The global cooking oils and fats market is expected to register a robust CAGR of 5% over the period of 2022-2028. The cooking oils and fats market is expected to register a robust CAGR over the period of 2022-2028. This is mostly a result of the rising demand for prepared foods and the expansion of the hospitality industry's food sector, which includes hotels, restaurants, and cafes. People lack the time to cook their own meals and are more impatient now because of changing lifestyles and expanding urban work culture. As a result, fast-food restaurants and shops are growing in popularity. Hence the demand for cooking oils is growing.
According to UnivDatos Market
Insights (UMI)’ research report “global
cooking
oils and fats market”, the market is expected to
witness robust growth during the forecast period 2022-2028F. This is mostly because people are becoming more aware of
developments in fortifying fat and oil with additional minerals, as well as how
vegetable oil is healthier than its counterpart, which reduces the risk of
breast cancer and cardiovascular disease overall. The rise of the hospitality
industry's food sector, which includes hotels, restaurants, and cafes, as well
as the rising demand for ready-to-eat foods, will all play a part in this
development. According to the World
Bank, 55% of the world’s population – 4.2 billion inhabitants – live in cities.
This trend is expected to continue. By 2050, with the urban population more
than doubling its current size, nearly 7 of 10 people in the world will live in
cities. Factors like urbanization, economic expansion, and an increase
in the middle-class population will keep contributing towards the expansion of
cooking oils and fats market.
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Based on form,
the market is
divided into liquid and solid segments. The liquid segment market share among
these is substantially larger. The reason for that is that liquid oils are
easier to heat and process and contain less water than their solid
counterparts. Furthermore, liquid fats are considered healthier than their
alternative because they include less saturated and trans fats.
Based on distribution
channel, the market is classified into online and offline. The market's online
segment is most likely to grow faster. This is mostly a result of consumers'
evolving shopping preferences. E-commerce is more popular since it is more
convenient for people. As a result, the online market has grown in popularity.
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APAC to witness extensive
growth
For
a better understanding of the market adoption of cooking oils and fats
industry, the market is analyzed based on its worldwide presence in the
countries such as North America (US, Canada, Rest of North America); Europe
(Germany, France, UK, Italy, Spain, Rest of Europe), Asia-Pacific (China,
Japan, India, Rest of Asia-Pacific), and Rest of World. Asia-Pacific is expected to show the highest growth in the cooking
oils and fats market. The major contributors to the growth of this market are
countries like India and China. The increase in infrastructure development in
emerging economies, as well as the urbanization and an increase in
the middle-class population has contributed
to the growth of the APAC market. The expansion of food fortification further
influences market expansion. Additionally, the market is expanding due to a
rise in customers looking for sustainable and nutritious food options as well
as a rise in sports and fitness lovers in the region. Additionally, the edible
oil industry is positively impacted by changes in lifestyle, rising middle-class
population, and increased consumer knowledge of the advantages of a healthy
diet.
“Global Cooking
Oils and Fats Market” provides comprehensive qualitative and quantitative insights on
the industry potential, key factors impacting sales and purchase decisions,
hotspots, and opportunities available for the market players. Moreover, the
report also encompasses the key strategic imperatives for success for
competitors along with strategic factorial indexing measuring competitor's
capabilities on different parameters. This will help companies in the
formulation of go-to-market strategies and identifying the blue ocean for its
offerings.
Market Segmentations:
1.
By Product Type (Vegetable & Seed Oil, Spreadable Oils &
Fats, Butter, Margarine, Olive Oil, and Others)
2.
By Form (Liquid and Solid)
3.
By Distribution Channel (Online and
Offline)
4. By
Application (Food Services, Household, and Others)
5. By Region
(North America, Europe, Asia-Pacific, Rest of the
World)
6.
By Company (Cargill Inc., Archer Daniels
Midland Company, Bunge Limited, Wilmar International Ltd., Fuji Oil Company
Ltd., ConAgra Brands Inc., IFFCO Group, Ottogi Co. Ltd., Associated British
Foods Plc, and CJ Cheiljedang Corporation)
Key
questions answered in the study:
1.
What are the current and future trends
of the global cooking oils and fats industry?
2.
How the industry has been evolving in
terms of product type, form, application, and distribution channel?
3.
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
4.
What are the key growth drivers and
challenges for the global cooking oils and fats industry?
5.
What is the customer orientation,
purchase behavior, and expectations from the global cooking oils and fats suppliers
across various region and countries?
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