Edible oils are utilized in cooking and for direct consumption in many foods. Some key advantages of edible oils are their high smoke point which allows for high-temperature cooking without burning, and providing a source of unsaturated fatty acids and vitamin E which are essential for human health and development. The expanding food service industry and fast food chains have further fuelled the need for edible oils.
The global edible oils market is estimated to be valued at US$ 124.38 billion in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growing Health Consciousness
There is a growing trend of health consciousness among consumers globally. This presents a major market opportunity for edible oils high in unsaturated fatty acids like olive oil and canola oil which are considered healthier alternatives to oils high in saturated fats like palm oil and coconut oil. The health benefits of unsaturated fatty acids in reducing risk of heart diseases and improving cholesterol levels is well documented. Manufacturers can capitalize on this growing preference for healthy oils by developing new product lines and marketing campaigns highlighting the healthfulness of their products. This will help drive higher demand and market growth over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Global Edible Oils Market Size is low due to the presence of large established players. It requires high initial investment and R&D to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers have multiple substitutes available and price sensitivity is high.
Bargaining power of suppliers: The bargaining power of suppliers is medium. Suppliers have difficulties in switching between buyers due to established supply relationships.
Threat of new substitutes: The threat of new substitutes is medium as fat alternatives like avocado oil and plant-based oils are gaining popularity.
Competitive rivalry: Competition in the edible oils market is high due to the presence of many large players.
SWOT Analysis
Strength: Edible oils have high nutritional value and are used widely in cooking. The market is driven by growing population and food industry.
Weakness: Edible oils face price volatility due to dependence on agriculture. Consumers are shifting to healthier plant-based oils.
Opportunity: Growing demand for non-GMO, organic, and natural oils present an opportunity. Developing regions offer high market potential.
Threats: Raw material shortage and climate change impact crop yields. Stringent food quality and safety regulations increase compliance costs.
Key Takeaways
The global edible oils market is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis shows that Asia Pacific dominates the market currently due to large population and increasing disposable income in countries like India and China. The Asia Pacific region is expected to remain the fastest growing region during the forecast period.
Key players operating in the edible oils market are Illumina, Inc., Eurofins Scientific, PerkinElmer, Inc., F. Hoffmann-La Roche AG, Natera, Inc., Yourgene Health Plc., Laboratory Corporation of America Holdings (LabCorp), BGI Group, and Quest Diagnostics Incorporated. Regional analysis shows that Asia Pacific dominates edible oils consumption with India and Indonesia among the leading producers and consumers globally. The per capita consumption of edible oils in India and China is above the global average.
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