Edible Oil and Fats Market Size Worth $361.88 Billion By 2032 | CAGR: 3.91%

The global edible oil and fats market size is expected to reach USD 361.88 billion by 2032, according to a new study by Polaris Market Research. The report “Edible Oil and Fats Market Share, Size, Trends, Industry Analysis Report, By Product (Edible Oil, Edible Fats), By Source, By Form, By End Use, By Distribution Channel, By Region, Segments and Forecast, 2024 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Synthetic Rubber Market is expected to witness significant growth over the forecast period owing to the wider use of edible fats and oils in preparing food and beverage. The increasing awareness towards healthier substitutes over trans-fat, demand for a more nutritious and balanced diet among consumers, and increasing disposable income have increased the demand for high-quality edible oil and fats in the last few years.

Further, the favorable benefits of vegetable oils to reduce cardiovascular disorders and likely reducing the possibility of breast cancer have remained a favorable driver for the market among health-conscious consumers.

Edible oil and fats are majorly obtained from raw materials such as fleshy fruits (Olive and Palm), animal by-products, and oilseeds. In edible form, these ingredients are rich in essential micro and macronutrients, making them suitable for food preparation. Apart from providing a rich source of energy (around 9 kilocalories per gram), fats and fatty acids are also examined to impart various other benefits in early growth and development and nutrition-related chronic disease. For example, n-3 and n-6 fatty acids have remained beneficial for the prevalence and severity of diabetes, cardiovascular disease, cancer, and age-related disease.

Besides the major applications of edible oils in preparation of various foods, a huge investment has been witnessed in developing novel alternative oils such as algal, yeast, and insect-derived oils. Some of these products are now used in various non-food applications such as cosmetics, shampoo, laundry detergent, biofuels, and animal feeds.

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The major limiting factors for the market can be characterized by concerns regarding the negative impact on the health of excessively using oil and fats remain to inhibit some market segments. Further, various stringent regulations by food regulatory authorities to ensure consumers' safety have also remained a challenge in different market regions.

The growing use of vegetable oil and fats in the food industry, especially in emerging economies such as China, India and others, can be the market's primary growth factor. Increasing working professionals are witnessing a hectic lifestyle which changes the diet patterns of the consumers and increases demand for fast and convenience food items, which are largely depended on vegetable oils for the preparation of food items.

Furthermore, the wider applications of edible ingredients in various end-use industries remained the second most important factor for the growth of the market. Dermal ointments, creams, and other anti-inflammatory products are some other end-uses, that influence the demand for edible oil and fats in the forecast period.

Report Highlights

• The covid-19 pandemic moderately impacted the edible oil and fats market in 2020 - 2021. Besides having a negative impact on the demand and supply side of the market, it also caused a shift in consumer behavior from dine-out to self-cooking, which increases the demand for these edible ingredients to some extent.    

• The Palm Oil sub-segment accounted for the largest market share in 2022. Major factors can be attributed to its various essential nutrients such as selenium, magnesium, vitamin E, and phytosterols. The margarine sub-segment accounted for the fastest growth rate due to factors such as adopting veg-derived margarine as a substitute for butter in markets of the U.K. and Germany and preference from glutamic disorders and lactose intolerant consumers.
• On the basis of end-use, food, and beverage accounted for the largest market share due to increasing urbanization and penetration of cross-cultural food players across the regions. This resulted in the establishment of various food outlets offering a wider range of foods that requires a huge volume of edible oils for preparation.
• The online mode of distribution is expected to grow at the quickest rate owing to favorable benefits provided by e-commerce channels, such as faster doorstep delivery, coupon benefits, cash-on-delivery, discounts, and easy order options.
• Asia-Pacific Region is accounted for the largest market share in 2022, which is supported by the presence of various key vegetable oil manufacturing and consuming countries such as Indonesia, Malaysia, China, India, and others.

Polaris Market Research has segmented the Edible Oil and Fats Market report based on product, source, form, end-use, distribution channel, and region:

Edible Oil and Fats Market, Product Outlook (Volume, Kiloton; Revenue - USD Billion, 2019 - 2032)

• Edible Oil
  • Sunflower Oil
  • Soyabean Oil
  • Olive Oil
  • Palm Oil
  • Coconut Oil
  • Vegetable Oils
  • Others
• Edible Fats
  • Fats
  • Butter
  • Margarine
  • Tallow & Grease
  • Lard
  • Others

Edible Oil and Fats Market, Source Outlook (Volume, Kiloton; Revenue - USD Billion, 2019 - 2032)

• Animal
• Vegetable

Edible Oil and Fats Market, Form Outlook (Volume, Kiloton; Revenue - USD Billion, 2019 - 2032)

• Solid
• Liquid

Edible Oil and Fats Market, End-Use Outlook (Volume, Kiloton; Revenue - USD Billion, 2019 - 2032)

• Food and Beverage
• Biofuel and Energy
• Personal Care and Cosmetics
• Pharmaceuticals
• Chemicals
• Others

Edible Oil and Fats Market, Distribution Channel Outlook (Volume, Kiloton; Revenue - USD Billion, 2019 - 2032)

• Offline
• Online

Edible Oil and Fats Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East and Africa

• UAE
• Saudi Arabia
• Israel
• South Africa