Sales of fats and oils market is expected to be valued at US$ 246 Billion as of 2022, documenting a Y-o-Y increase of 3.8% from 2021. In the previous financial year, the market was valued at nearly US$ 237 Billion.
Fats and oils are widely employed in culinary applications such as confectioners’ manufacture of chocolates and polishing of confectionery items. Furthermore, refined olive oil and coconut oil are increasingly being utilized for various baking applications due to their bland flavor, which allows food to retain its natural flavor. Furthermore, unlike mustard oil, it does not have any pungency.
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Key Takeaways from Japan Solid Fats and Oils Market Study
- Global fats and oils market to be valued at US$ 246 Billion by 2022-end
- By form, liquid fats and oils to expand at a CAGR of 3.7% from 2022 to 2032
- Vegetable-sourced fats and oils to enjoy elevated demand, accruing US$ 250 Million by 2022-end
- Asia Pacific to emerge as the fastest growing fats and oils market, expanding at a 5% CAGR
- Europe to be an opportunistic growth region, accumulating a revenue share of 45%
- North America to flourish at a CAGR of 4.5% during the 2022-2032 period of forecast
- Fats and oils market demand likely to flourish 1.5x across the coming decade
The worldwide market for fats and oils is fragmented due to the presence of various regional and international providers. Market vendors compete in terms of pricing, portfolio, and product differentiation. Recent developments are as follows :
- In May 2020, confectionery provider Bunge Limited launched Sweetolin – a fat system with solutions in confectionery coatings and fillings applications. This solutions would allow confectionery providers to reduce sugar content by as much as 50% in the final product
- In May 2022, global agribusiness giant Archer Daniels Midland (ADM) announced that it plans to inaugurate a new Protein Innovation Center in Decatur, Illinois, USA. As part of its drive to increase alternative protein production, the company said it was also investing US$ 300 Million in expanding production at the Decatur facility. ADM said the new facility and production expansion would significantly strengthen the company’s ability to meet growing global demand for soya protein concentrate.
Key players in the Liquid Fats and Oils Market
- Associated British Food Plc
- Ajinomoto Co. Inc.
- United Plantations Berhad
- Bunge Limited
- Archer Daniels Midland Company
- Wilmar International Limited
- International FoodStuff Company Limited
- Cargill Inc.
What are the Growth Prospects for Fats and Oils Market in Europe?
The usage of fats and oils varies by country in Europe. For example, biodiesel application accounts for a significant portion of Germany’s market development, while food application remains a large use of fats and oils in France. During the forecast period, Europe is expected to account for a large chunk of the global fats and oils market’s revenue share, capturing around 45%.
In terms of value, edible vegetable oils will continue to be the market’s best-selling product. The introduction of high-quality products as a result of recent advancements in their manufacturing methods would primarily drive demand for edible vegetable oils. In the foreseeable future, the use of animal-based goods will encourage the use of edible vegetable oils.
Key Segments Covered in the Global Fats and Oils Industry Survey:
- By Product Type :
- Edible Vegetable Fats & Oils
- Palm-based Fats & Oils
- Animal-based Fats & Oils
- Other Product Type-based Fats & Oils
- By End User :
- for Industrial Use
- for Residential Use
- By Source :
- By Form :
- By Region :
- North America
- Latin America
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Questionnaire answered in the Market Outlook Report of Fats and Oils include:
- What is the key strategy deployed by large players to maximize Fats and Oils Market growth?
- What are the main challenges faced by players in the Fats and Oils Market Demand?
- With the advent of technological advancement, how will the Fats and Oils market landscape change over the forecast period?
- What does player bring to the table, which is unique as a strategy, and is easy to emulate for new investors in the Fats and Oils market size?
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