Rising Demand for Food Products to Create New Growth Prospect of Global Edible Oil Market, Reports TMR
A new study by Transparency Market Research (TMR) presents a complete overview of the market for global edible oil by evaluating its driving forces, limitations, market trends, opportunities, and growth prospects. The report, titled “In-store Health Clinics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” states that the rising demand food products, owing to the surge in the global population, is the key driving force behind the remarkable growth in the demand for edible oil across the world.
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The continual increase in the count of fast food joints and restaurants and the substantial growth in various finished food product industries have also added significantly to this growing demand in the recent times. Over the next few years, the increasing research and development activities, leading to the production of oil with low fat content and additional nutrients, such as rice bran oil, is expected to propel the worldwide market for edible oil substantially. Apart from this, the increasing preference for refined oil, thanks to the growing awareness regarding health and fitness, is also projected to influence this market positively in the long run, notes the research study.
The report studies the global market for edible oil on the basis of product and the geographical spread. Based on product, the market has been categorized into soybean, rapeseed palm oil, and sunflower. Among these, palm oil is the most preferred edible oil across the world, accounting for a share of nearly 30% in the overall market.
Geographically, the research study has segmented the worldwide market for edible oil into Asia Pacific, Europe, North America, and the Rest of the World. Asia Pacific is projected to emerge as the most promising market for edible oil over the next few years. The consumption of edible oil is predicted to increase remarkably in this region due to the growing population in China and India, creating new growth opportunities for manufacturers. China is likely to lead in terms of vegetable oil consumption, trailed by Europe, states the report.
The research report also evaluates the competitive landscape of the global market for edible oil in order to identify the prevalent market hierarchy. According to the report, the leading producers of edible oil, globally, are focusing aggressively on product innovation and advancement in current offerings. Archer Daniels Midland Co., Bunge Alimentos SA, Ach Food Companies Inc., Ruchi soya, Beidahuang Group, and The Adani Group are the key producers of edible oil mentioned in this study.