Global edible oils and fats market expected to reach approximately USD 146.21 billion by 2024, growing at a CAGR of around 7.4% between 2018 and 2024. Most of the edible fats and oils consist of triacylglycerides, which differ in the fatty acid compositions to a certain extent. Acyl lipids and unsaponifiable fraction are the other constituents that consist of less than 3% of the oils and fats total composition.
Sarasota, FL -- (SBWIRE) -- 08/28/2018 -- Zion Market Research has published a new report titled "Edible Oils and Fats Market By Type (Vegetable & Seed Oil (Soybean, Sunflower Oil, Palm Oil, Canola Oil, and Others), Spreadable Oils And Fats (Butter, Margarine), Olive Oil, Cooking Fats, And Others), By Source (Plant and Animal), By Form (Liquid and Solid), By Distribution Channel (Supermarket, Hypermarket, Convenience Stores, Departmental Stores, and Online Store): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, the global edible oils and fats market was valued at around USD 88.70 billion in 2017 and is expected to reach approximately USD 146.21 billion by 2024, growing at a CAGR of around 7.4% between 2018 and 2024.
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Most of the edible fats and oils consist of triacylglycerides, which differ in the fatty acid compositions to a certain extent. Acyl lipids and unsaponifiable fraction are the other constituents that consist of less than 3% of the oils and fats total composition. Most of the edible oils produced from plant and based on the process used for oil recovery is classified as seed oil and vegetable oil. In the human body, fats act as a source of concentrated energy. In addition, fats also act as a carrier of water and fat soluble vitamins such as A, B, C, D, E, & K. Naturally occurring oil undergoes refining process in order to produce pure, odorless, and light-colored edible oil.
The global edible oils and fats market is projected to exhibit substantial growth in the near future. The growth of the market for edible oils and fats is primarily due to the increasing consumption of oils & fats coupled with an increasing number of innovative product offerings in the market. Moreover, the rising number of food chains, restaurants, and hotels are anticipated to boost the demand for edible oils and fats within the forecast period. Increasing popularity of processed and packaged food products in the emerging countries is also propelling the demand for the edible oils and fats market. However, the high cost of raw materials in the production of oils and fats products may restrain the growth of the edible oils and fats market over the forecast period.
Based on the product type, the market is classified into vegetable & seed oil, spreadable oils and fats, olive oil, cooking fats, and others. Vegetable & seed oil market segment is further classified into soybean, sunflower oil, palm oil, canola oil, and others. Spreadable oil and fats segment is further classified into margarine and butter. Vegetable & seed oil segment accounted for a significant market share in terms of revenue in 2017 and is anticipated to grow at the highest CAGR over the forecast period owing to its increased consumption in the household sector. Spreadable oils and fats are another important segments anticipated to exhibit considerable market growth within the forecast period. The growth is largely due to growing incline of the young population towards junk food including pizza and burger. Based on the source, the market is divided into plant and animal. Plant-based oils segment is growing at a significant growth rate owing to its certain health benefits. Based on the distribution channel, the edible oils and fats market is classified into supermarket, hypermarket, convenience stores, departmental stores, and online stores. Supermarket and hypermarket segments are the fastest growing segments. Online store segment is projected to exhibit considerable market share in the near future due to the increasing number of online customers and changing consumer buying behavior.
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The market for edible oils and fats in the Asia Pacific is growing at the highest CAGR with a major market share in terms of revenue in 2017. Growing population and high consumption of edible oils and fats in the emerging countries such as India and China is driving the growth of the edible oils and fats market in the region. Europe is the second largest edible oils and fats market. The market growth is primarily due to growing health awareness and preference for low fat, low calorie, and cholesterol free oils. The edible oils and fats market growth in North America is driven by advanced procedures for manufacturing oils and fats products. Additionally, the growing application of spreadable oils and fats in the production of several processed and packaged food products is anticipated to boost the edible oils and fats market growth in North America over the forecast period.
The key players are focusing on several inorganic and organic growth strategies along with extensive research & development activities in order to sustain the existing market position. Some of the key players included in the global edible oils and fats market report are Unilever plc, Cargill Inc., International Foodstuff Company Limited, American Vegetable Oils, Inc., Fuji Vegetable Oil, Inc., Beidahuang Group, ConAgra Foods Inc., Ajinomoto Co., Inc., Bunge Limited, United Plantations Berhad, CHS Inc., Mother Dairy, Wilmar International Limited and Associated British Foods plc.
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This report segments the global edible oils and fats market as follows:
Global Edible Oils and Fats Market: Type Segment Analysis
Vegetable & Seed Oil
Spreadable Oils and Fats
Global Edible Oils and Fats Market: Source Segment Analysis
Global Edible Oils and Fats Market: Form Segment Analysis