Vegetable Oil Market Share Expanding at a CAGR of 2.9% During 2019-2024

Global Vegetable Oil Market Research Report and Forecast 2024 Report Edition: 2019 © 2019 IMARC All Rights Reserved

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Global Vegetable Oil Market Overview: As per 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 20192024�, the global vegetable oil market size reached 203.9 Million Tons in 2018. Vegetable oil refers to natural oils that are obtained from oil-bearing seeds like corn, cottonseed, peanuts, sunflower, rapeseed, palm nuts and soybeans. These oils are composed of fat that remains in a liquid state at fairly low temperatures. They are characterized by a neutral to yellow color with a mild odor. They are a rich source of vitamin E; polyunsaturated, monounsaturated and saturated fats; and omega-3 and omega-6 fatty acids. As a result, their consumption aids in reducing the risk of cardiovascular diseases (CVDs), improving metabolism and regulating digestion. They are widely used in the preparation of bread, mayonnaise, potato chips, French fries, salad dressing, ice creams, and sandwich spreads.

Global Vegetable Oil Market Trends The thriving food and beverage industry is one of the key factors driving the market growth. This, coupled with the significant increase in the sales of convenience food, on account of factors including hectic schedules, inflating disposable income levels and changing dietary patterns, is also contributing to the product demand.

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157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Million US$

in Million US$

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180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

Furthermore, they are an essential feedstock for the production of biofuels, which is further contributing to their demand from the fuel industry across the globe. Owing to these factors, the market has been anticipated to reach 242.8 Million Tons by 2024, expanding at a CAGR of 2.9% during 2019-2024.

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Additionally, rising health consciousness amongst consumers has impelled the demand for natural and organic vegetable oils. Moreover, these oils are extensively used in the beauty and personal care industry as they form a vital component of various skincare and cosmetic products.

Vegetable Oil Market Segmentation Market Segmentation by Oil Type • • • • • •

Palm Oil Soybean Oil Sunflower Oil Canola Oil Coconut Oil Palm Kernel Oil

Based on the oil type, palm oil represents the largest segment. Other major types of oil include soybean, sunflower, canola, coconut and palm kernel.

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Market Segmentation by Application • • •

Food Industry Biofuels Others

On the basis of the application, the market has been bifurcated into the food industry, biofuels and others. Amongst these, the food industry exhibits a clear dominance in the market.

Market Segmentation by Region • • • • • • •

China United States India Europe Indonesia Malaysia Brazil

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Others

On the geographical front, Indonesia holds the leading position in the market. This is due to the flourishing food and beverage industry across the region. Other major regions include the United States, India, Europe, China, Malaysia, Brazil and others.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

• • • • •

ADM Bunge Cargill Louis Dreyfus Willmar

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