Edible Oils and Fats market is projected to grow at 4.56% during the forecasted period 2017 to 2023. APAC region is estimated to dominate the market with more than 50% of market share in the year 2017 followed by Europe. Europe will witness higher growth rate in savory snacks application of oils and fats during the forecast period due to increasing consumption of meat and other snacks products. APAC holds major market share in bio-diesel application, and it projected to reach 26,649 kilo tons with CAGR of 5.49%. Europe will witness higher growth rate in bio-diesel application of oils and fats during the forecast period.
Global edible oils and fats market is projected to reach 298,522 kilo tons by 2023 with CAGR of 4.56% in terms of volume. Palm oil and soybean oil together holds more than 45% of market share in the year 2017. Corn oil will witness higher growth rate during the forecast period due to increasing demand of corn oil from industrial application. The plant source edible oil and fats hold more than 80% of market share in 2017 as majority of edible oils and fats are made from plant source across world. Animal source fats will witness steady growth rate during the forecast period. There are many types of oils and fat available in market as each one has its unique characteristics which attracting number of consumers across the globe. Industrial uses of edible oil and fats such as Biofuel has boosted the market and will continue to contribute in market growth during forecast period.
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By Application Analysis
Globally, table consumption application of edible oil and fats holds major market share in 2017. APAC holds major market share in table consumption application due to presence of large population in Asian Countries especially in China and India. Europe will witness higher growth rate in table consumption application of oils and fats during the forecast period. APAC holds major market share major market share in bakery and confectionery application and it is projected to grow with CAGR of 4.81%. Europe will witness higher growth rate in bakery and confectionery application of oils and fats during the forecast period.
The major key players in Global Edible Oils and Fats Market are
- Archer-Daniels-Midland Co. (U.S.)
- Associated British Foods Plc. (U.K.)
- Wilmar International Ltd (Singapore)
- Bunge limited (U.S.)
- Adani Wilmar Ltd (India)
- Cargill, Inc. (U.S.)
- Ajinomoto Co., Inc. (Japan)
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The Global Edible Oils and Fats market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). Among this Asia Pacific has the major market share followed by Europe. Asia Pacific region is expected to maintain its dominant position in upcoming years due to the growing demand, rising awareness and increasing adoption of innovative edible oils and fats in varied application sectors. Indonesia will witness higher growth in edible oils and fats market during the forecast period (2017 to 2023) due to increasing production of palm oil and its huge demand across the globe. Mexico and Germany are one of the fastest growing countries in edible oils and fats market in the world as increasing demand for high quality edible oils playing the key role.