Edible Cooking Oil Market : Global Industry Analysis, Market Size, Forecast 2016–2024
The edible oil market can be segmented into product type such as rapeseed palm oils, soybean, and sunflower among others. The market can also be segmented geographically into North America, APAC, Europe and RoW regions.
The global demand for edible oil is expected to grow at a single digit increase in CAGR from 2013 to 2019. The palm oil is most consumed edible oil in the world, and accounts for approximately 30 percent of total edible oil market.
The key driver of edible oil consumption is the consistent growth in fast food industry, restaurants and other finished food product industry such as baked food among others. The consumption is increasing in Asia Pacific due to the increasing population in India and China. China is one the major consumer of vegetable oil followed by Europe which has the second position in terms of consumption. Moreover research and development by major manufacturers’ leads to oil production containing low fat content and add extra nutrients. Preference of refined oil is also rising, health is the major concern and health trend among consumers has forced manufacturer to produce oil such as rice bran oil. Rice bran oil is considered to be good for health as it contains orzonal that is good for heart. Therefore the edible oil companies are focusing on innovation on raw materials. The market is highly fragmented due to numerous players and differed oil preferences in different geographies.
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Some of the key players in the edible oil market are The Adani Group(fortune oil), Ruchi soya, Ach Food Companies Inc., Archer Daniels Midland Company, Beidahuang Group ,Bunge Alimentos Sa (Brazil) among others.
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