According to this newly published research report by Fact.MR, a provider of market research and competitive intelligence, the global vegetable oils market is estimated to reach a valuation of 336 billion by 2032-end, expanding at a CAGR of 4.6% from 2022 to 2032.
Vegetable oils are generally extracted from the fruits, nuts, and seeds of various plants. B1, A, E, and omega-3, and omega-6 fatty acids are some essential nutrients that are provided by different vegetable oils. These are used commonly as an alternative to petrochemicals and animal-based fats, not only in food but also in non-food applications.
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Vegetable oils are also used to produce pharmaceuticals, cosmetics, and bactericides. In addition, they provide various health benefits; for instance, lowering cholesterol levels, improving digestion and metabolism, and reducing the risk of different cardiovascular diseases.
There has been a noticeable increase in the demand for vegetable oils for perfume formulations, culinary soaps, and the production of fuels. Apart from this, growing awareness among individuals related to the health benefits of vegetable oil consumption, including managing heart health, is also likely to stimulate growth opportunities in the global market.
There has been an increase in the requirement for vegetable oils as an effective alternative to mineral oil among numerous end-use industries. This rising demand for oils is attributed to their easy availability, high viscosity, better pressure performance, lower volatility, and affordable price.
In recent years, there is a noteworthy increase in the prevalence of a lot of lifestyle diseases that have resulted in a change related to the dietary habits of consumers across the world. This has resulted in the emergence of minimally processed & organic vegetable oil variants. Various initiatives are undertaken by numerous governing agencies of different countries for the promotion of bio-based products.
Key Takeaways from Market Study
- Global demand for vegetable oils is estimated to expand at a CAGR of 4.6%through 2032.
- The palm segment is anticipated to expand at a CAGR of 5.3%through 2032.
- Sales of vegetable oils is anticipated to increase to a valuation of US$ 336 billion by the end of 2032.
- The soybean segment is estimated to progress at a CAGR of 4.6%during the forecast period ending in 2032.
“Rising use of vegetable oils in the food & beverages industry for food preparation and flavoring will bolster overall market growth,” says a Fact.MR analyst
The market for vegetable oils is dominated by key players owing to their strategic decisions, strong product portfolio, and dominance of market share. Further, companies manufacturing vegetable oils are investing a handsome amount to open up new oilseed crushing facilities to match the rising need of end-use sectors.
- Fuji Oil Holdings, in August 2021, announced the establishment of its fourth center for R&D purposes. This center is likely to be the first of its kind that is based in Europe. This initiative is a further step related to the plan for the globalization of the R&D structure of the group and the expansion of the innovative ecosystem in oil and fat and some other segments of the business.