Fats & Oils Market Size, Share And Global Trend By Source(Vegetable, Animal), By Oil Type (Soybean,Palm, Sunflower, Olive, Rapeseed), By Animal Fats(Tallow, Butter, Lard), By Application(Food, Pharmaceutical, Personal Care, Industrial), And Regional Forecast, 2024-2032

The GlobalFats & Oils Market is projected to grow at a significant pace during the forecast period, due to the growing demand for processed food products across the globe, which in turn is generating the demand for high-quality edible fats and oils. Rising health consciousness among consumers, coupled with their increasing disposable income is projected to foster the demand for conventional as well as specialty fats & oils market during the forecast years.

Key companies operating in the global fats & oils market are focusing on merger and acquisition activities along with innovative product launches to maintain their market significance. Cargill Incorporated (USA), Bunge Limited (US), Wilmar International Limited (Singapore), and Unilever Plc (UK) are some of the key companies performing in the global fats & oils market.

Edible fats and oils are obtained from various vegetable and animal sources and are processed further to make them serve multiple purposes. Fats & oils are utilized as staples in various prominent regions of the globe. Fats & oils are high energy food ingredients and are a rich source of various important nutrients required by our body, such as fatty acids, hence are widely used in the preparation of food products.

Increasing demand for convenience food and fast food due to changing lifestyle is projected to contribute significantly to the growth of global fats & oils market. Rising consumer inclination towards healthy eating habits is projected to aid the growth of high quality and natural fats and oils demand during the forecast years. Furthermore, rising disposable income of people, especially across developing economies is projected to fuel the market growth of fats & oils market during the forecast period.

Rising prevalence of cardiovascular and other diseases is motivating people to reduce the consumption of fats & oils, which is expected to restrain market growth. Furthermore, stringent regulations by food regulatory authorities to ensure safety is projected to obstruct the market growth in the upcoming years.

Key Players Covered

Some of the major companies that are present in the global fats & oils market are Cargill Incorporated (USA), Wilmar International Limited (Singapore), Archer-Daniels-Midland Company (USA), Associated British Foods plc (UK), ConAgra Foods Inc. (USA), Ajinomoto Co. Inc. (Japan), Bunge Limited (US), Fuji Oil Co. Ltd (Japan), Unilever Plc (UK), United Plantations Berhad (Malaysia), and International Foodstuff Company Limited among the other players operating in the global fats & oils market.

SEGMENTATION

On the basis of source, the global fats & oils market has been segmented into vegetable and animal source. The vegetable oil segment is anticipated to grow at a significant pace during the forecast years, due to rising demand for crucial vegetable oils such as soybean oil, palm oil, and others across food industry and for industrial applications. Rising demand for palm oil in the production of confectionery products and baked good, due to its easy availability, low cost, and taste enhancing properties is projected to further aid the growth of vegetable segment during the forecast years.

On the basis of application, the global fats & oils market has been divided into food, pharmaceutical, personal care, and industrial. The application of fats & oils is expected to be the highest in the food segment as they play a crucial role in enhancing the taste, texture, flavor and other important functional properties of food. The application of fats & oils for various industrial applications is projected to grow considerably during the forecast years.

Regional Analysis

Region-wise, the fats & oils market has been diversified into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific currently holds the major market share in the global fats & oils market and is expected to dominate the market during the forecast period. The fats & oils market growth in Asia Pacific can be attributed to the increasing demand for quality oils & fats from developing economies, such as China, India, Malaysia, and others. Rising consumption of processed food in Asia Pacific, coupled with rising disposable income of people is expected to contribute significantly to the growth of fats & oils market of Asia Pacific. Furthermore, presence of major market players such as Kao Corporation, Fuji Oil Co. Ltd., and others is projected to aid the market growth in APAC during the forecast years.

Key Industry Developments

• In February 2019, Cargill Incorporated launched palm oil shortening line ‘PalmAgility’, designed especially for baked products. The product claims to be creamier and smoother in texture as compared to regular palm oil shortenings.
• In February 2019, Calyxt, Inc. launched ‘Calyno high oleic soybean oil’ in the US market. The product claims to contain 80% oleic acid and zero grams of trans fat (per servings) and can be used for frying purpose, salad dressings, and others.