Global Edible Oil Market was valued at USD 94.2 Billion in 2018, and is projected to grow at CAGR of 7.2% over forecast period 2020–2026. Surging retail sector, increasing oil production & crop yields, growing health awareness among consumers coupled with rising usage in soaps and hair and skin care products are key factors driving the market growth.
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Edible oils are nothing but oils extracted from plant, which are analogous, if not then same as those manufactured by the industrial biotech segment for use in cosmetics, for utilizing as a biodiesel, and in different daily biotech goods. Edible oils might be liquid or solid at normal temperature. They are described as “a food material, excluding a dairy item, of whatever source, origin, or composition that is made for consumption by human in part or wholly from an oil or fat except that of milk” by the Government of Ontario, Canada. The U.S. FDA on their website does not offer a description for edible oils.
The global market for edible oil can be classified based on end-users, type, and geography. On the basis of type, the market can be segmented into canola oil, palm oil, sunflower oil, olive oil, corn oil, and specialty blended oil among others. Risings usage of fried foods has considerably elevated the requirement for edible oils. On the basis of end-users, the global market can be distinguished into food service, food processor, and retail.
Market Trends, Drivers, Restraints, and Opportunities:
- The edible oil market is expected to grow due to growth in health conscious consumers and high demand for fat-free and nutritious food.
- The growing popularity of rice bran oil, canola oil, olive oil, and soybean oil is expected to boost market growth.
- Prolonged use of certain types of edible oils can increase cholesterol, blood pressure, and vascular inflammation. This, in turn, is expected to hamper market growth.
- Strong economic growth and increasing disposable incomes are expected to create opportunities in the market. Furthermore, factors such as increasing globalization and urbanization have transformed the lifestyles of people, resulting in the rise in expenditure on food. This, in turn, is propelling the demand for edible oil.