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2021
Cooking Oil Market

Cooking Oil Market

by Type (Palm Oil, Soy Oil, Sunflower Oil, Peanut Oil, Olive Oil, Rapeseed Oil and Others), End User (Residential, Food Services, Food Processing) and Distribution Channel (Hypermarket/Supermarket, Independent Retail Store, Business to Business and Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2021-2027
Update Available On-Demand

Report Code: A11275
Pages: 327
May 2021 | 4307 Views
Author(s) : Samriddhi Chauhan , Roshan Deshmukh
Tables: 165
Charts: 71
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COVID-19

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The cooking oil market size was valued at $168.4 billion in 2019, and is projected reach $213.1 billion by 2027, registering a CAGR of 5.5% from 2021 to 2027. The palm oil segment led in terms of the cooking oil market share in 2019, and is expected to retain its dominance during the forecast period.

Fortification of cooking oil is an emerging process in order to add on some myriad of micronutrients into the cooking oil to enhance nutritional value of the oil. According to FSSAI, fortification of cooking oil can help an individual to meet 25-30% of the required dietary intake for vitamin D & A. Furthermore, this process of fortification started in India, owing to a major deficiency of vitamins A & D in children. Thus, demand for fortified cooking is driving the global market.

Cooking-Oil-Market,-2021-2027

Palm oil which holds the major share in the global cooking oil market is highly impacted by import bans by developed economies of North America and Europe. For instance, U.S. has banned the import of palm oil from the Malaysian company Sime Darby Plantation Berhad. It is the third Malaysian company to be slapped with an import ban over allegations of using forced labor. Similarly, Sri Lanka have imposed ban on import of palm oil and new palm plantations. According to some estimates, Sri Lanka imports about 200 KT of palm oil from Indonesia and Malaysia annually. Such bans and restriction negatively impacts the palm oil industry which in turn hampering the expansion of cooking oil market. In addition, Palm oil cultivation has been associated with deforestation, associated loss of bio diversity and land use change. Over the past 4 decades, palm oil have resulted in 16% and 47% deforestation in Indonesia and Malaysia respectively. Such environmental concerns further dissuades market expansion and results in upward price pressure on other edible oils.

The global cooking oil market is segmented based on product type, distribution channel, and region. Based on product type, the global market is divided into palm oil, soy oil, sunflower oil, peanut oil, olive oil, rapeseed oil, and others. By end user, the market is divided into residential, food services and food processing. By distribution channel, the market is categorized into hypermarket/supermarket, independent retail store, business to business and online sales channel. Region-wise, the global market is studied across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, and the rest of Europe), Asia-Pacific (China, India, Japan, ASEAN, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and the rest of LAMEA).

Cooking Oil Market
By Product Type

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Other oil segment would exhibit the highest CAGR of7.4% during 2021-2027.

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On the basis of product type, the global market is categorized into palm oil, soy oil, sunflower oil, peanut oil, olive oil, rapeseed oil, and others. In 2019, palm oil segment   accounted for the highest market share owing to its high nutritional value competitive prices however, others segment is likely to be the fastest growing segment during the forecast period.

Cooking Oil Market
By End User

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Food service segment would exhibit the highest CAGR of 6.2% during 2021-2027.

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On the basis of end user, the market is divided into residential, food services and food processing. The residential segment leads in terms of market share and is contributing to almost half of the cooking oil revenue. However, the food services segment is expected to be the fastest growing segment during the forecast period. 

Cooking Oil Market
By Distribution Channel

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Online stores channels segment would exhibit the highest CAGR of 7.4% during 2021-2027.

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On the basis of distribution channel, the market is classified into hypermarket/supermarket, independent retail stores, business to business and online sales channels. The hypermarket/supermarket segment is dominating the market. However, the online segment is expected to grow with the highest CAGR during the forecast period.

Cooking Oil Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia Pacific region would exhibit the highest CAGR of 5.9% during 2021-2027.

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Some of the major players profiled in the cooking oil market analysis include Archer-Daniels-Midland Company, American vegetable oil, Bunge Limited, Cargill, Fuji oil, Indo Agri, J-Oils, Louis Drayfus Company, Richardsons International and Wilmar International.

COVID-19 impact analysis

  • The food service segment of cooking oil market was impacted severely due to the pandemic owing to the closure of hotels and restaurants across the globe in an attempt to prevent the spread of coronavirus.
  • Manufacturers are comprehending strategies to revive from the current situation by means of reshaping their sales channels as well as product innovation.
  • The duration of the virus outbreak remains a key factor in assessing the overall impact of the pandemic. However, the global cooking oil industry for food service segment is expected to stabilize after 2021.

Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current and emerging cooking oil market trends and opportunities.
  • The report provides detailed qualitative and quantitative analysis of the current trends and future estimations that help evaluate the prevailing cooking oil market opportunities in the market.
  • The cooking oil market forecast is offered along with information related to key drivers, restraints, and opportunities.
  • The market analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
  • The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable market growth.

Key Market Segments

By Type

  • Palm oil 
  • Soy oil
  • Sunflower oil 
  • Peanut oil 
  • Olive oil 
  • Rapeseed oil 
  • Others

By Distribution Channel

  • Hypermarket/supermarket 
  • Independent retail store
  • Business to business 
  • Online sales channel

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • ASEAN
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA
 

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Last decade have seen increasing trend of usage of organic cooking oils among the consumers. Furthermore, recent years have also seen introduction of algae cooking oil. Algae oil contains the lowest carbon footprints of all oils. It is resolving many concerns in the industry of food at present, including a high omega-9 profile, sustainability, and low saturated fat. In addition, algae cooking oil can be perfectly used for industrial frying, blending with other cooking oils and pan spraying. With multiple benefits offerings, algae oil to remain in cynosure for upcoming years as well

CXO further added, cooking oil such as corn oil, canola oil and soy oil are the richest nutritional sources of polyunsaturated fats, which helps in reducing the risk of  heart disease, lowers bad cholesterol and others. This in turn has increases the consumer demand amongst health conscious consumers. 

In addition, engaged players in the industry are paying high attention towards packaging in order to reduce carbon footprint and thus venturing into circular economy. Developed regions are spearing for paradigm shift with developing region to follow the suit soon

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FREQUENTLY ASKED QUESTIONS?

A. The market value of cooking oil in 2019 is $168.4 billion

A. The forecast period of cooking oil market is from 2021 to 2027.

A. 2019 is the base year for the calculations in the report

A. Major companies which are holding the market share of cooking oil market are Archer-Daniels-Midland Company, Bunge Limited, and Cargill Corporation.

A. Food service is the most influencing segment growing in the Cooking Oil Market report.

A. Palm oil holds the maximum market share in cooking oil market

A. The company profile has been selected on the basis of prominent players in the market.

A. The market value of cooking oil market in 2027 is $213.8 billion

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