Market Highlights
The Global Cooking oils & fats market share is estimated to be valued at USD 74,865.82 Million by 2024 and is expected to register a CAGR of 1.77% during the forecast period. The global cooking oils and fats market is expected to register a prominent growth during the forecast period. Increasing consumption of oils and fats in the foodservice industry, rising global population, and increasing demand for bakery & confectionery, and processed & convenience foods are expected to boost the market growth.
However, increasing health concerns and stringent legislation for cooking oils and fats are hampering the growth of the market. Increasing investment in R&D along with technological advancements offer opportunities for market growth while the major challenge faced by manufacturers of cooking oils and fats is the fluctuating prices of raw materials in the global market.
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Segmental Analysis
The global cooking oils & fats market share has been segmented on the basis of type, source, application, and region.
By type, the market has been divided into oils and fats. The oils segment is estimated to retain its dominance throughout the forecast period of 2019 to 2024. The oils segment is projected to be valued at USD 49,145.87 Million by the end of 2024. The oils segment has been further divided into palm oil, soybean oil, sunflower oil, rapeseed oil, olive oil, and others. Among the oils segment, the palm oil segment accounted for the largest market share of 22.66% in 2018, and the segment is projected to expand at a moderate growth rate of 1.15% during the forecast period. The fats segment is projected to witness a stupendous growth rate of 2.09% during the forecast period. The fats segment has been further divided into butter, margarine, lard & tallow, and others. Among the fats segment, the butter segment accounted for 33.19% in 2018 and is projected to expand at a below average growth rate during the forecast period. However, the lard & tallow segment is projected to exhibit a significant growth rate during the review period.
Based on the source, the global cooking oils & fats market share has been segmented into plant and animals. The plant segment accounted for 73.00% in 2018, and it is projected to register a CAGR of 1.63% during the forecast period. The most commonly used plant sources for the production of oils and fats are coconut, olive, palm, peanut, sesame, soybean, and sunflower. In recent years, the demand for rice bran oil has also witnessed an exponential boost due to increasing health awareness among consumers. However, the animals segment is projected to witness the highest growth rate of 2.13% during the forecast period.
Based on application, the global cooking oils & fats market share has been classified as bakery & confectionery, convenience foods, sauces, spreads & dressings, and others. The bakery & confectionery segment has accounted for the largest market share of 35.44% in 2018, and it is projected to be valued at USD 25,278.66 Million by the end of 2024 and register a CAGR of 0.94% during the forecast period. However, the sauces, spreads & dressings segment is projected to witness the highest growth rate of 2.26% during the forecast period.
Market Players
Market Research Future recognizes Bunge Limited (US), Associated British Foods PLC (UK), Conagra Brands, Inc. (the US), Archer Daniels Midland Company (US), United Plantations Berhad (Malaysia), IFFCO (UAE), AAK AB (Sweden), Cargill, Incorporated (US), James Richardson & Sons, Limited (Canada), and Wilmar International Ltd (Singapore) as the key players in the global cooking oils & fats market share.
Regional Analysis
Geographically, the global cooking oils & fats market share has been segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW). As per the MRFR analysis, Asia-Pacific dominated the market, accounting for the largest share in 2018. Moreover, Asia-Pacific is expected to register the highest CAGR of 2.54% during the assessment period. The European market accounted for the second-largest market share in 2018. The market in Europe is estimated to reach USD 17,556.22 Million by the end of 2024, with Germany being the leading domestic market.
Key Findings of the Study:
The global cooking oils & fats market share is projected to reach USD 74,865.82 Million by 2024 at a 77% CAGR during the review period of 2019 to 2024.
Asia-Pacific accounted for the largest market share in 2018, with China being the major contributor to the growth of the regional market.
The plant segment is projected to dominate the global cooking oils & fats market share, by source, during the forecast
The bakery & confectionery segment accounted for the global cooking oils & fats market share, by application in 2018 and, it is estimated to retain its dominance throughout the forecast period.
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