to 2021. Increasing disposable income and changing lifestyle
are some of the key factors driving the demand from this region.
How
stiff is the competition among the leading vendors?
As
per the findings of the TMR report, the global cooking oils and fats
market is moderately fragmented, with Unilever plc, Ajinomoto Co.
Inc., Associated British Foods plc, Wilmar International Ltd, and CHS
Inc. holding prominent positions. Product innovation is the most
prominent strategy for the players in this market to gain ground over
their competitors.
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