According to the latest report by IMARC Group, titled “Vegetable Oil (Palm Oil, Canola Oil, Coconut Oil, and Soybean Oil) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global vegetable oil market is witnessing moderate growth. Looking forward, the market value is expected to reach US$ 306.6 Billion by 2026, exhibiting a CAGR of 4.9% during 2021-2026. Vegetable oil refers to the natural oil obtained from various oil-bearing seeds like cottonseed, sunflower, soybeans, peanuts, palm nuts and fruits. It is a rich source of Vitamin E, A and B1, and Omega-3 and Omega-6 fatty acids. On account of its high nutritional value, vegetable oil is generally used as a cooking oil and as a constituent to margarine, non-dairy creamers, and ice-cream, and in the production of cosmetics, bactericides, and pharmaceuticals. It is also utilized in biofuel production as it is considered an effective alternative to mineral oil for use in power stations and feedstock to produce biodiesel.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Vegetable Oil Market Trends:
The global vegetable oil market is primarily driven by the increasing awareness of the health benefits offered by vegetable oils, such as reducing the risk of cardiovascular diseases, improving digestion and metabolism, lowering cholesterol levels, managing heart health, and providing nutrition. Apart from this, the affordable prices, easy availability, high viscosity, lower volatility and better pressure performance of vegetable oils have encouraged end users to shift toward these oils over mineral oils. Furthermore, the growing prevalence of lifestyle diseases and improving living standards have led to the changing dietary habits of consumers, especially health-conscious individuals. As a result, the key players have introduced minimally processed and organic vegetable oils, which is providing a significant impact on the market growth. Furthermore, governments of various countries are taking initiatives to promote bio-based products, such as vegetable oils, which help reduce the carbon emissions.
Competitive Landscape With Key Players:
The competitive landscape of the vegetable oil market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Archer-Daniels-Midland Company
- Bunge Limited
- Cargill Incorporated
- Louis Dreyfus Company BV
- Wilmar International Limited
Key Market Segmentation:
The report has segmented the global vegetable oil market on the basis of oil type, application and region.
Breakup by Oil Type:
- Palm Oil
- Soybean Oil
- Sunflower Oil
- Canola Oil
- Coconut Oil
- Palm Kernel Oil
At present, palm oil accounts for the majority of the total market share as it is widely used for preparing various foods, industrial chemicals and biofuels.
Breakup by Application:
- Food Industry
The food industry currently holds the largest market share.
Breakup by Region:
- United States
Amongst these, Indonesia enjoys the leading position in the market due to several favorable initiatives undertaken by governing agencies for stimulating oil production in the country.
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Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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