IMARC Group’s report titled “Fats and Oils Market Report by Type (Oil Type, Fat Type), Application (Food Applications, Industrial Applications), Source (Vegetable, Animal), Sales Channel (Direct Sales, Supermarkets and Hypermarkets, Retail Stores, Online Stores, and Others), and Region 2024-2032”. The global fats and oils market size reached US$ 232.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 321.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.6% during 2024-2032.
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Factors Affecting the Growth of the Fats and Oils Industry:
- Health and Nutrition Awareness:
The growing awareness about health and nutrition among the masses is offering a favorable market outlook. Individuals are becoming more health-conscious and driving the demand for oils and fats that are perceived as healthier, such as olive oil, canola oil, and omega-rich oils. This shift is primarily due to the association of these products with various health benefits, including cardiovascular health, reduced cholesterol levels, and improved metabolic functions. Additionally, the trend of clean eating encourages consumers to seek out non-genetically modified organisms (GMO), organic, and minimally processed fats and oils. Manufacturers are responding by reformulating their products and highlighting health benefits to meet consumer preferences.
- Technological Advancements in Processing:
Improved extraction methods, such as supercritical fluid extraction and enzymatic technologies, are enhancing the efficiency and quality of oil production. These technologies help to achieve higher yields, maintain nutrient integrity, and reduce environmental impact by minimizing waste and energy utilization. The growing demand for purer and naturally processed oils by individuals is encouraging companies to invest in advanced technologies to gain a competitive edge. This not only helps in catering to the quality expectations but also aligns with sustainable manufacturing practices, making the products more appealing to a broader market segment.
- Dietary Trends Influencing Product Varieties:
The diversification of consumer dietary preferences, including veganism, ketogenic diets, and paleo diets, is positively influencing the market. These diets often emphasize particular types of fats, such as coconut oil, avocado oil, and medium-chain triglyceride (MCT) oil, which are marketed for their specific health benefits that align with these dietary regimes. The popularity of these diets is driving the demand for specialized fats and oils, encouraging manufacturers to expand their product portfolios to include a wider range of oil types. This trend not only drives innovation in product offerings but also supports market growth through niche marketing and product differentiation strategies.
Leading Companies Operating in the Global Fats and Oils Industry:
- Ajinomoto Co. Inc.
- Archer-Daniels-Midland Company
- Associated British Foods Plc
- Bunge Limited
- Cargill Incorporated
- Conagra Brands Inc.
- Fuji Oil Holding Inc.
- Unilever
- United Plantations Berhad
- Wilmar International Limited
Fats and Oils Market Report Segmentation:
By Type:
- Oil Type
- Palm Oil
- Soybean Oil
- Rapeseed Oil
- Sunflower Oil
- Olive Oil
- Others
- Fat Type
- Butter
- Shortenings and Margarine
- Lard
- Tallow
- Others
Oil type exhibits a clear dominance in the market due to its versatile applications in cooking, processing, and as dietary staples across various cuisines.
By Application:
- Food Applications
- Industrial Applications
Food applications hold the biggest market share, as fats and oils are fundamental ingredients in cooking and food manufacturing, providing essential flavors and textures.
By Source:
- Vegetable
- Animal
Vegetable represents the largest segment attributed to the preference for these oils for their health benefits, lower environmental impact, and alignment with vegetarian and vegan dietary preferences.
By Sales Channel:
- Direct Sales
- Supermarkets and Hypermarkets
- Retail Stores
- Online Stores
- Others
On the basis of the sales channel, the market has been categorized into direct sales, supermarkets and hypermarkets, retail stores, online stores, and other channels.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific dominates the market owing to the rising demand for diverse food products and industrial uses of oils and fats in the region.
Global Fats and Oils Market Trends:
The growing demand for specialty and exotic oils, such as flaxseed, almond, and argan, due to their unique health benefits, including high omega-3 fatty acids and antioxidant properties, is offering a favorable market outlook.
Apart from this, people are seeking products containing natural oils that provide hydration, anti-aging, and healing properties, which is leading to the use of various oils in personal care products. These trends are supported by digital marketing strategies that use social media to educate and engage users about the benefits and uses of these exotic and specialty oils.
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