The latest report by Renub Research tittled, “Vegetable Oil Market & Volume By Type, Production, Import & Export, Consumption, Production, Countries, Company Analysis, & Global Forecast” finds that Global Vegetable Oil Market is anticipated to grow to US$ 299.18 Billion by 2027. Globally, vegetable oils constitute an essential component of the human diet due to their health benefits, such as improving metabolism, reducing the risk of cardiovascular diseases, digestion, and lowering cholesterol levels. Vegetable oils are taken from a plant source, such as nuts, vegetables or seeds. They provide essential nutrients, like vitamins A, E, and B1, containing a higher amount of omega-6 (linoleic) and omega-3 (linolenic acid) and low in saturated fatty acids. They offer vegetable oils that are widely employed in preparing numerous dishes across the globe.
Impact of COVID-19 Pandemic on Global Vegetable Oils Industry
COVID-19 pandemic has unleashed a chain of unprecedented events affecting every industry. However, since overburdened, the food industry was responsible for meeting the requirements in the time of emergency, especially during the lockdown period, consumed vegetable oil for food application in large quantities and the vegetable oil industry witnessed a surge in demand from the sector.
Factors Driving Vegetable Oil Industry Globally
Further, the vegetable oil industry is primarily driven by the robust industrial applications of vegetable oils to manufacture organic industrial products, including toiletries and cosmetics, whose usage has increased globally. There is a significant growth in the need for vegetable oils as an alternative for mineral oil across different end-use industries. This can be attributed to their lower volatility, affordable price, better pressure performance, high viscosity, and easy availability worldwide.
Besides, a significant type of vegetable oil includes Coconut Oil, Cottonseed Oil, Olive Oil, Palm Oil, Palm Kernel Oil, Peanut Oil, Rapeseed Oil, Soybean Oil, and Sunflower Seed Oil. In terms of consumption being a food product, vegetable oils are viewed as the healthier option as they hold more unsaturated fatty acids than animal fats. As per this research report, the Worldwide Vegetable Oil Market Industry is expected to grow with a CAGR of 3.30% from 2020 to 2027.
Global Vegetable Oil Market Size was USD 238.30 Billion in 2020
One of the several widely used cooking oils is canola oil, also known as rapeseed oil. However, soybean, rapeseed, palm, and peanut oils are the most commonly consumed edible oils in China; hence the production of these oils are emphasized, although “Western” oils and fats such as olive oil and butter are gaining in popularity. There is a massive consumption of rapeseed oil in the European Union, owing to its large production in the regional market and its extensive application in the biodiesel, animal feed and food, industries. Germany and France are the leading customers of rapeseed oil in the regional sector.
Indonesia is the Largest Exporter and Producer of Palm Oil Globally
Worldwide, Indonesia has become the world’s largest producer and exporter of palm oil. Palm oil production is essential to the economy of Indonesia as the country is the world’s biggest consumer and producer of the commodity, providing about half of the world’s supply. Additionally, Indonesia exports Crude Palm Oil (CPO) and its derivatives to more than 45 countries worldwide. The nine largest consumers of Indonesian CPO are European Union, India, China, Singapore, Malaysia, Bangladesh, Egypt, Pakistan, and the United States.
India one of the biggest Imported of Edible Oil Globally
Moreover, India is one of the largest importers of edible oils in the world. India does not even produce half of its edible oil requirements, mainly due to rainfed conditions, smallholding with limited resources, high seed cost, low seed replacement rate and low productivity. The nation has to rely on imports to meet the gap between demand and supply. India imports palm oil mainly from Indonesia and Malaysia and a small quantity of soft crude oil, including soybean oil from Argentina.
Key players such as Cargill, Archer Daniels Midland (ADM), Wilmar International Limited, Sime Darby Plantation Berhad, Olam International Limited of the market studied include partnerships, product innovations, expansions, and mergers and acquisitions. For instance, in 2019, Archer Daniels Midland Company and Wilmar International Limited upgraded their collaboration into a full function joint enterprise Olenex. ADM declared to transfer a specialty oils and fats facility and a palm refining plant in Hamburg, Germany, to the new joint venture as part of the deal.
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Types – We have covered by type in the global vegetable oils breakup by 9 Sub-segments (Coconut Oil, Cottonseed Oil, Olive Oil, Palm Oil, Palm Kernel Oil, Peanut Oil, Rapeseed Oil, Soybean Oil, and Sunflower Seed Oil)
Production by volume – This report covered by production volume in the global vegetable oils by breakup by 9 Sub-segments (Coconut Oil, Olive Oil, Cottonseed Oil, Palm Oil, Palm Kernel Oil, Rapeseed Oil, Peanut Oil, Soybean Oil, and Sunflower Seed Oil)
Import by volume – Our report covered by import by volume in the global vegetable oils by breakup by 9 Sub-segments (Coconut Oil, Cottonseed Oil, Palm Oil, Olive Oil, Palm Kernel Oil, Rapeseed Oil, Peanut Oil, Soybean Oil, and Sunflower Seed Oil)
Export by volume – Our report covered by export by volume in the global vegetable oils by breakup by 9 Sub-segments (Coconut Oil, Cottonseed Oil, Olive Oil, Palm Oil, Palm Kernel Oil, Peanut Oil, Soybean Oil, Rapeseed Oil, and Sunflower Seed Oil)
Consuming Country – This report covered by Consuming Country in the global vegetable oils by breakup by 10 Sub-segments (China, European Union, India Indonesia, United States, Brazil, Malaysia, Thailand, Japan and Others)
Producing Country – This report covered by producing Country in the global vegetable oils by breakup by 7 Sub-segments (Indonesia, China, Malaysia, European Union, European Union and Others)
Importing Country – We have covered by importing Country in the global vegetable oils by breakup by 7 Sub-segments (India, China, European Union, United States, Malaysia, South Korea and Others)
Exporting Country – Our report covered by exporting Country in the global vegetable oils by breakup by 6 Sub-segments (Indonesia, Malaysia, Russia, Canada, European Union and Others)
All the key players have been covered from 3 Viewpoints (Overview, Recent Development, Revenue Analysis) Cargill, Archer Daniels Midland (ADM), Wilmar International Limited, Sime Darby Plantation Berhad, Olam International Limited.
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