Northbrook, IL 60062 -- (SBWIRE) -- 11/16/2023 -- The report titled "Fats & Oils Market by Type, Application, Source, Form, and Region - Global Forecast to 2026" highlights the robust growth and influencing factors shaping the global fats & oils market. Estimated at USD 236.7 billion in 2021, the market is projected to reach USD 285.22 billion by 2026, with a CAGR of 3.8%. This growth is fueled by macroeconomic and microeconomic factors, driving value sales during the forecast period.

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Market Overview:

Increased awareness about healthier substitutes to trans-fat, demand for nutritious diets, and sustainable food and energy systems contribute to the market's expansion. Companies in the edible oil sector are strategically positioning their products as healthy oils to meet consumer preferences for healthier food choices.

Key Findings:

- Palm oil holds a dominant global market share of around 30%, favored for its versatile applications in cooking, food products, cosmetics, detergents, and biofuels.

- Soybean oil is projected to be the fastest-growing vegetable oil market by 2026.

- Animal fats find applications in pet food, animal feed, biodiesel, and oleochemicals.

Application Trends:

The fats & oils market is primarily dominated by food applications, expected to be the fastest-growing segment during the forecast period. Plant oils, representing a renewable resource, are favored for their diverse fatty acid compositions.

Form Preferences:

Liquid fats & oils, mainly used in households and hotels for food applications, dominate the market in 2021. Consumer inclination towards liquid fats, often associated with higher unsaturation levels, contributes to the segment's growth.

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Regional Insights:

Asia Pacific leads the market in both value and volume, driven by robust processed foods and industrial applications in countries like China and India. The shift in consumption patterns and high imports of vegetable oils and fats contribute to the region's rapid growth.

Key Players:

Major players in the market include Associated British Foods PLC, Archer Daniels Midland Company, Bunge Limited, Wilmar International Limited, and others. These companies focus on meeting the rising demand for healthy oils and sustaining market competitiveness.

Conclusion:

The global fats & oils market is on a growth trajectory, propelled by changing consumer preferences, health consciousness, and sustainable practices. The report provides a comprehensive analysis of key market dynamics, trends, and major players shaping the industry landscape.

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