Global Cooking Oils and Fats Market Overview:
Global cooking oils and fats market size accounted for $60,399 million in the year 2015, and is expected to grow at a CAGR of 1.12% to reach $65,260 million by 2022. Technological advancements in the manufacturing process of cooking oils and fats drive the cooking oils and fats market.
Cooking oils and fats are made up of saturated, polysaturated, and monosaturated fatty acids. Saturated fats increase the body cholesterol levels, while monosaturated and polysaturated fats tend to lower cholesterol level in the body. The global cooking oils and fats market is segmented on the basis of product type and geography. Based on product type, the cooking oils and fats market is segmented into vegetable & seed oils, spreadable oils & fats, butter, margarine, olive oil, and other oils & fats. Based on geography, the global cooking oils and fats market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Furthermore, the cooking oils and fats market covers the strategies adopted by key market players to sustain stiff competition and increase their market shares.
Primary Interview Responses Split
Increase in consumption of cooking oils and fats in households in foodservices drives the cooking oils and fats market. Increase in global population has led to increase in consumption of cooking oils and fats; thereby, fueling the growth of the cooking oils and fats market during the forecast period.
Increase in awareness of obesity and its association with heart diseases and diabetes is responsible for the changing food trend among consumers. Cooking oils and fats manufacturers have focused on manufacturing healthier products, including low-cholesterol and low-carbohydrate foods to cater to the growing demand from health-conscious consumers. Cooking oils, such as soybean oil and coconut oil, are beneficial for health by reducing the risk of heart diseases.
Cooking Oils and Fats Market Segmentation
Top Winning Strategy
The winning strategies described below have been derived by analyzing the profiles of key market players in the cooking oils and fats market. The strategies adopted by these key leaders have been obtained and analyzed based on their recent developments. The data obtained through press releases by the companies is limited to the information available on public domains. The key strategies tracked from the recent developments of the companies in the cooking oils and fats market include:
Product launch: Cooking oils and fats with integration for different applications are introduced in the market.
Acquisition: Takeovers implemented by market leaders to strengthen their reach to customers or enhance technical capabilities.
Agreement and partnership: Leading players sign supply & sales agreements and plant manufacturing partnerships to increase their market share and compete with other players.
Geographical expansion: Geographical expansion of companies helps them to gain access to new market and reduce costs of their products.
Top Winning Strategies, 2014-2016 (%)
The market is driven by the product launches strategy, accounting for 31.2% of the total strategies. Acquisitions, agreements, and partnerships are the other prominent strategies adopted by key players to sustain the stiff competition in the market. Acquisitions & mergers, partnerships & agreement, and geographical expansions accounted for 25%, 25%, and 18.75% of the total strategies, respectively.
Top Impacting Factors, 2015
Increase in the number of restaurants, fast food joints, and quick service restaurants drives the global cooking oil market. The number of fast food joints or restaurants has increased due to rise in disposable income and improvement in standards of living. The number of fast food restaurant outlets increased by 50% in several cities of the U.S. during 2007-2012. Furthermore, palm, sunflower, and rapeseed oils are popularly used in the fast food service restaurants.
Cooking oils, such as olive oil, coconut oil, palm oil, butter, and avocado oil offer several health benefits. Coconut oil, for instance, is a rich source of a fatty acid, Lauric acid, which improves cholesterol and kills bacteria and other pathogens. Similarly, olive oil raises HDL (good) cholesterol and lowers the amount of oxidized LDl cholesterol circulating in the bloodstream. Avocado oil contains an antioxidant that improves eye health. Palm oil contains a carotenoid known as beta-carotene that can be converted to vitamin A, which is used to promote eye, bone, and immune health.
The cooking oil and fat market in North America is driven by technologically advanced processes used in manufacturing by market players, high per capita income, and increase in consumption of fast food among the population. Public health agencies have taken significant efforts to promote the consumption of low-calorie, cholesterol-free cooking oils. Well-educated, higher-earning consumers use these products to reduce the effects of aging This is has increased the demand for foods that are healthy, natural, and nutritious, which in turn is expected to drive the cooking oil and fat market in North America during the forecast period.
The countries included in the LAMEA region are South America, Middle East, and Africa. Rapid developments in the Middle East in terms of infrastructure and technology have boosted the LAMEA market, which has led to the growth of the cooking oils and fats market forecast in LAMEA.
The key players profiled in the report include Unilever PLC, Cargill, Inc., International Foodstuff Company Limited, United Plantations Berhad, Wilmar International Limited, Archer Daniels Midland Company, Associated British Foods plc, Bunge Limited, CHS Inc., and ConAgra Foods Inc.
The other key players (not profiled in the report) in the market value chain include Marico, Mother Dairy, IBT Foods [Asia] Limited, Ruchi Soya Industries Limited, Rasoya Protein Limited, and others.
- This report provides an extensive analysis of the current trends, future estimations, and dynamics of the global cooking oils and fats market from 2014 to 2022 to identify the prevailing opportunities.
- Exhaustive analysis of the market predicts the products that are currently used along with the variants that are expected to gain prominence in the future.
- Competitive intelligence of leading manufacturers and distributors highlights the competitive scenario across geographies.
- Comprehensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key market players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook.
Cooking Oils and Fats Market Key Segments
By Product Type
- Vegetable and Seed Oil
- Spreadable Oils and Fats
- Olive Oil
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the world (LAMEA)
- South America
- Middle East