The
global cooking oils and fats market is growing at due to innovations
of new flavors and growing usage of healthy ingredients. Transparency
Market Research (TMR) has estimated that the market is highly
fragmented owing to the presence of numerous small and large vendors.
These vendors compete against each other based on the factors such as
distribution network, reputation, innovation, quality, and price of
products. Some of the prominent players in this market such as
Ajinomoto Co. Inc., CHS Inc., Unilever plc, Associated British Foods
plc, and Wilmar International Ltd, have been strengthening the
market. However, the innovative approach to the product manufacturing
by the new entrants is intensifying the competitive landscape of this
market.
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In
this report Transparency Market Research has estimated that the
global market of cooking oil and fats was valued at US$59.8 bn, which
is expected to rise and attain valuation of US$65.2 bn by 2021,
growing with a steady CAGR of 0.7% during the forecast period of
2015-2021.
In
terms of product type, vegetable oil segment holds a dominance in the
global cooking oils and fats market owing to added health benefits of
the vegetable oils. Due to increasing applications of vegetable oils
produced from cotton seed, coconut, palm, rapeseed, soybean, and
sunflower, the vegetable oil segment is anticipated to grow at a
higher pace than other segments. Geographically segmented into Asia
Pacific, Europe, North America, and Rest of the World, the Rest of
the World segment owns a commanding share and is forecast to sustain
its lead over the forecast period.
Increasing
Population and Rising Disposable Income to Boost Market Growth
People
across the world have been using cooking oils and fats as an integral
part of food for decades. Factors such as availability of high
quality cooking
oils and fats, increased disposable income among the urban
population, trends pertaining to packaged foods, and the rising
population across the globe are expected to propel this market in the
near future. Furthermore, the growing demand for natural, healthy and
organic food products are expected to help this market grow.
The
increasing population and improving economies of developing countries
such as India and China are most likely to fuel the demand for
various healthy cooking oils and fats. Olive oil provides health
benefits such as it reduces the risk of type 2 diabetes, ability to
fight Alzheimer’s disease, low calorific value, protection against
heart diseases, prevention of stroke, and anti-bacterial properties
are forecasted to grow the demand for olive oil, further assisting
the global market of vegetable oils and fats to grow. The
availability of a wide range of products with different textures and
tastes and along with the rising health concerns among consumers are
expected to fuel the demand for vegetable cooking oils.
Health
Concerns Pertaining to Excessive Usage of Fats may Hinder the Market
Growth
Excessive
consumption of oils and fats leads to various health issues such as
obesity and complications pertaining to cardiovascular diseases. The
high amount of trans fats and oils present in food products such as
frenchfries, pizza, and doughnuts resulting in health complications
may hamper the growth of this market. Furthermore, the rising prices
of raw materials used in manufacturing of cooking oils and fats are
making the new entrants in the market difficult to expand. However,
health benefits of quality oils are expected to help the market
sustain against this backdrop. Vegetable oils with qualities such as
low-calorie, low-fat, and low-cholesterol content are augmenting the
growth of the global fats & oils market.
This
information is taken from the report, “Cooking Oils and Fats Market
(Product Type - Vegetable and Seed Oil, Spreadable Oils and Fats,
Butter, Margarine, Olive Oil, and Cooking Fats) - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”
This
market can be segmented for the categories –
Global
Cooking Oils and Fats Market, by Product Type
- Vegetable and Seed Oil
- Spreadable Oils and Fats
- Butter
- Margarine
- Olive Oil
- Cooking Fats
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