Global Cooking Oils and Fats Market 2020, according to MRFR, is poised to register a CAGR of 1.77% to reach USD 74.86 billion by 2024.
The global demand for cooking oils & fats is expected to show significant growth over the forecast period. The cooking oils and fats are commonly used in the baking and dairy industries. Thanks to availability at fair prices, product choice, increasing urbanization and hectic lifestyles, demand for ready-to – eat items such as pizza, cookies, cakes, biscuits, breakfast cereals, doughnuts, and pastries is rising. Oils and fats are used to give a proper texture in the production process of ready-to – eat food products. Stringent restrictions on food health in developing economies are likely to hinder global demand growth over the forecast period.
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The eminent Players in the Global Cooking Oils and Fats Market are Conagra Brands, Inc. (the US), Bunge Limited (US), Archer Daniels Midland Company (US), United Plantations Berhad (Malaysia), `IFFCO (UAE), AAK AB (Sweden), James Richardson & Sons, Limited (Canada), Associated British Foods PLC (UK), and Wilmar International Ltd (Singapore).
Global Cooking Oils and Fats Market has been analyzed based on source, type, and application.
The type-based segmentation of the Global Cooking Oils and Fats Market comprises oils and fats. Throughout the prognosis span, the oils segment is expected to maintain its domination, predicted to be priced at USD 49.14 million by the end of 2024. The segment of oils was further broken down into palm oil, soybean oil, sunflower oil, rapeseed oil, olive oil, and others. Within the oils group, the palm oil segment represented the largest market share and is expected to expand during the forecast period at a modest growth rate of 1.15 per cent. Over the projected period, the fats segment is predicted to see a stupendous growth rate of 2.09 per cent. The section of fats was also broken down into butter, margarine, lard & tallow among others. Among the fats segment, the butter segment accounted for the leading market share over the prognosis period. However, the lard & tallow segment is projected to exhibit a significant growth rate during the review period.
The source-based segmentation of the global cooking oils & fats market comprises plants and animals. The plant segment is projected to register a CAGR of 1.63% during the forecast period. However, the animal segment is projected to witness the highest growth rate of 2.13% during the forecast period.
The application-based segmentation of the global cooking oils & fats market comprises spreads & dressings, convenience foods, sauces, bakery & confectionery, and others. The segment of bakery & confectionery is expected to be priced at USD 25.27 billion by the end of 2024 and report a CAGR of 0.94 per cent during the forecast period. Throughout the forecast period, however, the sauces, spreads & dressings segment is expected to see the fastest growth rate of 2.26 per cent.
The global demand for cooking oils & fats has been segmented into North America, Europe, Asia-Pacific and the rest of the world, by country. The Asia-Pacific cooking oils & fats industry is predicted to be the largest in the forecast period, in terms of both value and production. In 2020, the region comprised 43.53 per cent of the overall market share. China is a significant contributor to the development of cooking oil & fat industry in Asia-Pacific. Nonetheless, over the projection period, Asia-Pacific is predicted to experience the fastest CAGR of 2.54 per cent. Asia-Pacific’s growing demand for fast foods and bakery & confectionary goods is anticipated to raise the region’s intake of cooking oils and fats.
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Over the projection timeframe the rest of the planet is expected to grow at a substantial pace. South America’s food service industry is on the rise, generating demand in the market for cooking fats and oils.
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