Global Cooking Oil Market is projected to be worth USD 328.54 billion by 2033 and is anticipated to surge at a CAGR of 5.92%.
Cooking oil is a fluid form of fat that is derived from plants, animals, or synthetic sources, and is commonly employed in various cooking techniques such as baking and frying. It serves as a vital ingredient in food preparation, adding flavor and enhancing the texture of dishes. In addition to its application in high-temperature cooking methods, cooking oil is also used in cold food preparations, including salad dressings and dips. It is commonly referred to as edible oil due to its suitability for consumption.
Global Cooking Oil Market Driving Factors and Challenges
The global cooking oil market is experiencing rapid growth driven by increasing living standards and the preference for high-quality products in people's diets. Consumers worldwide are choosing healthier oils such as vegetable oil, olive oil, palm oil, avocado oil, and others, aligning with current market trends. The demand for cooking oils with low cholesterol properties and potential heart health benefits is also on the rise, further propelling market growth. Key players in the market are implementing strategies to remain competitive and expand their market share. For instance, Marico Limited, a leading consumer goods company in India, offers Saffola Active, a healthier cooking oil with lower fat absorption and additional benefits like antioxidants and Omega 3. These developments present promising opportunities for key market players in the future.
The global cooking oil market does, however, also confront some difficulties. The issue of adulteration in edible oils has been a longstanding concern in terms of nutritional value. There has been a significant problem of mixing cheaper oils with popular and expensive oils, posing a potential threat to human health. A recent incident in March 2021 involved the seizure of counterfeit Fortune soybean oil, a brand owned by Wilmar International Ltd, in India. The police confiscated a considerable quantity of counterfeit oil and related materials, highlighting the severity of the issue. Similar instances of palm oil counterfeiting have also been reported in Nigeria, where a significant portion of marketed oil was found to be contaminated and improperly stored. Despite efforts to establish improved standards, such as the changing codex standards for oils, the rise in oil counterfeiting is anticipated to hinder market growth due to concerns regarding authenticity and consumer safety.
Impact of COVID-19 on Global Cooking Oil Market
The COVID-19 epidemic had a profound effect on the global market for cooking oil. The widespread use of lockdown procedures and travel restrictions caused interruptions in the supply chain and distribution networks, which had an impact on the accessibility and distribution of products containing cooking oil. The need for cooking oil decreased as a result of the closure of eateries, lodging facilities, and catering businesses. Consumers' purchasing power and preferences were also impacted by the pandemic's economic uncertainty and financial constraints. However, as conditions gradually improve and restrictions are lifted, the market for cooking oil is anticipated to rebound, propelled by the recovery of economic activity and consumers' growing interest in healthier cooking options.
Cooking Oil Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Archer Daniels Midland Company, Bunge Limited., Cargill, George Weston Foods Limited, Kaneka Corporation, Louis Dreyfus Company, Nutiva, Olam International Limited, SIFCA SA, Sime Darby Plantation, others.
Global Cooking Oil Market Segmentation:
By Type: Based on the Type, Global Cooking Oil Market is segmented as; Olive Oil, Palm Oil, Peanut Oil, Rapeseed Oil, Soybean Oil, Sunflower Oil, Others.
By Distribution Channel: Based on the Distribution Channel, Global Cooking Oil Market is segmented as; Business to Business, Hypermarket/Supermarket, Online Sale Channel, Retail Stores.
By End User: Based on the End User, Global Cooking Oil Market is segmented as; Food Processing, Food Services, Residential, Others.
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.