The cooking oil market is expected to grow at a significant CAGR…
The size of the global cooking oil market was valued at USD 77.6 billion in 2022 and is projected to reach USD 119.4 billion by 2032, with a CAGR of 4.4%.
NEW YORK CITY, NEW YORK, USA, March 18, 2023 /einpresswire.com/ — Market Overview:
The global cooking oil market size was valued at USD 77.6 billion in 2022 and is projected to reach USD 119.4 billion by 2032, with a CAGR of 4.4% during the forecast period. The market is driven by increasing demand for healthier cooking oils, rising disposable income, and changes in dietary habits.
Key takeaways:
The global cooking oil market is expected to grow at a CAGR of 4.4% during the forecast period, from 2022 to 2032.
The Asia-Pacific region is the largest market for cooking oil, followed by Europe and North America.
Palm oil is the most widely used cooking oil in the world, followed by soybean oil and canola oil.
Demand for healthier cooking oils, such as olive oil, avocado oil, and coconut oil, is increasing due to their health benefits.
Growing awareness of the harmful effects of trans fats is driving demand for healthier cooking oils.
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Drivers:
Increased demand for healthier cooking oils due to growing health concerns among consumers.
Changes in dietary habits and increased demand for ethnic foods.
Growing awareness of the harmful effects of trans fats.
Increased disposable income and increased urbanization.
restrictions:
Fluctuations in the prices of raw materials.
Availability of substitutes such as margarine and butter.
Concerns about the environmental impact of palm oil production.
Opportunities:
Growing demand for organic and natural cooking oils.
Increased demand for cooking oils of vegetable origin.
Emerging markets such as Asia-Pacific and Latin America present significant growth opportunities.
The full report to read the analyzed strategies adopted by major vendors to retain or gain market share:
Challenges:
Strict regulations regarding the labeling and packaging of cooking oils.
Increased competence of local and regional actors.
Growing concern about the health effects of high consumption of cooking oils.
Recent developments:
In November 2021, Cargill launched a new line of plant-based cooking oils made with canola, soybean, and sunflower oils.
In October 2021, Bunge launched a new range of canola and soybean omega-3 oils in the United States.
In August 2021, Archer Daniels Midland Company announced the acquisition of Sojaprotein, a Serbia-based soybean processing company, to expand its plant-based protein offering.
In May 2021, Wilmar International, a Singapore-based agribusiness company, announced plans to build a new palm oil refinery in East Java, Indonesia, to expand its presence in the Asia-Pacific region.
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