Global cooking oil market expected to reach approximately USD 130.30 billion by 2024, growing at a CAGR of around 6.2% between 2018 and 2024. The cooking oil market is anticipated to witness significant growth within the forecast period. The market is mainly driven by increasing demand for cooking oil in the food application.
The report covers a detailed analysis and forecast for the cooking oil market on a global and regional level from 2015 to 2024. The study offers historical data for 2015, 2016 and 2017 along with a forecast from 2018 to 2024 based on revenue (USD billion). The study comprises a comprehensive view of the market with the review of market drivers, restraints, and opportunities. It also provides the level of impact of drivers and restraints on the cooking oil market.
The study included a detailed competitive scenario and product portfolio of key vendors. The report evaluates Porter’s Five Forces model to analyze the different factors affecting the growth of the cooking oil market. Moreover, the study encompasses a market attractiveness analysis, which provides the most attractive and least attractive market segments information by extraction method, type, application, and region.
The report includes detailed segmentation of the cooking oil market based on extraction method, type, application, and region. On the basis of the extraction method, the market can be classified as solvent extraction, mechanical extraction, sparging, and hydrogenation. Based on the type, the market can be segmented into rapeseed (canola) oil, sunflower oil, palm kernel oil, soybean oil, minor vegetable oil, and palm oil. Based on application, the market can be segmented into biodiesel, industrial, and food. Major regional segment analyzed in this report include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa with its further bifurcation into major countries including the U.S., Germany, France, UK, China, Japan, India, and Brazil.
The report provides detailed competitive outlook including market share and company profiles of the important players operating in the global cooking oil market. Some of the important participants in the report include Cargill Agricola S.A., ACH Foods Company Inc., Bunge North America Inc., Archer Daniels Midland Company, ConAgra Foods Inc., CHS Inc., Chinatex Corporation, Richardson Oilseed Ltd., J-Oil Mills Inc., and Carapelli Firenze S.P.A.
This report segments the global cooking oil market as follows:
Global Cooking Oil Market: Extraction Method Segment Analysis
Global Cooking Oil Market: Type Segment Analysis
Global Cooking Oil Market: Application Segment Analysis
Global Cooking Oil Market: Regional Segment Analysis
Cooking oil is an oil used for different cooking activities such as baking and frying. Cooking oil may contain synthetic, plant, and animal fat. Cooking oil contains edible vegetable oils derived from safflowers, olives, peanuts, and many other different plants. Cooking oils are liquid at room temperature. Cooking oil can be prepared from different parts of plants, but commonly include seeds of cotton, sunflower, safflower, grapeseed, sesame, and palm kernel; and nuts such as peanut, walnut, almond, and soybean. In some special cases, oil is also prepared by squeezing the fruit flesh of the plant. For example, palm oil uses palm fruit pulp, olive oil using fresh olives flesh, and coconut oil using the white meat of the coconut.
Growing population worldwide has led to increased consumption of cooking oil. Increased consumption of cooking oil coupled with the growing number of cooking oil manufacturers are driving the growth of the global cooking oil market. Manufacturers are focusing on producing healthy and premium cooking oils for health-conscious consumers. Changing consumer preference and improved standard of living anticipate to fuel the cooking oil market during the forecast period.
Based on the extraction method, the cooking oil market can be segmented into solvent extraction, mechanical extraction, sparging, and hydrogenation. Mechanical extraction method accounted for the largest market share in 2017. Based on the type, the cooking oil market can be segmented into rapeseed oil, sunflower oil, palm kernel oil, soybean oil, minor vegetable oil, and palm oil. The palm oil segment is anticipated to hold the largest share and is projected to grow at a significant pace during the forecast period.
Based on application, the cooking oil market can be segmented into biodiesel, industrial, and food. The food segment accounted for a largest market share in 2017 and is anticipated to grow at a significant rate owing to its high consumption in food preparation. The industrial segment is further classified into paints, cosmetics, lubricants, and pharmaceuticals. In pharmaceuticals and cosmetics industries cooking oils are used formulation and administration of drugs and related products. Owing to the solvent properties of oil, its industrial segment application is anticipated to grow during the forecast period.
By geography, Asia Pacific accounted for the largest chunk of market share in terms of revenue in 2017. The industry is expected to be driven by a growing population. In terms of revenue, Asia Pacific was followed by North America and Europe in 2017. North America is expected to show significant growth in the years to come. This is mainly due to increasing demand for soybean and kernel oil, due to the improved standard of living and growing health awareness.
The global cooking oil market is consolidated with the key players that accounted for a significant share of the market in 2017. Some of the major companies have been investing in the product innovation, technological advancement, and quality standard maintenance in order to expand their existing customer base. Some of the important players are Cargill Agricola S.A., ACH Foods Company Inc., Bunge North America Inc., Archer Daniels Midland Company, ConAgra Foods Inc., CHS Inc., Chinatex Corporation, Richardson Oilseed Ltd., J-Oil Mills Inc., and Carapelli Firenze S.P.A
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