Transparency Market Research (TMR) finds that the global cooking oils and fats market is highly fragmented due to presence of numerous key players. Some of the key players operating in the global cooking oils and fats market include Associated British Foods plc., Wilmar International Ltd, CHS Inc., Unilever plc., and Ajinomoto Co. Inc. These key players are witnessing intense competition based on the factors including reputation, distribution network, quality, innovation, and price of products. In order to be a part of this intense competition these key players are adopting the strategies such as new product launch, acquisition, mergers, and business expansion.
TMR anticipated the global revenue of the cooking oil and fats market was estimated at US$59.8 bn in 2015 and with CAGR of 0.7 %, it is expected to rise to attain value of US$65.2 bn by the end of 2024. On the basis of product type, vegetable oil segment is expected to dominate the market owing to increasing application of cotton seed oil, coconut, soybean, and sunflower oil as cooking oil. On the basis of region, the rest of the world segment is expected to dominate the global cooking oil and fat market.
Demand for High Quality Edible Oils and Fats to Drive Growth
Increasing demand for high quality edible oils and fats in the food industry and services along with the household use. Increasing global population has augmented the requirement of food which is fuelling growth of the global cooking oils and fats market. Additionally, increase in the awareness levels about the adverse effects of obesity such as heart diseases and diabetes. The increase in the prevalence of heart diseases has changed the food trend among consumers coupled with increasing disposable income has boosted adoption of the cooking oils and fats which is likely to fuel growth of the global cooking oils and fats market.
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Cooking oils and fats producers are focused on production of healthier products such as low-cholesterol, and low-carb products mainly for health conscious consumers. Cooking oils including coconut oil and soybean oil are advantageous for health as these oils are capable of reducing the risk of heart diseases. Increasing demand for these oils from health conscious consumers is bolstering growth of the market.
Launch of Advanced Oils and Fats to Create Opportunities
Despite of numerous growth prospects, high cost of raw materials used for manufacture of cooking oils and fats products are crimping growth of the global cooking oils and fats market. In addition, some of the adverse effects caused due to excess consumption of oils and fats are restraining growth of the cooking oils and fats market.
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Nevertheless, market players are increasingly investing on the developing and launching healthier cooking oils and fats. Launch of olive oil, palm oil, avocado oil, butter, and coconut oil are offering several benefits such as they are rich source of fatty acid which can kill bacteria, lowers cholesterol, and numerous pathogens. These factors are creating lucrative opportunities for growth in the global cooking oils and fats market.
This information is comprised in the new report by TMR, titled “Cooking Oils and Fats Market (Product Type – Vegetable and Seed Oil, Spreadable Oils and Fats, Butter, Margarine, Olive Oil, and Cooking Fats) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2024.”
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