The global cooking oil market is expected to witness steady growth in the near future. This growth is defined by the growing use of cooking oils across regions coupled with demand for healthy oils with high nutritional content. For example, coconut oil is expected to gain higher recognition as it increases good cholesterol level and works well under high temperatures. The global cooking oil market is projected to expand at a volume CAGR of 5.1% throughout the period, 2017 to 2026. Also, the sale of cooking oil is estimated to surpass US$ 342 Bn by the end of 2026.
Fast paced lifestyle and changing dietary habits of customers across regions across the globe have led to increasing demand for ready to cook and easy to cook food products.
Key Highlights on the Global Cooking Oil Market
With respect to region, Asia Pacific excluding Japan (APEJ) is expected to showcase higher growth potential as compared to other regions. Moreover, the sale of cooking oil in this region is expected to increase at a higher rate through 2026. The sale of cooking oil in the APEJ region is largely driven by heavily populated countries such as India and China. In China, according to WHO, the rate of chronic diseases has risen since past years owing to lifestyle changes and other causes such as excessive smoking and consumption of alcohol.
The demand for coconut oil in this region is expected to rise at a significant rate as it assists in fat burning to a large extent. In addition, the growing rate of population in countries of India and China is expected to spur the sales volume of cooking oils in this region, thus contributing to the growth of the global cooking oil market.
Demand for olive oil is expected to grow across regions owing to the health benefits associated with the product. For instance, olive oil is a rich source of antioxidants such as polyphenols that promote heart health. According to The New England Journal of Medicine, they are typically used in Mediterranean diet that has been followed across regions in order to reduce heart strokes and death related to heart disorders. With respect to the category, refined cooking oils have gained steady demand and are witnessing higher consumption as compared to other forms of cooking oils.
Refined oils promote the growth of good cholesterol that helps in fighting cardiovascular disorders and reduce the bad fat content in the body. Various refined cooking oils such as coconut oil, olive oil, canola oil and extra virgin olive oil, to name a few, are gaining high preference in daily cooking activities.