The global edible oils market is valued at USD 250.78 billion in 2024 and is expected to reach USD 306.92 billion by 2029, growing at a CAGR of 4.1% during the forecast period. Several key factors are driving this expansion, including rising consumer awareness of healthier cooking options and increasing disposable incomes.
The growing preference for plant-based diets and sustainable food choices has fueled demand for nutrient-rich oils such as olive, sunflower, and coconut, known for their digestive benefits, essential fatty acids, and heart health advantages. Edible oils serve diverse culinary purposes, including frying, baking, dressings, and marinades.
Moreover, advancements in extraction technologies and product fortification with vitamins and antioxidants are opening new market opportunities. Rapid urbanization and shifting dietary habits in emerging markets across the Asia-Pacific and Africa are significantly contributing to the industry’s global growth.
Edible Oils Market Trends
Here are some key trends shaping the Edible Oils Market:
1. Growing Demand for Healthier Oils
· Consumers are shifting towards healthy oils like olive oil, avocado oil, and cold-pressed oils due to their nutritional benefits.
· Increased awareness of heart health, cholesterol control, and weight management is driving demand for oils rich in unsaturated fats, like canola and sunflower oil.
2. Rise of Functional and Fortified Edible Oils
· Fortification with omega-3, vitamin D, and antioxidants is gaining traction as consumers look for additional health benefits.
· Functional oils with anti-inflammatory and immune-boosting properties are entering the market.
3. Surging Popularity of Plant-Based and Sustainable Oils
· Sustainable and non-GMO oils (e.g., palm oil alternatives, algae oil) are in demand due to environmental concerns.
· Growth in plant-based diets is increasing the use of oils like coconut, flaxseed, and hemp oil in vegan food products.
4. Premiumization & Cold-Pressed Oils Boom
· Cold-pressed and extra virgin oils are gaining popularity due to their higher nutrient content and superior taste.
· Consumers are willing to pay a premium for organic and unrefined oils with minimal processing.
5. Expanding Industrial Applications
· The food industry is innovating with blended oils (e.g., olive and canola mix) for improved functionality.
· The cosmetics and personal care industry is also utilizing edible oils in skincare and haircare products.
Attractive Opportunities in the Edible Oils Market
· As urbanization increases, there is greater adoption of Western diets and convenience foods, boosting the consumption of edible oils in the region, especially in fast food and ready-to-eat meals.
· Collaborations and the introduction of new products are expected to present profitable prospects for industry participants in the next five years.
· Asia Pacific’s expanding population fuels the demand for edible oils, particularly in emerging markets like India and China, where consumer spending on processed foods is increasing.
· Government initiatives and subsidies in several Asia Pacific countries are supporting edible oil production and importation, ensuring affordable pricing and encouraging consumption among a broader demographic.
Soybean Oil Leads the Edible Oils Market by Type
Soybean oil holds the largest share in the edible oils market, driven by its extensive applications and nutritional benefits. Its widespread use in cooking, baking, and processed foods has fueled its growing demand. Rich in unsaturated fats, omega-3 fatty acids, and vitamin E, soybean oil supports heart health and boosts immunity, making it a preferred choice among health-conscious consumers.
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Household Segment Witnesses Significant Growth in Edible Oils Market (2024-2029)
The household segment is experiencing strong growth in the edible oils market, fueled by rising population levels, increasing disposable incomes, and higher household consumption. As demand for edible oils in daily cooking surges, this segment continues to expand at a steady pace. According to the Government of India’s Ministry of Commerce & Industry (December 2023), domestic edible oilseed consumption is rising by approximately 10 LMT per year. This increase is primarily driven by a growing population and improved purchasing power, further supported by the expanding production capacities of edible oil manufacturers. With a robust domestic market and rising availability, the household segment is expected to maintain its upward trajectory alongside the global demand for edible oils.
Asia Pacific Poised for Rapid Growth in the Edible Oils Market (2024–2029)
The Asia-Pacific region is expected to witness the fastest growth in the edible oils market between 2024 and 2029, driven by a rising population, increasing disposable incomes, and a growing preference for healthier cooking oils. Key market players shaping this dynamic landscape include Wilmar International Ltd (Singapore), United Plantations Berhad (Malaysia), and the Adani Group (India).
A notable innovation in the region was introduced in June 2020 when United Plantations Berhad’s subsidiary, Unitate, launched NutroOlive—a unique blend of Extra Virgin Olive Oil and Red Palm Oil. This product is packed with carotenoids, monounsaturated fatty acids, antioxidants, and natural vitamins, making it an ideal choice for frying, baking, salad dressings, and general cooking. Additionally, NutroOlive has received sustainability certification from the Roundtable on Sustainable Palm Oil (RSPO), aligning with the increasing consumer demand for health-conscious and eco-friendly edible oils.
The surge in innovative and sustainable product offerings underscores the Asia-Pacific region’s position as a key driver of growth in the global edible oils market.
Top 10 Companies in the Edible Oils Market
· ADM (US)
· Bunge (US)
· Associated British Foods plc (UK)
· Wilmar International Ltd (Singapore)
· United Plantations Berhad (Malaysia)
· Sime Darby Berhad (Malaysia)
· BORGES AGRICULTURAL & INDUSTRIAL EDIBLE OILS, S.A.U. (Spain)
· Cargill Incorporated (US)
· GrainCorp (Australia)
· Hebany (UAE)
Edible Oils Industry News:
· In September 2024, ADM (US) acquired Vandamme Hungaria Kft (Hungary). This added a 700 metric ton/day non-GM multi-seed and corn germ processing facility. It will boost ADM’s capacity to fulfill the growing demand for non-GM edible oils in Europe while associated with its global sustainability efforts and increased commitment to food security throughout the world.
· In August 2024, Bunge (US) Launched Fiona Refined Sunflower Oil in Hyderabad, Telangana. It is further fortified with vitamins A, D, and E and boasts the novel VitoProtect formula, which increases vitamin transfer during cooking by as much as 50 percent compared with standard sunflower oils. This launch addressed increasing consumer demand for healthier oils to cook while maintaining nutritional value.
· In March 2023, Wilmar International Ltd. acquired the remaining 24% stake in Calofic Corporation (Vietnam), the leading producer and distributor of vegetable oils. This acquisition makes Calofic an indirect wholly owned subsidiary of Wilmar, enhancing its presence and market position in Vietnam. This shows that the company is committed to aggressively expanding its regional footholds.
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