Fats and Oils Market Expected to Grow at a CAGR of 3.9%, Reaching New Heights from US$ 254.32 Billion in 2023.

► Fats and Oils Market Overview

The global Fats and Oils Market is on a robust growth trajectory, poised to hit USD 198.14 billion by 2030, up from USD 120.45 billion in 2023, growing at a CAGR of 7.37% during the forecast period (2024-2030). Fueled by rising demand from the food, cosmetics, and biofuel sectors, and evolving dietary preferences, this market is transforming across continents with dynamic shifts in regional dominance and strategic consolidations.

► Competitive Landscape

The global market is fiercely competitive, with major players such as Cargill, Incorporated, Wilmar International Ltd, Bunge Limited, Archer Daniels Midland Company, and Adani Group leading innovation and supply chain expansions. The Asia-Pacific region currently dominates, holding over 53% of the global market share, thanks to its massive population, expanding food industry, and growing disposable income.

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► Fats and Oils Market Regional Insights

United States: Growth and Strategic Opportunities:

Fats and Oils Growth in the United States

The U.S. is witnessing an upsurge in demand for soybean and vegetable oils, driven by both the food processing and personal care sectors. Favorable policies supporting soybean production and investments in sustainable oil extraction methods are propelling market expansion

Asia-Pacific: Explosive Market Trends and Expansion :

Fats and Oils Opportunities in Asia-Pacific

India and China are pivotal markets. India, producing over 25 million tonnes of oilseeds annually, is becoming a global edible oil hub. Meanwhile, China remains the largest consumer despite recent slowdowns.

Middle East and Africa: Trends and Updation :

Fats and Oils Trends in the Middle East and Africa

Rising urbanization and lifestyle changes in GCC nations and South Africa are boosting demand for packaged oils. There's increasing use of oils in personal care and cosmetics, adding to the consumption.

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► Key Recent Developments:

The region is seeing joint ventures and cross-border alliances focused on edible oil refining and packaging, particularly in UAE and Egypt, as regional players seek to reduce dependency on imports.

Companies like Borges Mediterranean Group and Associated British Foods plc are expanding through acquisitions and product diversification. Sustainable packaging and clean labeling are core strategies in European markets.

► Fats and Oils Market Segmentation

by Source

Vegetable
Animal

The market for fats and oils is divided into two segments: vegetable and animal sources. With the greatest market share of 43% in 2023, the vegetable oil sector has led the market and is predicted to rise at a compound annual growth rate (CAGR) of 5.90% throughout the course of the forecast period. Numerous industries, including the food and cosmetics sectors as well as other industrial applications, are driving up demand. Products like baked goods and confections are made using vegetable oils like soybean oil, palm oil, and others. This is because they are inexpensive, readily available, and have taste-enhancing qualities, all of which contribute to the market's expansion.

by Oil Type

Soybean
Palm
Sunflower
Olive
Rapeseed

by Animal Fats

Tallow
Butter
Lard

by Application

Food
Pharmaceutical
Personal Care
Industrial

The food, pharmaceutical, personal care, and industrial sectors make up the fats and oils market. With the greatest market share of 35% in 2023, the food segment has dominated and is predicted to rise at a compound annual growth rate (CAGR) of 6% throughout the course of the forecast period. This is due to the fact that fats and oils are crucial for improving the flavor, texture, taste, and fragrance of food. Additionally, during the projection period, it is anticipated that the use of fats and oils will increase.

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► Fats and Oils Market Key Players

1. Wilmar International Limited
2. Olam International
3. Ajinomoto Co. Inc.
4. Archer-Daniels-Midland Company
5. Associated British Foods PLC
6. Bunge Limited
7. Cargill Incorporated
8. Conagra Brands Inc.
9. Fuji Oil Holding Inc.
10.Unilever
11.United Plantations Berhad
12.Wilmar International Limited
13.James Richardson & Sons, Limited
14.IFFCO
15.AAK AB
16.Mewah International Inc.
17.Richardson International Limited
18.Vega Foods
19.Goodhope Asia Holdings Ltd.
20.Oleo Fats, Inc.
21.K S Oils

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