Edible oils are natural fats extracted from plants, such as olive, soybean, palm, and canola oils. These oils are widely used for cooking purposes, as well as in the food processing and packaging industry. The global edible oils market offers a wide range of oils to fit varying consumers preferences and needs. Common cooking oils include soybean, canola, olive, vegetable, and peanut oils. Speciality oils used for specific cuisine and foods types include coconut, mustard, and sesame oils.

The global edible oils Market is estimated to be valued at US$ 143.29 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing consumption of packaged foods is estimated to drive the growth of the edible oils market over the forecast period. The growing trend of nuclear families and dual-income households has boosted the demand for convenient and ready-to-eat packaged food products. Edible oils are integral ingredients used in various packaged snacks, frozen foods, and ready meals. They act as preservatives and provide nutritional value. Therefore, the rise in packaged food consumption positively impacts the edible oils market growth. Further, increasing health consciousness among consumers has raised the demand for heart-healthy polyunsaturated and monounsaturated edible oils such as olive oil, soybean oil, and canola oil.

SWOT Analysis

Strength: Edible oils have various health benefits such as providing energy, boosting metabolism, aiding digestion and offering nutrition. They are inexpensive and easy to incorporate into cooking. The market has witnessed steady growth in demand for oils high in mono and polyunsaturated fats.

Weakness: Consumer preferences are shifting towards healthier options such as olive and canola oils which are high in unsaturated fats. Growing health consciousness has reduced demand for palm and soybean oils which are high in saturated fats. Supply chain disruptions and increased input costs pose challenges.

Opportunity: Growth in food services industry and rising disposable incomes in developing nations will drive the demand for edible oils. Developing innovative products fortified with nutrients can attract health-conscious consumers. Emerging markets offer scope for market expansion.

Threats: Rising raw material costs and volatile commodity prices remain a concern. Trade barriers and Regulations regarding Trans fats can impact sales. Intense competition and frequent new product launches characterize this market.

Key Takeaways

The Global Edible Oils Market Share is expected to witness high growth. The market size is projected to reach US$ 143.29 Mn in 2024 registering a CAGR of 4.5% during the forecast period.

Regional analysis: Asia Pacific dominates the edible oils market with a share of over 50% in 2024 due to large population and increasing health awareness. India is the leading producer and consumer of edible oils globally. China is another major market in the region supported by rising living standards and food demand.

Key players: Key players operating in the edible oils market are AJF Cigars, Boutique Blends Cigars, Fenn Thompson & Co. Royal Cigar Works, Gurkha Cigar Group, Imperial Brands, Joya De Nicaragua, S.A., Scandinavian Tobacco Group, Swedish Match AB, and Swisher. These companies are focusing on new product launches catering to dynamic consumer preferences. They are expanding their footprints across high growth markets through strategic partnerships and mergers.

For more insights, Read- https://www.trendingwebwire.com/edible-oils-market-trends-size-and-share-analysis/

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