Edible Oil Market to Experience High Growth Owing to Increasing Health Consciousness
Albany, NY -- (SBWIRE) -- 12/21/2018 -- The increasing demand for trans-fat free soybean oil, canola oil, and olive oil are expected to drive the global edible oil market during the forecast period. Additionally, significant rise in restaurants and fast food joints and substantial growth in numerous finished food products industries have also created high growth opportunities for the global edible oil market. In coming years, growing research and development activities that will reduce the oil fat and add more nutrients such as rice bran oil, is projected to boost the demand or edible oil further.
Increasing health consciousness among the rising population across regions has increased the demand for edible oil in the last few years. Vegetable oil that is low in fat, cholesterol, and calories is likely to gain traction because of increasing health awareness among individuals. In addition to that, increasing crop yields, significant development in retail network, oil production, and developing economies are some of the noticeable factors helping the growth of the global edible oil market.
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Increased Awareness to Support Global Edible Oil in Reporting High Growth
Thanks to the increased awareness among consumers regarding the benefits of edible oils across the world, the global market for edible oils is registering a tremendous rise. With its cost efficiency, the global market is likely to remain lucrative in the years to come. According to Transparency Market Research (TMR), the opportunity in this market is anticipated to rise at a significant CAGR over the next few years.
Here is a snapshot of how the global edible oil market is performing:
Rise in Number of Restaurants and Eateries to Support Global Edible Oil Market
The global market of edible oil is primarily driven by the continued mushrooming of restaurants, eateries, and fast food joints across the world. The ongoing expansion in various finished food product industries is also reflecting positively on the demand for edible oil. In addition to this, the rise in research and development activities to produce low fat oil with added nutrients, such as rice bran oil, is projected to boost this market substantially, over the forthcoming years. Besides, the growing preference for refined oil, on account of the increasing awareness level among consumers pertaining to health and fitness, is also anticipated to impact this market positively in the long run.
Rapeseed to Continue Witnessing High Demand
Sunflower, soybean, and rapeseed palm are the key products available in the global market for edible oil. Among these, rapeseed palm oil has been registering the most prominent demand. In 2015, the rapeseed palm segment accounted for a share of around 30% in the overall market, acquiring the lead in the global market, and is expected to remain dominant over the next few years.
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Growing Demand in Retail Sector to Boost the Edible Oil Market
As compared to food service industry and food processor, retail sector is likely to be the largest end user of edible oil. With changing customer preference and increasing standard of living, more and more customers are demanding healthy edible oil. In addition to that, growing consumption of premium oils that includes mustard oil, soybean oil, olive oil and many others are expected to benefit the market at a large extent. Growing demand for edible oil in Asia Pacific, mainly in India and China as a reason for rising income and growing health consciousness will result in expanding the edible oil market. Manufacturers are also making efforts in advancing their marketing techniques and investing in mergers and acquisition to establish themselves in regions with high demand.