Sarasota, FL -- (SBWIRE) -- 11/19/2018 -- Zion Market Research has published a new report titled "Cooking Oil Market by Extraction Method (Solvent extraction, Mechanical extraction, Sparging, and Hydrogenation), by Type (Rapeseed (canola) oil, Sunflower oil, Palm kernel oil, Soybean oil, Minor vegetable oil, and Palm oil), by Application (Biodiesel, Industrial, and Food): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, the global cooking oil market was valued at around USD 85.52 billion in 2017 and is expected to reach approximately USD 130.30 billion by 2024, growing at a CAGR of around 6.2% between 2018 and 2024.

Cooking oil is made of polysaturated and saturated fats, and monosaturated fatty acids. Cooking oil can be derived from different parts of plants such as seeds and flowers. Cooking oil is mainly used in frying, where it acts as a medium for heat transfer. Cooking oil adds texture and flavor to foods. It is usually stable under high moisture and temperature. Cooking oil derived from sunflower and safflower contains a high content of polyunsaturated fatty acids and are suitable for frying purpose.

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The cooking oil market is anticipated to witness significant growth within the forecast period. The market is mainly driven by increasing demand for cooking oil in the food application. Cooking oil is widely used in daily food preparation. This, in turn, is expected to boost the growth of the cooking oil market during the forecast period. The growing population in developing countries of Asia Pacific region and maximum consumption of cooking oil through daily food and diet are the key factors anticipated to boost the growth of the market during the forecast period.

The market can be segmented on the basis of the extraction method for solvent extraction, mechanical extraction, sparging, and hydrogenation. The mechanical extraction method is widely used for extracting cooking oil as compared to other methods. However, sometimes the solvent extraction method is preferred over mechanical extraction in order to make the extraction process more cost-effective. Based on the type, the market can be segmented into rapeseed (canola) oil, sunflower oil, palm kernel oil, soybean oil, minor vegetable oil, and palm oil. Sunflower oil was the leading segment in 2017 owing to its importance in the curing of cardiovascular disorders. Palm oil is cheaper as compared to other types of oils. However, due to its certain health dangers such as reproductive toxicity, organ toxicity, and difficulty in digestion anticipates restraining its use in the food sector over the forecasting period. Based on the application, the market can be segmented into biodiesel, industrial, and food. The food segment dominated the global cooking oil market in 2017, followed by the industrial and biodiesel segment.

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In 2017, Asia Pacific was a primary region in terms of demand for cooking oil and it accounted for over 27% share of total revenue generated in 2017. The market growth is essentially due to increasing population and rising consumption of cooking oil through diet in countries such as India, China, and Japan. Furthermore, increasing health awareness and high disposable income is anticipated to boost the demand for premium and specialty cooking oils in the Asia Pacific during the forecast period. Asia Pacific region is followed by North America and is expected show significant growth in the near future on account of increasing preference for convenience food products and the growing consumption of vegetable oils. The Middle East and Africa region anticipate being the fastest growing cooking oil market owing to the increasing use of vegetable oils in the production of biodiesel.

The global cooking oil market is consolidated with the key players that accounted for a significant share of the market in 2017. Some of the major companies have been investing in product innovation, technological advancement, and quality standard maintenance in order to expand their existing customer base. Some of the important players are Cargill Agricola S.A., ACH Foods Company Inc., Bunge North America Inc., Archer Daniels Midland Company, ConAgra Foods Inc., CHS Inc., Chinatex Corporation, Richardson Oilseed Ltd., J-Oil Mills Inc., and Carapelli Firenze S.P.A.

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This report segments the global automotive heat shield market as follows:

Global Cooking Oil Market: Extraction Method Segment Analysis

Solvent extraction
Mechanical extraction
Sparging
Hydrogenation

Global Cooking Oil Market: Type Segment Analysis

Rapeseed (canola) oil
Sunflower oil
Palm kernel oil
Soybean oil
Vegetable oil
Palm oil

Global Cooking Oil Market: Application Segment Analysis

Biodiesel
Industrial
Food

Global Cooking Oil Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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