March 28, 2020
Edible Oils

Edible Oils Market | Target Size US$ 124.3 Bn by 2023

The edible oils market was valued at US$ 82.9 Bn in 2015, and is expected to reach US$ 124.3 Bn by 2023, expanding at a CAGR of 5.4% from 2016 to 2023.

Market Insights

Edible oils are food substances that are generally produced partially or entirely from fat for human consumption. It is used to cook various dishes. Soybean, rapeseed, palm and sunflower are the most popular vegetable oils available on the market and are widely consumed by consumers. Increased popularity of healthy and organic vegetable oils is expected to stimulate the growth of edible oils in the forecast period. Rising health awareness coupled with increased acceptance of low-calorie, low-fat and low-cholesterol oils is expected to boost the growth of the market for edible oils over the period 2016-2023. Apart from this, the variation in the composition of vegetable oils, the intake of a wide variety of oils, as well as the changing preferences of people on the basis of health needs, are intensifying market growth and are likely to further stimulate market growth in terms of revenue over the forecast period.

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Escalating research and development initiatives taken by key edible oil manufacturers in order to produce new and innovative products keeping in mind the changing tastes and preferences as well as the economic price range has strengthened the growth of edible oils market for the past few years. Significant production of oil, enhancement in retail network as well as growing economies especially in Asia is anticipated to intensify the growth of edible oils market over the forecast period 2016-2023.

Considering the competition, this market is characterized by presence of various players some of which are small-scale players and some are the largest in number. In order to enhance their presence in the overall global market, the companies are focusing on research and development as well as new product development. The companies are entering into research and development in order to expand their product portfolio which will help in maintaining their dominance in the global edible oils market.

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On the basis of type, the edible oils market is categorized into following types:

  • Palm Oil
  • Sunflower Oil
  • Soyabean Oil
  • Olive Oil
  • Corn Oil
  • Canola Oil
  • Others

On the basis of geography, the global edible oils market is segmented into following categories,

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa (MEA)
  • Latin America (LATAM)

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