Vegetable Oils Market Report, By Type (Palm, Soyabean, Rapeseed, Sunflower, Peanut, Olive), Extraction Type (Mechanical, Solvent, Hydrogenation, Sparging), Application (Industrial, Biofuel, Food) and Geography- Global Market Share, Trend Analysis & Forecast

Vegetable oils also known as vegetable fats are oils that are obtained from seeds, or sometimes, from other parts of fruits. Not all of vegetable oils are liquid oils at ambient temperatures. Moreover, not all of the vegetable oils are made in viable quantities, and of those that are, not all are referred to be edible as in the sense of being a typical dietary component. This treatise will cover only edible vegetable oils.

Generally, vegetable oil may talk about vegetable fats which are liquid at room temperature. Vegetable oils are mostly edible; non-edible oils derived mainly from petroleum are termed mineral oils. Vegetable oils have progressively substituted animal fats as the major source of lipids in human diets and now comprise of 15–20% of total caloric intake by industrialized nations.

Market Dynamics- Global Vegetable Oils Market

Mounting vegetable oils utilization in the production of fuel, culinary, soaps and perfume formulations is anticipated to accelerate the global market. Emerging processed foods industry, predominantly in developing markets, is likely to develop vegetable oils consumption over the years to come. Vegetable oils are major feedstock in bio lubricants production. Strict regulatory framework concerning about disposability and recyclability of petrochemical obtained lubricants has been pushing the bio lubricants demand, resulting in opening doors for global market. Owing to their recyclable characteristic, vegetable oils have several applications as automotive oil, demolding oil, hydraulic oil, chainsaw oils and industrial oils. 

Major Developments:

In 2017, Cargill Foods India, a local unit of the largest closely held company in the US, planned to expanding its food retailing business in the country to include more edible oil brands, wheat derivatives, and vegetable proteins.

 Similarly, in 2020 Hanoon Oil Factory, a leading oil manufacturing company based in Suhar, extended its offering into cooking oil space with the launch of five new brands of cooking oils. The five cooking oils from Hanoon aimed to provide consumers with healthy cooking oil options fit for their active and modern lifestyle. Hanoon Oil Factory ful?ls the requirements of being a healthy oil brand through its value-added offerings.

Vegetable Oils Market Segmental Overview

The study analyses Global Vegetable Oils market based on type, extraction method, application and geography. 

• Palm oil, Soyabean oil, Rapeseed oil, Sunflower oil, Peanut oil, olive oil etc. Owing to its health advantages such as cardiovascular benefits, assisting in averting arthritis, asthama and colon cancer, sunflower oil is anticipated to dominate the market over the forecast period. Strict biofuel guidelines in Europe and U.S. over availability of soybean oil have deterred this market to other vegetable oils such as palm, palm kernel and sunflower oils.
• The various extraction types of vegetable oils include mechanical, solvent, hydrogenation and sparging.
• The market finds application in industrial, biofuel, and the food segment. Presently, the use of vegetable oil in food segment holds a major share in the market globally. Biofuels is anticipated to produce more of vegetable oil demand over the estimated timeframe due to mounting regulatory favorability towards unconventional fuel sources and consequent vegetable oil sourcing as feedstock. Vegetable oils obtained from seeds and fruits are utilized for edible purposes. This major property of processed vegetable oil has augmented its demand in animal feed additive industry, accordingly offering growth opportunities in terms of increasing application scope. 

Vegetable Oils Market by Geography

Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America is likely to dominate the market owing to high vegetable oils consumption in biofuels production and bio-based products manufacturing. Increasing consumer awareness associated with the environmental effects of petrochemical achieved products has managed high demand for bio-based products. This inclination is projected to reinforce North America vegetable oil market. Moreover, Europe is foreseeable to record moderate to high demand over the forecast period 

However, Asia Pacific is anticipated to be the fastest growing region lead by China, India, Japan, and South Korea and are likely to contribute significantly during the forecast period. Ease of trading across international borders in the region will positively impact the industry growth through the forecast timeframe. Rapid growth of the food industry and growing disposable income and urbanization, abundant raw material availability in Southeast Asian markets are the major factors driving the market development in this region.

Global Vegetable Oils Market-Key Players

The major players involved in this market are Archer Daniels Midland Company, ACH Food Companies, Bunge North America Ltd., Beidahuang Group, Richardson Oilseed Ltd., Carapell Firenze S.P.A., Cargill Inc., Dow Agro Sciences LLC, DuPont etc.