The trends prevailing in the market premises suggest that the global Cooking Oils & Fats Industry size was valued at $63,342.0 million in 2020 and is projected to reach $104,660.2 million by the current forecast period. The market will be registering a CAGR of 4.5%. Cooking oils and fats are saturated, polyunsaturated, and monounsaturated fatty acids present in different proportions. Saturated fats increase the body's cholesterol levels, whereas monounsaturated and polyunsaturated fatty acids lower the cholesterol level in the human body. Dietary fats also play a crucial role in various biochemical pathways of the body.
The COVID-19 outbreak has disrupted the food & beverage supply chain all across the globe. Furthermore, the impact of a pandemic on society and the economy has been witnessed due to lockdowns across the globe. Labor mobility restrictions, travel bans, airline suspensions, and most importantly, a slowdown in the economy has affected the sustainability of supply chains of the food & beverage industry all across the globe. Increase in demand for cooking oils and fats in emerging markets of the APAC region, such as India, Indonesia, and Argentina, fuels the Cooking Oils & Fats Industry growth. Furthermore, consumer disposable income growth and a busy lifestyle increase the global demand for processed and convenience foods, which directly drives market expansion.
The Cooking Oils & Fats Industry is segmented on product type, form, distribution channel, and region. The market is segmented into vegetable & seed oil, spreadable oils & fats, butter, margarine, olive oil, and others based on product type. By form, the market is divided into liquid and solid. The market is segmented into hypermarkets/supermarkets, convenience stores, online channels, and others based on distribution channels. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and Rest of LAMEA).
Which region will dominate the market?
Region-wise, Asia-Pacific dominated the Cooking Oils & Fats Industry in 2020 and is expected to dominate during the forecast period. The key driving factors of the market include a higher usage of cooking oils for preparing delicacies by foodservice outlets. New food outlets and food service restaurant chains are growing across India, China, and Japan, driving the demand for cooking oils and fats.
Based on the distribution channel, the online segment was valued at $6,703.7 million in 2020 and is projected to reach $12,817.3 million by 2031, registering a CAGR of 5.9%. Factors such as changes in purchasing habits and an increase in the popularity of e-commerce channels have boosted the distribution of cooking oils and fats through online channels. Emerging economies such as India and China have witnessed significant cooking oils and fats adoption due to urbanization, economic growth, and a surge in the middle-class population. According to the Cooking Oils & Fats Industry trends, based on form, the liquid segment was valued at $55,142.0 million in 2020 and is expected to reach $89,476.8 million by 2031, with a CAGR of 4.3%. The liquid is the most common form used by individuals for cooking. Liquid oil comparably takes less time to heat and has less water content than other solid fats such as butter and margarine.
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