The global cooking oils and fats market size was valued at $63,342.0 million in 2020, and is projected to reach $104,660.2 million by 2031, registering a CAGR of 4.5% from 2022 to 2031. Cooking oils and fats contain essential fatty acids, which play a vital role in humans. Cooking oils and fats are composed of saturated, polyunsaturated, and monounsaturated fatty acids in different proportions. Saturated fats increase body cholesterol levels, whereas monounsaturated and polyunsaturated fatty acids lower the cholesterol level in the human body. Dietary fats play a crucial role in various biochemical pathways of the body.
Increase in demand for cooking oils and fats in emerging markets such as India, Indonesia, and Argentina fuels the cooking oils and fats market growth. Furthermore, consumer disposable income growth and a busy lifestyle increase the demand for processed and convenience foods globally, which directly drives market expansion.
The COVID-19 outbreak has disrupted food & beverage supply chain all across the globe. Furthermore, the impact of pandemic on society and the economy has been witnessed as a result of lockdowns across the globe. Labor mobility restrictions, travel bans, airline suspensions, and most importantly, a slowdown in the economy has affected the sustainability of supply chains of food & beverage industry all across the globe. Consumers' consumption habits have been changed by their perception of the risk associated with COVID-19. To reduce the risk of infection, consumers used delivery services to buy groceries and food products. Furthermore, fear of potential food ingredient shortages has fueled the hoarding trend in consumers. The unavailability of raw materials has raised new concerns for market players.
By Product Type
Olive Oil segment would exhibit the highest CAGR of 6.1% during 2022-2031, owing to the increased demand of healthy food alternatives by the consumers in order to maintain proper health condition.
The cooking oils and fats market is segmented on the basis of product type, form, distribution channel, and region. On the basis of product type, the market is segmented into vegetable & seed oil, spreadable oils & fats, butter, margarine, olive oil, and others. By form, the market is segmented into liquid and solid. On the basis of distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, online channels, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and rest of LAMEA).
On the basis of product type, the vegetable & seed oil segment gained a major share in the global market in 2021 and is expected to sustain its market share during the cooking oils and fats market forecast period. The vegetable & seed oil segment was valued at $29,123.7 million in 2020 and is expected to reach $42,962.4 million by 2031, with a CAGR of 3.4%. The growth of this segment is due to the rapid increase in sales of food products from the food service outlets. Vegetable oil is the most common product used for preparing food as it comes at a low price compared to other alternatives.
By Form
Solid segment would exhibit the highest CAGR of 5.6% during 2022-2031, owing to the increased popularity of solid cooking oils and fats due to is easy usage and availability.
According to cooking oils and fats market trends, on the basis of form, the liquid segment was valued at $55,142.0 million in 2020 and is expected to reach $89,476.8 million by 2031, with a CAGR of 4.3%. Liquid is the most common form used by individuals for cooking. Liquid oil comparably takes less time to heat and has less water content as compared to other solid fats such as butter and margarine.
On the basis of distribution channel, the online segment was valued at $6,703.7 million in 2020 and is projected to reach $12,817.3 million by 2031; registering a CAGR of 5.9%. Factors such as changes in purchasing habits and increase inpopularity of e-commerce channels have boosted the distribution of cooking oils and fats through online channels. The emerging economies such as India and China have witnessed significant adoption of cooking oils and fats due to urbanization, economic growth, and surge in the middle-class population.
By Distribution Channel
Online Channel segment would exhibit the highest CAGR of 5.9% during 2022-2031, owing to the increased association of internet and e-shopping with consumers in developing region.
Region wise, Asia-Pacific dominated the cooking oils and fats market in 2020, and is expected to be dominant during the forecast period. The key driving factors of the market include a higher usage of cooking oils for preparing delicacies by the food service outlets. Currently new food outlets and food service restaurant chains are growing all across India, China, and Japan, driving the demand for cooking oils and fats.
According to the global cooking oils and fats market analysis, the market players have adopted various developmental strategies to expand their cooking oils and fats market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Ajinomoto Co. Inc., Archer-Daniels-Midland Company, Associated British Foods Plc., Bunge Ltd., Cargill Incorporated, CHS Inc., Conagra Brands Inc., Fuji Oil Holdings Inc., Ghananuts Company Limited, and Wilmar International Ltd.
By Region
North America would exhibit the highest CAGR of 5.9% during 2022-2031, owing to the increase in westernization and adaption of innovative cooking oils and fats products among consumers in the region.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2022-2031 to identify the prevailing opportunities.
- The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis along with market size and segmentation assist to determine the prevailing cooking oils and fats market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the cooking oils and fats industry.
Cooking Oils and Fats Market Report Highlights
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Analyst Review
Trans fats cause health hazards such as heart disease, cancer, diabetes, allergies, obesity, and other disorders. Many alternatives to trans fats are available in the food sector, which are produced in delayed and costly procedure. Cooking vegetable oils and fats are popular alternatives to trans fats as they enhance taste, offer health advantages, and are cost-effective.
The global market for cooking oils and fats has grown significantly in recent years, owing to the rise in population and high per capita consumption of cooking oils and fats in the developing countries such as India, Brazil, and Argentina. Furthermore, increase in health consciousness among consumers and decline in retail costs for vegetable oils for lower-income groups boost the global market. Consumption of higher priced olive oil and low-fat & low-cholesterol oils has increased as health-consciousness of customers grows. Regional players of Argentina have decreased the price of vegetable oils to make it more available for lower income population.
The global cooking oils and fats market size was valued at $63,342.0 million in 2020, and is projected to reach $104,660.2 million by 2031
The global Cooking Oils and Fats market is projected to grow at a compound annual growth rate of 4.5% from 2022 to 2031 $104,660.2 million by 2031
The key players profiled in this report include Ajinomoto Co. Inc., Archer-Daniels-Midland Company, Associated British Foods Plc., Bunge Ltd., Cargill Incorporated, CHS Inc., Conagra Brands Inc., Fuji Oil Holdings Inc., Ghananuts Company Limited, and Wilmar International Ltd.
Asia-Pacific dominated the cooking oils and fats market in 2020
Increase in awareness of fat and oil fortification, rise in relevance of vegetable oil as a crucial element in lowering the risk of cardiovascular disease & breast cancer, increase in demand in confectionery & bakery, processed & ready-to-eat foods, and the expansion of hotels, cafés, & restaurants drive the growth of the global cooking oils & fats market.
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