Global Cooking Oils and Fats Market: Increasing Global Population to Boost the Market, says TMR

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.

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.

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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

Increased Demand for Processed Foods Worldwide to Drive Global Cooking Oils and Fats Market

Cooking oils and fats constitute an important component of a healthy human diet. The food and drinks that we consume have varying levels of several essential nutrients, one of which are fats. While monosaturated and polysaturated fats help reduce cholesterol levels, saturated fats increases the cholesterol level in the body. Dietary fat is essential for bodily functions such as circulation of essential vitamins around the body and synthesis of hormones.

Cooking Oils and Fats Market: Drivers and Restraints

Globally, overall economic growth leading to increasing disposable incomes and busy lifestyles have led to demand for processed foods and ready-to-drink beverages, which is driving demand for cooking oils and fats. In emerging markets such as India, Argentina, and Indonesia, the growing urban population, with Western food habits, is driving demand for processed foods, which in turn is fueling the cooking oils and fats market.Additionally, rising consumer awareness regarding the quality of edible oils and health benefits of moderate consumption of oils and fats is contributing to the growth of the global cooking oils and fats market.

On the other hand, increased awareness regarding adverse health implications of excessive consumption of oils and fats is hindering growth of the market. Excessive intake of trans fats increases cholesterol levels in the body, which increases chances of heart diseases, cancer, and type 2 diabetes. Processed foods such as pizza, doughnuts, and French fries are loaded with trans fats and are detrimental to human health if consumed on a regular basis. However, development of suitable substitutes for trans fats is likely to open opportunities for the oils and fats market globally.

High raw material prices also pose a challenge to the growth of the market. This inhibits new players from entering the cooking oils and fats market due to the high initial outlay.The cooking oils and fats market was worth US$59,782.3 million in 2014 and is anticipated to be worth US$65,270.6 million by 2021, growing at a meager 1.2% CAGR from 2015 to 2021. By volume, the market was valued at 21,204.5 million kg in 2014 and will reach 22,333.1 million kg by 2021, growing at a 0.7% CAGR between 2015 and 2021.

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RoW to Dominate Global Cooking Oils and Fats Market

The global cooking oils and fats market is segregated on the basis of products and geography. By products, the market is divided into vegetable and seed oil, butter, olive oil, spreadable oils and fats, margarine, and cooking fats. Among the product segments, vegetable and seed oil dominated the market and will continue to enjoy the leading market position in the coming years.

Geographically, the market is divided into North America, Asia Pacific, Europe, and Rest of the World (RoW). In 2014, Asia Pacific and Europe collectively accounted for more than 50% of the global cooking oils and fats market. The same year, Rest of the World exhibited the fastest y-o-y growth, followed by Asia Pacific, in the global cooking oils and fats market.For the period of 2015-20121, the cooking oils and fats market in Rest of the World will display the fastest growth at a 1.6% CAGR, followed by Asia Pacific. Wilmar International Ltd, Associated British Foods plc, Ajinomoto Co., Unilever plc, and CHS Inc. are major vendors with significant presence in the global cooking oils and fats market.

Global Cooking Oils and Fats Market to Reach US$65.2 bn by 2021, Driven by Increasing Demand from RoW

Transparency Market Research has published a new report on the global cooking oils and fats market. As per the report, the global cooking oils and fats market is expected to progress from US$59.8 bn in 2014 to US$65.2 bn by 2021. The report, titled ‘Cooking Oils and Fats Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021’, states that the global cooking oils and fats market is expected to expand at a 0.7% CAGR during the period from 2015 to 2021.

Cooking fats and oils form an essential part of a healthy diet. Dietary fats are essential for human health. Whereas saturated fats increase the level of low-density cholesterol in the human body, polyunsaturated and monounsaturated fats help lower the levels of harmful cholesterol in the body and in fact may enhance the levels of beneficial high-density cholesterol. Drinks and food products contain various nutrients essential for the growth of the human body. Dietary fats are essential for various processes such as for making hormones and for circulating essential vitamins in the human body. The increasing demand for cooking fats and oils in developing and developed nations is expected to propel the global market for cooking oils and fats during the forecast period.

The global cooking oils and fats market is segmented on the basis of region and product type. Based on region, the global cooking oils and fats market is divided into Europe, North America, Asia Pacific, and Rest of the World. In 2014, in terms of revenue, Rest of the World dominated the global cooking oils and fats market. Increasing disposable income and changing lifestyle trends are expected to propel the Rest of the World cooking oils and fats market in the years to come. The Rest of the World cooking oils and fats market is predicted to expand at a 1.60% CAGR during the period from 2015 to 2021, a rate more than twice as much as that of the global market. The Asia Pacific cooking oils and fats market is predicted to be the second largest market in the coming few years.

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Wilmar International Ltd, Associated British Foods plc, Ajinomoto Co. Inc., Unilever plc, and CHS Inc. are some of the leading companies in the global cooking oils and fats market. The introduction of new products by new entrants is expected to increase the level of competition for the leading players in the global cooking oils and fats market in the coming five years. By product type, the global cooking oils and fats market is classified into vegetable and seed oil, butter, olive oil, cooking fats, spreadable oils and fats, margarine, and others. In 2014, in terms of revenue, the global cooking oils and fats market was dominated by the vegetable and seed oil segment.

Excessive consumption of oils and fats pose various health issues, thus hampering the growth of the global cooking oils and fats market. Processed foods such as doughnuts, pizza, and French fries contain high amount of trans fats, which affect the human health adversely if consumed regularly. However, the use of high-quality oils and edible oils is predicted to propel the global cooking oils and fats market in the years to come. Suitable replacements for trans fats will create new growth opportunities for the global cooking oils and fats market in the next few years.

Key Segments of Global Cooking Oils and Fats Market

Global Cooking Oils and Fats Market, by Product Type

• Vegetable and Seed Oil
• Spreadable Oils and Fats
• Butter
• Margarine
• Olive Oil
• Cooking Fats

Global Cooking Oils and Fats Market, by Geography

North America

• U.S.
• Rest of North America

Europe

• Germany
• U.K.
• France
• Italy
• Rest of Europe

Asia Pacific

• China
• India
• Rest of Asia Pacific

Rest of the World (RoW)

• Brazil
• A.E.
• South Africa
• Others