The Global Edible Oils Market is projected to reach USD 268.9 billion by 2027 from USD 212.6 billion by 2022, recording a CAGR of 4.8% from 2022 to 2027. Edible oils are the principal source of unsaturated fats and vitamin E in human diets and are widely employed in industrial food manufacturing and home cooking around the world. Cardiovascular disease is one of the leading causes of death, worldwide. Evidence from scientific research suggests that edible oils may have positive impacts on cardiovascular health. While olive oil and sunflower seed oil are known to lower blood cholesterol, red palm oil has recently been found to help the heart recover from ischaemia-reperfusion injury. It is evident that incorporating edible oils into daily diet might significantly lower the mortality risk from heart disease. Thus, consumers, food services and industries are widely preferring edible oils over animal-derived fats and oils for cooking.
Europe is projected to hold the second-largest share in the global edible oils market in 2027
In Europe, rapeseed is a crucial oilseed crop. The continent is a world leader in rapeseed oil production. A study titled, ‘The Rapeseed Potential in Poland and Germany in the Context of Production, Legislation, and Intellectual Property Rights’, published in 2019, highlighted the potential for further rapeseed market development in the European Union (EU) with a focus on Poland (12% of EU production) and Germany (19% of EU production). Increased rapeseed production and cultivation areas are key factors for the expansion. Rapeseed oil is expected to continue to gain edible oils market share in Europe owing to investments in research and development (R&D) of the crop, as indicated by the figures for European patent publications and Community Plant Variety Rights.
North America has been witnessed to have numerous growth prospects for the edible oils market with a CAGR of 3.27% during the forecast period (2022-2027)
North America is one of the most potential markets for edible oils industry owing to the growing demand for processed food products influenced by hectic lifestyles and changing eating habits of the region. The number of food processing companies in the North American market is rising at a fast pace. The preferences of modern-day consumers are increasingly inclining toward fast foods, which have very high concentrations of fats and oils. The market in the US is driven by robust demand for soybean oils that are extensively utilized in savory & snacks, convenience foods, and indulgent bakery and confectionery products. The United States is the largest producer and exporter of soybeans. Soybeans account for over 90% of US oilseed production. Companies such as Cargill, Incorporated and Bunge Ltd are giant players in the edible oils market of US. These companies have occupied major market shares through acquisitions, expansions, mergers, significant partnerships, and upscaling their production capacity and efficiency. The future growth trajectory of edible oils in the US hinges on the ability of global giants to develop healthy, versatile, and high sensory profiles of novel edible oils.
Key Market Players
Top edible oils companies include Cargill, Incorporated (US); Archer Daniels Midland Company (ADM); Bunge Limited (US); Louis Dreyfus Company (Netherlands); Wilmar International Limited (Singapore); and Adani Wilmar Limited (AWL) (India); Associated British Foods PLC (ABF) (UK); Sime Darby Plantation Berhad (Malaysia); and Borges International Group, S.L.U. (Spain).
