Transparency
Market Research (TMR) finds that the global cooking oils and fats
market is highly fragmented due to presence of numerous key players.
Some of the key players operating in the global cooking oils and fats
market include Associated British Foods plc., Wilmar International
Ltd, CHS Inc., Unilever plc., and Ajinomoto Co. Inc. These key
players are witnessing intense competition based on the factors
including reputation, distribution network, quality, innovation, and
price of products. In order to be a part of this intense competition
these key players are adopting the strategies such as new product
launch, acquisition, mergers, and business expansion.
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TMR
anticipated the global revenue of the cooking oil and fats market was
estimated at US$59.8 bn in 2015 and with CAGR of 0.7 %, it is
expected to rise to attain value of US$65.2 bn by the end of 2021. On
the basis of product type, vegetable oil segment is expected to
dominate the market owing to increasing application of cotton seed
oil, coconut, soybean, and sunflower oil as cooking oil. On the basis
of region, the rest of the world segment is expected to dominate the
global cooking oil and fat market.
Demand
for High Quality Edible Oils and Fats to Drive Growth
Increasing
demand for high quality edible oils and fats in the food industry and
services along with the household use. Increasing global population
has augmented the requirement of food which is fuelling growth of the
global cooking
oils and fats market. Additionally, increase in the awareness
levels about the adverse effects of obesity such as heart diseases
and diabetes. The increase in the prevalence of heart diseases has
changed the food trend among consumers coupled with increasing
disposable income has boosted adoption of the cooking oils and fats
which is likely to fuel growth of the global cooking oils and fats
market.
Cooking
oils and fats producers are focused on production of healthier
products such as low-cholesterol, and low-carb products mainly for
health conscious consumers. Cooking oils including coconut oil and
soybean oil are advantageous for health as these oils are capable of
reducing the risk of heart diseases. Increasing demand for these oils
from health conscious consumers is bolstering growth of the market.
Launch
of Advanced Oils and Fats to Create Opportunities
Despite
of numerous growth prospects, high cost of raw materials used for
manufacture of cooking oils and fats products are crimping growth of
the global cooking oils and fats market. In addition, some of the
adverse effects caused due to excess consumption of oils and fats are
restraining growth of the cooking oils and fats market.
Nevertheless,
market players are increasingly investing on the developing and
launching healthier cooking oils and fats. Launch of olive oil, palm
oil, avocado oil, butter, and coconut oil are offering several
benefits such as they are rich source of fatty acid which can kill
bacteria, lowers cholesterol, and numerous pathogens. These factors
are creating lucrative opportunities for growth in the global cooking
oils and fats market.
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