Cooking Oils and Fats Market Outlook
Cooking Oils and Fats Market size was around USD 80.96 billion in 2020. It is expected to grow at a CAGR of 1.9% to reach USD 98.84 billion by 2026.during the forecast period. The global cooking oils and fats market is expected to register a prominent growth during the forecast period. Increasing consumption of oils and fats in the foodservice industry, rising global population, and increasing demand for bakery & confectionery, and processed & convenience foods are expected to boost the market growth.
However, increasing health concerns and stringent legislation for cooking oils and fats are hampering the growth of the market. Increasing investment in R&D along with technological advancements offer opportunities for market growth while the major challenge faced by manufacturers of cooking oils and fats is the fluctuating prices of raw materials in the global market.
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Cooking Oils and Fats Market Regional Analysis
By region, the global Cooking Oils and Fats Market report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will dominate the market during the forecast period for the growing demand for convenience food & bakery and confectionery products. It is predicted to grow at a 2.54% CAGR. China is a key contributor in this region.
Competitive Landscape
Notable players profiled in the global Cooking Oils and Fats Market Size report include Wilmar International Ltd (Singapore), James Richardson & Sons, Limited (Canada), Cargill, Incorporated (US), AAK AB (Sweden), IFFCO (UAE), United Plantations Berhad (Malaysia), Archer Daniels Midland Company (US), Conagra Brands, Inc. (the US), Associated British Foods PLC (UK), and Bunge Limited (US).
Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the global Cooking Oils and Fats Market Size based on application, source, and type.
By type, the Cooking Oils and Fats Market is segmented into fats and oils. Of these, the oils segment will dominate the market over the forecast period and its predicted to touch USD 49, 145.87 million by 2024. The oils segment is again segmented into olive oil, rapeseed oil, sunflower oil, soybean oil, palm oil, and others. Of these, palm oil will dominate the market. The fats segment meanwhile, is likely to have healthy growth over the forecast period. The fats segment is again segmented into lard and tallow, margarine, butter, and others. Of these, the butter segment will have a major share in the market over the forecast period, and the lard & tallow segment will have a notable growth over the forecast period.
By source, the Cooking Oils and Fats Industry is segmented into animals and plants. Of these, the plant segment will have the largest share during the forecast period. It is predicted to grow at a 1.63% CAGR. Sunflower, soybean, sesame, peanut, palm, olive, and coconut are the most widely used plant sources to produce oils and fats. Presently, the demand for rice bran oil is on the rise for rising health awareness among consumers.
By application, the Cooking Oils and Fats Market Size is segmented into spreads and dressings, sauces, convenience foods, bakery and confectionery, and others. Among these, bakery and confectionery will have a major share in the market during the forecast period. It is predicted to touch USD 25,278.66 million at a 0.94% CAGR.
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