IMARC Group’s report titled “Fats and Oils Market Report by Type (Oil Type, Fat Type), Application (Food Applications, Industrial Applications), Source (Vegetable, Animal), Sales Channel (Direct Sales, Supermarkets and Hypermarkets, Retail Stores, Online Stores, and Others), and Region 2025-2033”, The global fats and oils market size reached USD 241.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 336.3 Billion by 2033, exhibiting a growth rate (CAGR) of 3.38% during 2025-2033.
Factors Affecting the Growth of the Fats and Oils Industry:
- Growing Food and Beverage Industry:
The expanding food and beverage (F&B) industry is catalyzing the demand for fats and oils. The rising adoption of processed and convenience food products due to rapid urbanization and inflating income levels of individuals is propelling the market growth. Snacks, baked goods, and ready-to-eat (RTE) meals, all require specific types of fats and oils for flavor, texture, and shelf life. In addition, the increasing number of fast food chains and the trend towards eating out are contributing to the market growth. Apart from this, food manufacturers are focusing on innovating products to meet diverse consumer preferences.
- Cosmetic and Personal Care Industry:
The cosmetic and personal care industry is another crucial driver for the fats and oils market. These industries use a wide variety of fats and oils for their moisturizing, emollient, and skin-nourishing properties. Various products, such as lotions, creams, soaps, and hair care items, often contain natural oils like coconut oil, shea butter, and jojoba oil. Moreover, increasing preferences for natural and organic ingredients in beauty and personal care products are contributing to the market growth. Besides this, the trend towards premium and artisanal skincare products enhances the market for high-quality and sustainably sourced fats and oils in this sector.
- Biofuel Production:
The use of fats and oils in biofuel production, particularly biodiesel, is impelling the market growth. Rising concerns over environmental sustainability and energy security are bolstering the market growth. Besides this, governing agencies of various countries are implementing mandates and providing incentives for biofuel production, which utilizes fats and oils as primary feedstocks. This not only helps in reducing greenhouse gas (GHG) emissions but also offers a way to utilize waste fats and oils, adding economic value. The growing focus on reducing dependence on fossil fuels and promoting sustainable energy solutions is offering a favorable market outlook.
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Leading Companies Operating in the Fats and Oils Industry:
- Ajinomoto Co. Inc.
- Archer-Daniels-Midland Company
- Associated British Foods plc
- Bunge Limited
- Cargill Incorporated
- Conagra Brands Inc.
- Fuji Oil Holding Inc.
- Unilever
- United Plantations Berhad
- Wilmar International Limited
Fats and Oils Market Report Segmentation:
By Type:
- Oil Type
- Palm Oil
- Soybean Oil
- Rapeseed Oil
- Sunflower Oil
- Olive Oil
- Others
- Fat Type
- Butter
- Shortenings and Margarine
- Lard
- Tallow
- Others
Oil type represents the largest segment as it caters to unique consumer and industrial demands.
By Application:
- Food Applications
- Industrial Applications
Food applications hold the biggest market share on account of the rising consumption of processed food products.
By Source:
- Vegetable
- Animal
Vegetable accounts for the largest market share due to the increasing need for healthier food options.
By Sales Channel:
- Direct Sales
- Supermarkets and Hypermarkets
- Retail Stores
- Online Stores
- Others
On the basis of the sales channel, the market has been divided into direct sales, supermarkets and hypermarkets, retail stores, online stores, and others.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys a leading position in the fats and oils market, driven by the rising number of food service establishments.
Global Fats and Oils Market Trends:
Health-conscious consumers are purchasing healthier fats and oils, such as olive oil, avocado oil, and other oils rich in unsaturated fats. The increasing awareness among individuals about the health benefits associated with these oils, including improved heart health, weight management, and reduced inflammation, is impelling the market growth. As a result, key players are investing in the development and marketing of health-oriented products, catering to a growing market segment that prioritizes nutritional value and wellness.
Apart from this, innovations in extraction and processing techniques assist in improving the quality and yield of fats and oils, making them more accessible and affordable.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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