Visiongain Publishes Vegetable Oil Market Report 2023-2033
25 May 2023
Visiongain has published a new report entitled Vegetable Oil Market Report 2023-2033: Forecasts by End-use (Food Industry (Baking and Frying Processes, Salads and Cooking Oils, Margarine and Other Spreads, Processed and Frozen Foods, Fatty Ingredients and Others), Industrial (Pharmaceuticals, Cosmetics, Lubricants, Paints), Biodiesel Feedstock), by Type (Palm Oil, Soybean Oil, Rapeseed Oil, Sunflower-seed Oil, Palm Kernel Oil, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global vegetable oil market was valued at US$323.18 billion in 2022 and is projected to grow at a CAGR of 6.2% during the forecast period 2023-2033.
Increasing Demand for Plant-Based Products
The rising awareness of the environmental impact of animal agriculture and the ethical concerns associated with it have led to an increased demand for plant-based products. Vegetable oils, being derived from plants, are considered a sustainable and cruelty-free choice. The growing popularity of plant-based diets and veganism has boosted the demand for vegetable oils as a key ingredient in various plant-based food products, such as vegan spreads, dressings, and alternative dairy products.
How has COVID-19 had a significant negative impact on the Vegetable Oil Market?
The economic downturn caused by the pandemic has had a direct impact on consumer spending patterns. Reduced incomes, job losses, and financial uncertainties have led to changes in purchasing behaviour. Consumers have become more price-conscious and have focused on essential goods, leading to a decline in discretionary spending on non-essential food items, including higher-priced specialty vegetable oils. The closure of restaurants, cafes, hotels, and other food service establishments due to lockdowns and social distancing measures has significantly reduced the demand for vegetable oils used in commercial food preparation. The decline in dine-in services and the shift towards takeout and delivery options have resulted in a decreased requirement for bulk vegetable oils typically used in food service operations.
How will this Report Benefit you?
Visiongain’s 329-page report provides 156 tables and 220 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global vegetable oil market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for vegetable oil. Get financial analysis of the overall market and different segments including type, end-use, industrial, and food industry and capture higher market share. We believe that there are strong opportunities in this fast-growing vegetable oil market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Global Demand for Biofuels Rises
Global demand for biofuels rises, a shortage of cooking oil is expected to occur. The shift towards biofuels is driving up demand for vegetable oil, which is also commonly used for cooking. The increased demand has caused prices to rise, potentially leading to a shortage of cooking oil in some regions. This could have significant implications for countries that rely heavily on vegetable oil for cooking and may need to import more to meet demand.
For Instance, in 2022, the global sunflower oil trade was disrupted and prices soared to record highs due to Russia's invasion of Ukraine. This led to increased demand for palm and soybean oil as substitutes. Despite this, most countries did not relax their biofuel policies, resulting in reduced demand for vegetable oil among consumers in developing nations.
Where are the Market Opportunities?
Use of Vegetable Oils in the Pharmaceutical Industry Is Growing
The use of vegetable oils in the pharmaceutical industry is growing, and this presents a significant opportunity for vegetable oil producers. Vegetable oils have a wide range of applications in pharmaceuticals, including as excipients (substances used as a carrier for active pharmaceutical ingredients), solvents, and emulsifying agents. They are also used in the production of soft gel capsules, which are widely used for the delivery of drugs, vitamins, and other dietary supplements.
One of the key advantages of using vegetable oils in pharmaceuticals is their natural origin and low toxicity, making them a preferred alternative to synthetic and mineral oils. Furthermore, vegetable oils have unique physical and chemical properties that make them ideal for use in specific drug formulations.
The major players operating in the vegetable oil market are Abu Dhabi Vegetable oils Co, Adani Wilmar Ltd, Archer Daniels Midland Company, Areej Vegetable Oils & Derivatives S.A.O.C, Associated British Foods Plc, Borges Agricultural & Industrial Nuts S.A., Bunge Limited, CannOils LLC, Cargill, Incorporated, Golden Agri-Resources Ltd, Louis Dreyfus Company B.V., Mewah International, Inc., Momin Oil Industry, Omani Vegetable Oils & Derivatives Co. LLC, Ruchi Soya Industries Limited, Wilmar International Ltd, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• 10 April 2023, Bunge, a leading global agribusiness company, has partnered with IOI Corporation to acquire a newly constructed refinery from Fuji Oil in Louisiana. The state-of-the-art facility will allow Bunge to expand its customer base with its multi-oil refining capabilities. The transaction is subject to customary closing conditions.
• 20 Jan 2023, Cargill announced it has completed the acquisition of Owensboro Grain Company, a fifth-generation family-owned soybean processing facility and refinery located in Owensboro, Ky.
Notes for Editors
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