Edible Oils And Fats Market Size is Expected to Generate Huge Profits by 2023 | CAGR 5.1%

The Edible Oils And Fats Market is expected to grow from US$ 52,920.00 million in 2022 to US$ 78,686.61 million by 2030; it is expected to record a CAGR of 5.1% from 2023 to 2030.

Consumers consider plant-based products healthier than conventional products. Rising health consciousness among consumers propels the demand for plant-based and low-fat products. Thus, manufacturers develop plant-based shortenings and low-fat oils to cater to the rising demand. Plant-based shortenings are non-hydrogenated and do not contain cholesterol and trans-fat. Thus, it is considered a healthier alternative to conventional shortenings. Moreover, the increasing prevalence of cardiovascular diseases, obesity, and diabetes over the years is expected to boost the demand for low-fat products such as low-fat oils among various industries, including bakery & confectioneries, dairy & frozen desserts, and snacking.

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Analysis of the Top Market Players:

1. Bunge Ltd
2. Archer-Daniels-Midland Co
3. Fuji Oil Co Ltd
4. Kao Corp
5. AAK AB
6. J-Oil Mills Inc
7. Cargill Inc
8. Olam Group Ltd
9. ConnOils LLC
10. Louis Dreyfus Co BV

In this report, the market has been segmented on the basis of:

Type
Oil
• Soybean Oil
• Sunflower Oil
• Palm Oil
• Canola Oil/Rapeseed Oil

.Fats
• Butter
• Margarine
• Palm Oil Based Shortening
• Vegetable Oil Based Shortening

Application
• Food And Beverages
• Bakery And Confectionery
• Dairy And Frozen Desserts
• RTE And RTC Meals
• Snacks

Animal Nutrition
Pharmaceuticals And Nutraceuticals

Rising awareness regarding animal protection and environmental sustainability creates the popularity of plant-based products. As per the data published by "Veganuary" (a nonprofit organization encouraging people to go vegan for the whole month of January) in 2021, ~5.8 million people registered for the "Veganuary Campaign." Thus, owing to the rising inclination toward veganism, growing demand for plant-based shortening and low-fat oils among various end-use industries is expected to create lucrative opportunities in the edible oils and fats market during the forecast period.

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Based on type, the edible oils and fats market is segmented into oils and fats. The oils segment is projected to register the largest share during the forecast period. Vegetable oils can be derived from seeds, cereal grains, nuts, and fruits. The most consumed oils are olive, sunflower, palm, canola, coconut, safflower, corn, peanut, cottonseed, palm kernel, and soybean. Generally, vegetable oils are used in food preparation, and crude oil is added for flavor. Vegetable oil is also used in the production of animal feed. Sunflower oil is a nonvolatile oil extracted from sunflower seeds. The oil is majorly used in formulations as an emollient in pharmaceutical applications. It contains a large amount of vitamin E. Sunflower oil is used to cook snack foods such as potato chips or French fries. This oil is also used in manufacturing mayonnaise and oil-based dressings. Dietary supplements made from sunflower oil have been marketed to treat eczema. According to the Food and Agriculture Organization (FAO), sunflower seed oil production is expected to reach 60 million tons by 2050 owing to its rising per capita consumption.

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