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PUBLISHER: IMARC | PRODUCT CODE: 1423368

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PUBLISHER: IMARC | PRODUCT CODE: 1423368

Vegetable Oil Market Report by Oil Type (Palm Oil, Soybean Oil, Sunflower Oil, Canola Oil, Coconut Oil, Palm Kernel Oil), Application (Food Industry, Biofuels, and Others), and Region 2024-2032

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Abstract

The global vegetable oil market size reached US$ 268.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 401.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2024-2032. The rising shift towards healthier eating habits, increasing industrial uses of vegetable oils, advances in agricultural practices, rising disposable income, and increased awareness about the health benefits of certain cooking oils are some of the major factors propelling the market.

Vegetable oil is a liquid fat extracted from various plants, primarily from seeds or fruits. Common sources include soybean, corn, sunflower, and canola. It is widely used in cooking and baking as a heat transfer medium, flavor enhancer, and ingredient that adds moisture to food. Vegetable oils are also utilized in the production of soaps, skincare products, and biofuels. They are rich in essential fatty acids, though the nutritional value can vary depending on the source. Some vegetable oils are high in unsaturated fats, which are generally considered heart-healthy when consumed in moderation.

Changing consumer preference for healthier oils that are rich in unsaturated fats represents one of the key factors driving the growth of the market across the globe. The market is also driven by the rising health consciousness among consumers which is further influencing the demand for oils like olive and canola. Industrial applications of vegetable oils in cosmetics, soaps, and biofuels are contributing to the market growth. The growing global population and rising incomes in emerging economies are fueling the need for edible oils. Advances in agricultural practices are leading to improved yields, thus making vegetable oil production more efficient and cost-effective. Government policies and trade regulations play a crucial role in shaping the market, affecting production costs and pricing. Distribution channels, including online platforms, facilitate easier consumer access to a variety of oils. Sustainability concerns and ethical farming practices are becoming influential factors in consumer choice which is creating a positive outlook for the market across the globe.

Vegetable Oil Market Trends/Drivers:

Changing consumer preferences for healthier options

In the contemporary health-conscious society, there is a growing demand for vegetable oils that are low in saturated fats and high in unsaturated fats. Oils, such as olive, canola, and avocado oils, rich in monounsaturated and polyunsaturated fats, are increasingly preferred over traditional oils high in saturated fats like palm or coconut oil. Additionally, oils rich in omega-3 fatty acids are finding favor for their proven health benefits. Public awareness campaigns, scientific research, and labeling initiatives are amplifying this trend. Many consumers are making more informed choices based on the health attributes of oils, which is significantly driving market demand for specific types of vegetable oils that are marketed as being healthier.

Rising industrial applications

Beyond the culinary realm, vegetable oils have numerous industrial uses that are considerably widening their demand among consumers. These oils are key ingredients in the production of soaps, detergents, cosmetics, and even biofuels which is further driving the market. The multi-functionality of vegetable oils makes them indispensable in a variety of industrial processes. As industries expand and diversify, so does the demand for vegetable oils. For instance, the rising biofuels sector, particularly biodiesel, is also facilitating the growth of the vegetable oil industry. Companies are also investing in research to discover new industrial applications for vegetable oils, which is further driving its demand.

Rising worldwide population

The world's growing population naturally increases the demand for food and, by extension, cooking oils which is acting as a major growth-inducing factor in the market. As the population rises, especially in emerging economies where incomes are also increasing, more people can afford a wider variety of oils which is contributing to the market growth. The demand for vegetable oils for food production also grows in tandem with the population. Moreover, as global cuisines become more accessible and popular, the oils integral to those cuisines see a rise in demand.

Vegetable Oil Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global vegetable oil market report, along with forecasts at the global and country levels for 2024-2032. Our report has categorized the market based on oil type and application.

Breakup by Oil Type:

Palm Oil

Soybean Oil

Sunflower Oil

Canola Oil

Coconut Oil

Palm Kernel Oil

Palm oil accounts for the largest market share

The report has provided a detailed breakup and analysis of the market based on the oil type. This includes palm oil, soybean oil, sunflower oil, canola oil, coconut oil, and palm kernel oil. According to the report, palm oil represented the largest segment.

The demand for palm oil in the vegetable oil market is driven by a variety of factors. Primarily, its cost-effectiveness makes it an attractive option for both consumers and industries. Palm oil is one of the most yield-efficient oil crops, which is leading to lower production costs and, consequently, more affordable retail prices. In addition to this, the versatility of palm oil makes it highly desirable across multiple sectors. In the food industry, it is used extensively for frying, baking, and as an ingredient in processed foods like snacks and confectionery items. It also serves as a key ingredient in non-food items, such as cosmetics, detergents, and biofuels, broadening its demand in the market. In line with this, the ease of storage and long shelf life of palm oil adds to its appeal. Unlike some other vegetable oils, palm oil is stable at room temperature, which reduces the need for refrigeration and makes it suitable for tropical climates.

Breakup by Application:

Food Industry

Biofuels

Others

Food industry dominates the market

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes the food industry, biofuels, and others. According to the report, the food industry accounted for the largest market share.

In the food industry, vegetable oils serve multiple functions that extend beyond mere cooking. They are widely used as frying mediums due to their high smoke points, thus making them ideal for deep-frying items like fries, doughnuts, and various fast foods. Their heat-stable nature makes them a suitable choice for sauteing and pan-frying as well. Vegetable oils are also employed as an ingredient in baked goods, such as bread, cakes, and cookies to add moisture, improve texture, and extend shelf life. Moreover, they act as emulsifiers and stabilizers in processed foods, aiding in the blending of ingredients and preventing separation in products like mayonnaise, dressings, and spreads. Certain types of vegetable oils, like olive oil, are often used as a flavor enhancer in culinary applications, bringing their distinct taste to dishes. In addition, they serve as a base in the production of margarine and vegetable shortening, offering a plant-based alternative to animal fats.

Breakup by Region:

China

United States

India

Europe

Indonesia

Malaysia

Brazil

Others

China holds the largest market share

The report has also provided a comprehensive analysis of all the major regional markets, which include China, the United States, India, Europe, Indonesia, Malaysia, Brazil, and others. According to the report, China accounted for the largest market share.

In China, the vegetable oil market is experiencing substantial growth due to several driving factors. Primarily, rapid urbanization and increasing household incomes are leading to a rise in demand for better-quality and diverse food products, including vegetable oils. As lifestyles become more hectic, the reliance on easy-to-cook food, which often requires cooking oils, is also rising. Health consciousness among consumers in the country is growing, which is pushing the demand for healthier vegetable oil options, such as olive and canola oils that are rich in unsaturated fats. The Chinese government's health initiatives and guidelines advocating lower consumption of saturated fats further endorse this trend. Industrial use of vegetable oils in China is burgeoning. With a booming manufacturing sector, the demand for vegetable oils in industrial applications, including biofuels, cosmetics, and even in the pharmaceutical industry, is increasing.

Competitive Landscape:

In the vegetable oil market, key players are engaging in a range of strategic activities to maintain a competitive edge. One of the primary focuses is on product diversification. Companies are introducing a variety of oils derived from different plants to cater to the health-conscious consumer, including options like avocado, grapeseed, and flaxseed oils. Research and development (R&D) are another area of significant investment. Companies are researching new refining techniques, long-lasting shelf-life solutions, and alternative industrial applications for vegetable oils. This not only expands market demand but also allows for innovation within the sector. Sustainability is increasingly becoming a cornerstone of business strategies. Many companies are adopting sustainable farming practices, reducing carbon footprints, and committing to fair trade practices to appeal to environmentally conscious consumers. Market penetration and geographical expansion are also on the agenda. Companies are entering new markets, particularly in developing nations, and enhancing their distribution networks both offline and online to reach a wider audience.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

Archer-Daniels-Midland Company

Bunge Limited

Cargill, Incorporated

Louis Dreyfus Company BV

Wilmar International Ltd

Recent Developments:

In August 2023, India's vegetable oil imports increased by 46 per cent to 17.71 lakh tonnes in July this year on rise in palm oil shipments, industry body SEA. The country's vegetable oil imports stood at 12.14 lakh tonnes in the year-ago period.

In August 2023, The Adani Group's flagship entity Adani Enterprises (AEL) is considering selling its stake in edible oils major Adani Wilmar (AWL), a joint venture between AEL and Singapore-based Wilmar International that is not only the largest edible oil maker in the country but also one of the largest fast moving consumer goods (FMCG) company in India by turnover.

In November 2021, Edible oil maker Cargill acquired an edible oil refinery located in Nellore, Andhra Pradesh. The $35 million investment to acquire and upgrade the facility will "significantly" expand Cargill's edible oil production capacity and footprint in southern India.

Key Questions Answered in This Report

  • 1. What is the impact of COVID-19 on the global vegetable oil market?
  • 2. What will be the global vegetable oil market outlook during the forecast period 2024-2032?
  • 3. What was the global vegetable oil market size in 2023?
  • 4. What are the major global vegetable oil market drivers?
  • 5. What are the major global vegetable oil market trends?
  • 6. What is the global vegetable oil market breakup by oil type?
  • 7. What is the global vegetable oil market breakup by application?
  • 8. What are the major regional markets in the global vegetable oil industry?
  • 9. Who are the leading global vegetable oil industry players?
Product Code: SR112024A610

Table of Contents

1 Preface

2 Scope and Methodology

  • 2.1 Objectives of the Study
  • 2.2 Stakeholders
  • 2.3 Data Sources
    • 2.3.1 Primary Sources
    • 2.3.2 Secondary Sources
  • 2.4 Market Estimation
    • 2.4.1 Bottom-Up Approach
    • 2.4.2 Top-Down Approach
  • 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

  • 4.1 Overview
  • 4.2 Key Industry Trends

5 Global Vegetable Oil Industry

  • 5.1 Market Overview
  • 5.2 Market Performance
    • 5.2.1 Volume Trends
    • 5.2.2 Value Trends
  • 5.3 Impact of COVID-19
  • 5.4 Market Breakup by Region
  • 5.5 Market Breakup by Oil Type
  • 5.6 Market Breakup by Application
  • 5.7 Market Forecast
  • 5.8 SWOT Analysis
    • 5.8.1 Overview
    • 5.8.2 Strengths
    • 5.8.3 Weaknesses
    • 5.8.4 Opportunities
    • 5.8.5 Threats
  • 5.9 Value Chain Analysis
    • 5.9.1 Input Suppliers
    • 5.9.2 Farmers
    • 5.9.3 Collectors
    • 5.9.4 Manufacturers
    • 5.9.5 Distributors
    • 5.9.6 Retailers
    • 5.9.7 End-Consumers
  • 5.10 Porter's Five Forces Analysis
    • 5.10.1 Overview
    • 5.10.2 Bargaining Power of Buyers
    • 5.10.3 Bargaining Power of Suppliers
    • 5.10.4 Degree of Competition
    • 5.10.5 Threat of New Entrants
    • 5.10.6 Threat of Substitutes
  • 5.11 Price Analysis
    • 5.11.1 Key Price Indicators
    • 5.11.2 Price Structure
    • 5.11.3 Price Trends
  • 5.12 Key Market Drivers and Success Factors

6 Performance of Key Regions

  • 6.1 China
    • 6.1.1 Market Trends
    • 6.1.2 Market Forecast
  • 6.2 United States
    • 6.2.1 Market Trends
    • 6.2.2 Market Forecast
  • 6.3 India
    • 6.3.1 Market Trends
    • 6.3.2 Market Forecast
  • 6.4 Europe
    • 6.4.1 Market Trends
    • 6.4.2 Market Forecast
  • 6.5 Indonesia
    • 6.5.1 Market Trends
    • 6.5.2 Market Forecast
  • 6.6 Malaysia
    • 6.6.1 Market Trends
    • 6.6.2 Market Forecast
  • 6.7 Brazil
    • 6.7.1 Market Trends
    • 6.7.2 Market Forecast
  • 6.8 Others
    • 6.8.1 Market Trends
    • 6.8.2 Market Forecast

7 Market by Oil Type

  • 7.1 Palm Oil
    • 7.1.1 Market Trends
    • 7.1.2 Market Forecast
  • 7.2 Soybean Oil
    • 7.2.1 Market Trends
    • 7.2.2 Market Forecast
  • 7.3 Sunflower Oil
    • 7.3.1 Market Trends
    • 7.3.2 Market Forecast
  • 7.4 Canola Oil
    • 7.4.1 Market Trends
    • 7.4.2 Market Forecast
  • 7.5 Coconut Oil
    • 7.5.1 Market Trends
    • 7.5.2 Market Forecast
  • 7.6 Palm Kernel Oil
    • 7.6.1 Market Trends
    • 7.6.2 Market Forecast

8 Market by Application

  • 8.1 Food Industry
    • 8.1.1 Market Trends
    • 8.1.2 Market Forecast
  • 8.2 Biofuels
    • 8.2.1 Market Trends
    • 8.2.2 Market Forecast
  • 8.3 Others
    • 8.3.1 Market Trends
    • 8.3.2 Market Forecast

9 Competitive Landscape

  • 9.1 Market Structure
  • 9.2 Key Players

10 Vegetable Oil Manufacturing

  • 10.1 Product Overview
    • 10.1.1 Palm Oil
    • 10.1.2 Canola Oil
    • 10.1.3 Coconut Oil
    • 10.1.4 Soybean Oil
  • 10.2 Detailed Process Flow
    • 10.2.1 Palm Oil
    • 10.2.2 Canola Oil
    • 10.2.3 Coconut Oil
    • 10.2.4 Soybean Oil
  • 10.3 Various Types of Unit Operations Involved
    • 10.3.1 Palm Oil
    • 10.3.2 Canola Oil
    • 10.3.3 Coconut Oil
    • 10.3.4 Soybean Oil
  • 10.4 Mass Balance and Raw Material Requirements
    • 10.4.1 Palm Oil
    • 10.4.2 Canola Oil
    • 10.4.3 Coconut Oil
    • 10.4.4 Soybean Oil

11 Project Details, Requirements and Costs Involved

  • 11.1 Land Requirements and Expenditures
  • 11.2 Construction Requirements and Expenditures
  • 11.3 Plant Layout
  • 11.4 Plant Machinery
  • 11.5 Machinery Pictures
  • 11.6 Raw Material Requirements and Expenditures
  • 11.7 Raw Material and Final Product Pictures
  • 11.8 Packaging Requirements and Expenditures
  • 11.9 Transportation Requirements and Expenditures
  • 11.10 Utility Requirements and Expenditures
  • 11.11 Manpower Requirements and Expenditures
  • 11.12 Other Capital Investments

12 Loans and Financial Assistance

13 Project Economics

  • 13.1 Capital Cost of the Project
  • 13.2 Techno-Economic Parameters
  • 13.3 Product Pricing and Margins Across Various Levels of the Supply Chain
  • 13.4 Taxation and Depreciation
  • 13.5 Income Projections
  • 13.6 Expenditure Projections
  • 13.7 Financial Analysis
  • 13.8 Profit Analysis

14 Key Player Profiles

  • 14.1 Archer-Daniels-Midland Company
  • 14.2 Bunge Limited
  • 14.3 Cargill, Incorporated
  • 14.4 Louis Dreyfus Company BV
  • 14.5 Wilmar International Ltd.
Product Code: SR112024A610

List of Figures

  • Figure 1: Global: Vegetable Oil Market: Major Drivers and Challenges
  • Figure 2: Global: Vegetable Oil Production: Volume Trends (in Million Tons), 2018-2023
  • Figure 3: Global: Vegetable Oil Consumption: Volume Trends (in Million Tons), 2018-2023
  • Figure 4: Global: Vegetable Oil Consumption: Value Trends (in Billion US$), 2018-2023
  • Figure 5: Global: Vegetable Oil Market: Breakup by Region (in %), 2023
  • Figure 6: Global: Vegetable Oil Market: Breakup by Oil Type (in %), 2023
  • Figure 7: Global: Vegetable Oil Market: Breakup by Application (in %), 2023
  • Figure 8: Global: Vegetable Oil Production Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 9: Global: Vegetable Oil Consumption Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 10: Global: Vegetable Oil Consumption Forecast: Value Trends (in Billion US$), 2024-2032
  • Figure 11: Global: Vegetable Oil Industry: SWOT Analysis
  • Figure 12: Global: Vegetable Oil Industry: Value Chain Analysis
  • Figure 13: Global: Vegetable Oil Industry: Porter's Five Forces Analysis
  • Figure 14: Global: Vegetable Oil Market: Average Prices (in US$/Ton), 2018-2023
  • Figure 15: Vegetable Oil Market: Price Structure
  • Figure 16: Global: Vegetable Oil Market Forecast: Average Prices (in US$/Tons), 2024-2032
  • Figure 17: China: Vegetable Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 18: China: Vegetable Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 19: United States: Vegetable Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 20: United States: Vegetable Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 21: India: Vegetable Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 22: India: Vegetable Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 23: Europe: Vegetable Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 24: Europe: Vegetable Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 25: Indonesia: Vegetable Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 26: Indonesia: Vegetable Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 27: Malaysia: Vegetable Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 28: Malaysia: Vegetable Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 29: Brazil: Vegetable Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 30: Brazil: Vegetable Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 31: Others: Vegetable Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 32: Others: Vegetable Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 33: Global: Palm Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 34: Global: Palm Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 35: Global: Soybean Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 36: Global: Soybean Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 37: Global: Canola Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 38: Global: Canola Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 39: Global: Sunflower Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 40: Global: Sunflower Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 41: Global: Coconut Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 42: Global: Coconut Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 43: Global: Palm Kernel Oil Market: Volume Trends (in Million Tons), 2018 & 2023
  • Figure 44: Global: Palm Kernel Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
  • Figure 45: Global: Vegetable Oil Market: Food Industry (in Million Tons), 2018 & 2023
  • Figure 46: Global: Vegetable Oil Market Forecast: Food Industry (in Million Tons), 2024-2032
  • Figure 47: Global: Vegetable Oil Market: Biofuels (in Million Tons), 2018 & 2023
  • Figure 48: Global: Vegetable Oil Market Forecast: Biofuels (in Million Tons), 2024-2032
  • Figure 49: Global: Vegetable Oil Market: Other Uses (in Million Tons), 2018 & 2023
  • Figure 50: Global: Vegetable Oil Market Forecast: Other Uses (in Million Tons), 2024-2032
  • Figure 51: Palm Oil Manufacturing: Detailed Process Flow
  • Figure 52: Soybean Oil Manufacturing: Detailed Process Flow
  • Figure 53: Canola Oil Manufacturing: Detailed Process Flow
  • Figure 54: Sunflower Oil Manufacturing: Detailed Process Flow
  • Figure 55: Palm Oil Manufacturing: Conversion Rate of Feedstocks
  • Figure 56: Soybean Oil Manufacturing: Conversion Rate of Feedstocks
  • Figure 57: Canola Oil Manufacturing: Conversion Rate of Feedstocks
  • Figure 58: Sunflower Oil Manufacturing: Conversion Rate of Feedstocks
  • Figure 59: Vegetable Oil Manufacturing: Proposed Plant Layout
  • Figure 60: Vegetable Oil Manufacturing: Breakup of Capital Costs (in %)
  • Figure 61: Vegetable Oil Industry: Profit Margins at Various Levels of the Supply Chain
  • Figure 62: Vegetable Oil Processing: Manufacturing Cost Breakup (in %)

List of Tables

  • Table 1: Global: Vegetable Oil Market: Key Industry Highlights, 2023 & 2032
  • Table 2: Global: Vegetable Oil Market Forecast: Breakup by Region (in Million Tons), 2024-2032
  • Table 3: Global: Vegetable Oil Market Forecast: Breakup by Oil Type (in Million Tons), 2024-2032
  • Table 4: Global: Vegetable Oil Market Forecast: Breakup by Application (in Million Tons), 2024-2032
  • Table 5: Global: Vegetable Oil Market: Competitive Structure
  • Table 6: Vegetable Oil Manufacturing Costs Related to Land and Site Development (in US$)
  • Table 7: Vegetable Oil Manufacturing Costs Related to Civil Works (in US$)
  • Table 8: Vegetable Oil Manufacturing Plant: Machinery Costs (in US$)
  • Table 9: Vegetable Oil Manufacturing Plant: Raw Material Requirements
  • Table 10: Vegetable Oil Manufacturing Plant: Costs Related to Salaries and Wages (in US$)
  • Table 11: Vegetable Oil Manufacturing Plant: Costs Related to Other Capital Investments (in US$)
  • Table 12: Vegetable Oil Manufacturing Plant: Details of Financial Assistance Offered by Financial Institutions
  • Table 13: Vegetable Oil Manufacturing Plant: Vegetable Oil Processing Plant: Capital Costs (in US$)
  • Table 14: Vegetable Oil Manufacturing Plant: Techno-Economic Parameters
  • Table 15: Vegetable Oil Manufacturing Plant: Taxation and Depreciation
  • Table 16: Vegetable Oil Manufacturing Plant: Income Projections (in US$)
  • Table 17: Vegetable Oil Manufacturing Plant: Expenditure Projections (in US$)
  • Table 18: Vegetable Oil Manufacturing Plant: Cash Flow Analysis Without Considering the Income Tax Liability (in US$)
  • Table 19: Vegetable Oil Manufacturing Plant: Cash Flow Analysis on Considering the Income Tax Liability (in US$)
  • Table 20: Vegetable Oil Manufacturing Plant: Profit and Loss Account (in US$)
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