Vegetable Oil Market Synopsis:

The vegetable oil market is projected to register a CAGR of 6.5 percent and reach a value of USD 3,786 million by 2030.

The introduction of oils with added benefits for heart health is one of the key factors having a great influence on the growth of the vegetable oil market. It is poised to keep adding to the revenues generated by market players in the years to come. Also, the shift towards a health-conscious food pattern is predicted to boost the sales of vegetable oil. This, in turn, is expected to catalyse the expansion of the vegetable oil market over the next couple of years.

Factors such as increasing income and rising awareness about the benefits of vegetable oil are poised to drive the proliferation of the market over the next few years. In addition, increasing applications in industrial uses, hydrogenated oils, and fuel are further anticipated to accelerate revenue generation in the vegetable oil market in the foreseeable future.

The growth of the vegetable oil market can be attributed to its high nutritional value. It has a relatively higher nutrient content as compared to its alternatives, such as mustard oil. This, in turn, has increased its consumption levels in the past few years and is poised to continue the same consumption pattern over the next couple of years. A vegetable oil market statistics report by Market Research Future projects a 6.5% CAGR across the review period of 2022–2030.

Competitive Dashboard:

The global vegetable oil market players are focusing on the expansion of their product portfolios to capitalise on developmental opportunities. Also, increasing investments in research development are being observed by the industry leaders for introducing innovative products. In order to gain an edge over competitors, market participants are adding ingredients to boost the nutrient profile of the oil. For instance, many producers are focusing on the addition of ingredients that facilitate the upliftment of heart health. In addition, investments in advertising are projected to further boost the profile of these players in the years to come. Packaging innovations are also expected to fuel competition among the brands over the next few years.

The Manischewitz Company (US), Waitrose Partners (UK), Conagra Brands, Inc. (US), The J.M. Smucker Co. (US), Unico (Canada), IFFCO (UAE), Woolworths Group Limited (Australia), Marico Limited (India), Edible Oils Ltd. (UK), and Adani Wilmar Limited (India) are some of the major participants in the vegetable oil market.

Market Segmentation:

Which is the leading segment among types in the vegetable oil market?

By product type, the vegetable oil market data is segmented into olive oil, palm oil, canola oil, sunflower oil, soybean oil, peanut oil, and others.

The global vegetable oil market size on the basis of packaging type, has been segmented into pouches, bottles, cans, and others.

On the basis of distribution channel, the segments include store based (convenience stores, hypermarkets, supermarkets, and others) and non-store based.

Regional Assessment:

On the basis of region, the growth of the global vegetable oil market has been segmented into four important regions - Europe, Asia Pacific, North America, and the Rest of the World (RoW). Asia Pacific is anticipated to secure the pole position through the assessment period. The increasing population of the region, in conjunction with rising health benefits, is projected to favour the growth of the regional vegetable oil market share in the forthcoming years. In addition, rising production of vegetable oil in fast-developing countries such as India and China is poised to have an encouraging influence on the expansion of the vegetable oil industry over the next couple of years.

Latest Industry Developments:

In May 2019, the Indian government launched a mission named ‘National Mission for Vegetable Oils’ for promoting indigenous production of vegetable oils and lessen the reliance on imports for the same.

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