Cooking Oils & Fats Market: Vegetable Oils Gaining Demand on Rising Health Awareness

Cooking oil is plant, animal, or synthetic fat that are used in frying, baking, and other purposes of cooking, while fats broadly refer to one of three main macronutrients, along with carbohydrates, and protein. Cooking oils and fats have been an integral part of foods across the globe for several decades and form an imperative part of a healthy diet. While saturated fats increase the cholesterol level in human body, monounsaturated and polyunsaturated fats lower the cholesterol levels considerably. Although dietary fat helps in circulating some essential vitamins and are essential for many body processes, some food and drinks contain exceeding number of only one nutrient, for example fried foods and soft drinks, which have significant amount of fat and sugar respectively.

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Owing to factors such as rising population across the globe, trends pertaining to packaged foods, increased disposable income among the urban population, availability of high quality cooking oils and fats, the global market for cooking oils and fats is expected for a progressive future. However, the rising awareness about the ill-effects of excessive intake of cooking oils and foods is hindering the growth rate. The market for cooking oils and fats was valued at US$59.8 bn in 2014, and rising at a CAGR of 0.7% during the forecast period of 2015 to 2021, the valuation is estimated to reach US$65.2 bn by 2021.

Rest of the World Serving Maximum Demand

Geographically, the global cooking oils and fats market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In terms of revenue in 2014, the region of Rest of the World contributed the maximum demand, owing to factors such as increasing disposable income and changing lifestyle trends. The Rest of the World cooking oils and fats market is predicted to expand at rate more than twice as much as that of the global market, at a 1.60% CAGR during the period from 2015 to 2021. The Asia Pacific cooking oils and fats market is predicted to be the second largest market in the coming few years, owing to factors such as vast population and the trend of western life-style.

Vegetable Oils Gaining Demand on Rising Health Awareness

On the basis of products, the global cooking oils and fats market is segmented into vegetable and seed oil, spreadable oils and fats, butter, margarine, olive oil, and cooking fats. In 2015, vegetable oils segment accounted for the most prominent share in the fats & oils market, both in terms of value and volume. Vegetable oils from sources such as sunflower, soybean, rapeseed, palm, coconut, and cotton seed find applications in foods and other industrial applications. Increasing health concerns among the end-users and the wide range of products with different tastes and textures available are expected to fuel the demand for vegetable cooking oils during the forecast period. Vegetable oils with qualities such as low-cholesterol, low-fat, and low-calorie content are augmenting the growth in the fats & oils market.

Some of the key companies currently operational in global cooking oils and fats market are Wilmar International Ltd, Associated British Foods plc, Unilever plc, CHS Inc, and Ajinomoto Co. Inc.