Cooking Oil Market Size, Opportunities and Forecast By 2030

Description

As per the Market Statsville Group (MSG), the global cooking oil market size is expected to grow from USD 154,961.2 million in 2021 to USD 250,896.4 million by 2030, gowing at a CAGR of 5.5% during the forecast period (2022-2030). Cooking oils are naturally liquid at room temperature; however, some oils that contain saturated fat, such as coconut oil, and palm kernel oil, remains solid even in slightly low temperature. The common edible oils are mostly vegetable oils, including but not limited to sesame oil, peanut oil, olive oil, palm oil, rapeseed oil, corn oil, camellia oil, canola oil, sunflower seed oil, linseed oil (soma oil), grape seed oil, soybean oil, walnut oil, peony seed oil, and other vegetable oils.

Recent years have seen consumer inclination toward organic, natural, and GMO-free products. Thus, demand for organic edible oil has gained huge popularity, particularly in the last four years. Leading players upgrade their product offerings with organic and Non-GMO certified cooking oils to cater to this new opportunity. For instance, Nutiva unveiled organic liquid coconut oils were USDA Certified Organic and Non-GMO Project Verified liquid hexane-free oil made without chemicals or filler oil. On similar lines to cater burgeoning demand for Non-GMO oils, Whole Harvest, a subsidiary of Bunge North America, has expanded its facilities to cater to the demand for Non-GMO soybean and canola oils for food service operators in the US and Canada. Therefore, demand for organic and non-GMO certified oils is likely to gain huge traction in the years to come.

However, the cooking oil industry faces multiple challenges, including but not limited to counterfeiting, adulteration, and deception. Adulteration of cooking oil results in a myriad of diseases, including but not limited to gall bladder cancer, glaucoma, dropsy, and loss of eyesight.

Global Cooking Oil Market Definition

Cooking oil is mainly extracted from oilseeds used for frying, baking, and other types of cooking. Cooking oil is also known as edible oil or vegetable oil. Cooking oil is also used to prepare flavorings and foods that do not require heat, such as bread dips and salad.

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COVID-19 Impact on the Global Cooking Oil Market

COVID-19 left a high impact on the cooking oil industry; the major challenge faced by the key players was the shortage of labor supply as people were restricted to stay at home. Furthermore, the production, processing, and supply of cooking oil required a work force to compete with the rising demand from the residential segment.

Moreover, there was a drop in demand from the side of bulk cooking oil buyers such as cafes, restaurants, and hotels. Moreover, many food processing industries were also shut down due to the labor shortage, leading to a fall in demand for cooking oil. In addition, many distribution channels were closed in the first phase of the pandemic, which increased the online supply of food and beverages in most developed and developing countries to fulfill the daily requirement of cooking oil.

Global Cooking Oil Market Dynamics

Drivers: Increasing demand for organic cooking oil to provide growth impetus

Globally, consumers are adopting chemical-free or organic products due to the awareness regarding the advantages of chemical-free products. Organic cooking oils are also attracting the consumer’s attention as they are manufactured in an extraordinary range by animals, plants, and other organisms through ordinary metabolic procedures. They also benefit from maintaining the stability of the aroma and original flavor in the food. Additionally, the growing wakefulness regarding the health benefits of organic products is driving the market for edible organic oil, as the oil is known well for heart health and is efficient in boosting the energy level among its consumers.

Restraints: Counterfeiting of cooking oil fetching the restraints of the market

Counterfeiting is a crime that involves the manufacturing or distribution of goods under someone else's name without their permission. This practice is common in the global cooking oil market. In addition, outright theft and adulteration is causing havoc in the global cooking oil market. In North America, the major oil scam is of olive oil.

There is an olive oil shortage owing to the climatic combination and running Xylella fastidiosa and bacterium pandemic in the olive-producing regions. In addition, the all-over olive production is down in the Mediterranean region such as Morocco, Turkey, Greece, and Tunisia, which has only intensified the problem. Furthermore, in the U.S., the manufacturers have been mixing their olive oil produced with cheaper oils like the low-quality sunflower oil and canola oil to meet the demand and decrease the cost of production.

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Scope of the Global Cooking Oil Market

The study categorizes the cooking oil market based on product type, end-users, and distribution channels at the regional and global levels.

By Product Type Outlook (Sales/Revenue, USD Million, 2017-2030)

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

By End-Users Outlook (Sales/Revenue, USD Million, 2017-2030)

• Residential
• Food services
• Food processor

By Distribution Channel Outlook (Sales/Revenue, USD Million, 2017-2030)

• Supermarket/Hypermarket
• Independent retail stores
• Business to Business
• Online sales channels

By Region Outlook (Sales/Revenue, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

The plam tree segment is projected to account for the largest market share, by product type

By product type, the global market is segregated into palm oil, soy oil, sunflower oil, peanut oil, olive oil, rapeseed oil, and other cooking oils. The palm oil segment was the highest contributor to the market, with a market share of 29.5% in 2021. Palm oil is a vegetable oil extracted from the fruit of palm tree. It is extracted by either crushing the kernel in the middle of the fruit or squeezing the ample fruit. The majority of the palm oil trees are grown in Malaysia and Indonesia, which are the most diverse tropical forests in the world.

Palm oil is a rich source of carotenes, antioxidants, and Vitamin E. It is a good ingredient for cancer patients and those who have the problem of Alzheimer's, arthritis, and atherosclerosis, which is a driving factor of palm cooking oil consumption. Furthermore, increasing population and declining arable land around the developed regions are encouraging the plantation and growth of crude palm oil in order to meet the regional need for consumption. In addition, palm oil is highly demanded as it remains semi-solid at room temperature and it, is unaffected by oxidation and provides the products a longer shelf-life. Moreover, the oil remains stable at high temperatures and is known for providing good texture and crunch to the fried food, also, it is colorless and odorless, so it doesn’t change the smell and appearance of the food products.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global cooking oil market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. The Asia Pacific is the fastest-growing region, followed by North America. Asia Pacific is growing at a CAGR of 5.9% during the forecast period. The Asia-Pacific cooking oil market is analyzed across China, Japan, India, ASEAN, Australia, and the rest of Asia-Pacific. Asia-Pacific has been considered as the dominant region in the global cooking oil market. In addition, China, the 2nd largest developed country with a GDP of 14.7 trillion, followed by the U.S., has the highest population of 1.4 billion people globally.

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One of the growth factors of the cooking oil market in the North American region is the high consumption of fast food and processed food, which have raised the demand for cooking oil. Moreover, U.S. food culture is known for deep frying; people in this country highly prefer consuming deep-fried food such as snacks, beef, chicken wings, corn dog, deep-fried pickles, and deep-fried twinkies, which has increased the demand for cooking oil in the U.S.

Key Market Players in the Global Cooking Oil Market

There has been an increasing trend of using organic cooking oils among consumers. Furthermore, there has been the introduction of algae cooking oil in recent years. It contains the lowest carbon footprints of all oils. It is resolving many concerns in the food industry at present, including a high omega-9 profile, sustainability, and low saturated fat.

Major players in the market are:

• Archer-Daniels-Midland Company
• Bunge Limited
• Louis Drayfus Company
• Cargill
• Wilmar International.
• American Vegetable Oil
• Fuji Oil
• Indo Agri
• J-Oils
• Richardsons International

Article source: https://article-realm.com/article/Finance/23276-Cooking-Oil-Market-Size-Opportunities-and-Forecast-By-2030.html