Global
Vegetable Oil Market: Snapshot
Vegetable
oils are derived from plant seeds or their parts and have a wide
variety of food and non-food applications. Major types of vegetable
oils include sunflower oil, rapeseed oil, soybean oil, palm
kernel oil, and palm oil. The use of palm oil in cooking and various
applications in the food industry is gaining popularity propelled by
a number of factors. In the recent years, palm oil as edible oil has
increasingly gained traction in several countries of Southeast Asia
and various parts of Africa and South America. World over, there is
surging demand for palm oil due to its functional properties, such as
a viable substitute for trans-fats, and lower cost of production than
other commonly used oils such as soybean oil. This bodes well for the
growth of the global vegetables oil market. In many parts of the
globe, palm oil is preferred in making margarines. The soaring
popularity of palm oil as feedstock in manufacturing biofuels is
offering a robust impetus to the demand for the oil.
However,
owing to surging environmental concerns in various developed regions,
particularly in Europe, the market for palm oil is likely witnessed
turbulent times ahead. The unregulated production of palm oil in
several European countries has led to concerns of deforestation and
the noticeable loss of peat lands. Consequently, various advocacy
groups in Europe concerned with the carbon footprint opine this to
adversely affect the biodiversity. Nevertheless, it is still
considered as the most versatile oilseed crop world over.
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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