Cooking Oils & Fats Market Overview
Cooking Oils & Fats Market size is estimated to reach $72.6 billion by 2027, growing at a CAGR of 1.73% during the forecast period 2022-2027. All cooking oils and fats are composed of saturated, polyunsaturated, and monounsaturated fatty acids in distinct measurements. Coconut oil is very diverse from most additional cooking oils and includes a rare arrangement of fatty acids. The fatty acids are around 90% saturated. But coconut oil is possibly most rare for its high content of saturated fat lauric acid, which constitutes about 40% of its complete fat content. As a vegetable oil derived from the fruit of palms, palm oil is an unrefined, different oil high in saturated fat. While there are numerous types of oil extracted from the palm tree, the most typical and convenient kind of palm oil for Paleo purposes is red palm oil, a virgin oil with a delicately warm flavor and an abundant red tone. Its soaring smoke point makes it perfect for almost any kind of cooking — specifically frying — and its flavor will improve an assortment of dishes. Though nearly all the cooking oils are in liquid form at room temperature, some of them are solid like coconut oil, palm oil, and palm kernel oil owing to the high-saturated fat contents. Accumulating proof emphasizes healthy dietary patterns and connects everyday cooking oil consumption with incessant ailments inclusive of cardiovascular disease (CVD) and diabetes. The surging intake of cooking oils and fats in households like palm oil and coconut oil is set to drive the Cooking Oils & Fats Market. The soaring population worldwide resulting in proliferating intake of cooking oils and fats is set to propel the growth of the Cooking Oils & Fats Market during the forecast period 2022-2027. This represents the Cooking Oils & Fats Industry Outlook.
Cooking Oils & Fats Market Segment Analysis – By Type:
The Cooking Oils & Fats Market based on type can be further segmented into Vegetable & Seed Oil, Spreadable Oi &Fats, Olive Oil, Palm Oil, Cooking Fats, and Others. The Palm Oil Segment held the largest market share in 2021. This growth is owing to the soaring application of palm oil in China, India, Indonesia, and the European Union. Cacao molecular studies involving molecular markers have been carried out. The surging application of palm oil in different facets of the food industry in conjunction with its versatility and reduced cost in comparison with other cooking oils is further propelling the growth of the Palm Oil segment.
Furthermore, the Vegetable & Seed Oil segment is estimated to grow with the fastest CAGR of 2.2% during the forecast period 2022-2027 owing to the proliferating application of vegetable oil attributed to the different health advantages provided like minimizing the hazard of cardiovascular disease (CVD), netter metabolism and digestion, reduced chances of breast cancer, and offering omega-3 fatty acids to the body in conjunction with other cooking oils like coconut oil.
Cooking Oils & Fats Market Segment Analysis – By Application:
The Cooking Oils & Fats Market based on the application can be further segmented into Bakery And Confectionery and Processed Food. The Bakery And Confectionery Segment held the largest market share in 2021. This growth is owing to the heightening application of cooking oil in baking applications worldwide. Coconut oil is utilized in the preparation of confectioneries like chocolate candies. The surging application of palm oil in baking as a constituent lubricant, emulsifier, flavor supplement and to offer moisture is further propelling the growth of this segment.
Furthermore, the Processed Food segment is estimated to grow with the fastest CAGR of 2.3% during the forecast period 2022-2027 owing to the extensive application of palm oil in numerous pre-packaged foods like peanut butter in conjunction with the extensive utilization of palm oil and coconut oil in the production of processed foods like potato chips.
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Cooking Oils & Fats Market Segment Analysis – By Geography:
The Cooking Oils & Fats Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Cooking Oils & Fats Market) held the largest share with 36% of the overall market in 2021. The growth of this region is owing to the soaring per-capita income and the surging intake of fast food in the region. Public health agencies have made considerable attempts to advocate the intake of low-calorie and cholesterol-free cooking oils which are utilized by well-informed and high-earning purchasers to minimize the outcomes of aging. The proliferating demand for healthy, organic, and nutritious food prepared with cooking oils like palm oil and coconut oil is further propelling the growth of the Cooking Oils & Fats Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like increasing health concerns among consumers resulting in the soaring application of fish oil as a nutritional additive in developed countries like Japan and Australia in the Asia-Pacific region. The proliferating production and consumption of vegetable oil in conjunction with cooking oil like palm oil and coconut oil is further fueling the progress of the Cooking Oils & Fats Market in the Asia-Pacific region.
Cooking Oils & Fats Market Drivers
Soaring Applications Of Coconut Oil For Cooking Are Projected To Drive The Growth Of Cooking Oils & Fats Market:
Coconut oil has been a preferred cooking oil in Southeast Asian cuisine for stir-fries and sweets. It is being utilized more and more globally in baked goods and desserts and savory cooking applications like frying, sautéing and roasting, frequently as a substitute to butter. It is a good vegan substitute to butter. Coconut oil has an assortment of applications in the kitchen, inclusive of smoothies, desserts, sauces, dressings, and marinades. It may be utilized to sauté vegetables, fry food, blend into granola, develop a seafood dip, or spread (or drizzle) on top of food. It can also be applied as the oil to prepare popcorn or as a substitute for butter while greasing the pan for food items like scrambled eggs and pancakes. Baking is a preferred application for coconut oil. It contributes richness and flavor to baked goods while developing a lighter ultimate product. The soaring applications of coconut oil for cooking are therefore fueling the growth of the Cooking Oils & Fats Market during the forecast period 2022-2027.
Surging Applications Of Palm Oil For Cooking Are Expected To Boost The Demand Of Cooking Oils & Fats Market:
The four principal conventional applications of palm oil in food products are targeted towards cooking/frying oil, shortenings, and margarine and confectionary fats. Palm oil is prominently utilized in both solid fat products and in the liquid cooking oil sector specifically in industrial frying uses. It provides numerous technical features beneficial in food applications, like resistance to oxidation, which adds to the lengthier shelf life of end products. Palm oil is perfectly suited for application as a constituent in shortenings and margarine as it possesses 20 – 22% solid fat content (SFC) at 20°C, which assists in the formulation of fat products with a plastic range. It is likely to crystallize in tiny beta-prime crystals, a characteristic beneficial for certain uses, specifically in the table and industrial margarine. Palm oil also has additional functional features that make it a valuable constituent in food formulations. In numerous applications, palm oil can be integrated with harder fractions like palm stearin to generate products of the needed consistency without hydrogenation. Typical products prepared with palm oil and palm kernel oil, completely or in mixes with additional oils are inclusive of frying and cooking oils, shortenings, vegetable ghee or vanaspati, margarine and spreads, confectionery, and non-dairy products. The surging applications of palm oil for cooking are therefore driving the growth of the Cooking Oils & Fats Market during the forecast period 2022-2027.
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Cooking Oils & Fats Market Challenges
Adverse Impact If Use And Reuse Of Cooking Oil are Hampering The Growth Of The Cooking Oils & Fats Market:
Repetitively utilizing and frying edible oil results in the formation of TPC (Total Polar Compound) which makes it unsuitable for human intake. The nutritional and physicochemical characteristics of cooking oils are influenced terribly owing to reheating. The health risks generated by the application of reheated cooking oil are bringing up principal concerns in the medical sector. Numerous investigations indicate that reheating cooking oil can discharge injurious toxins and boost the percentage of trans-fats in it, get contaminated and bring about free radicals and certain very hurtful reactions. Reheating oil can adversely affect the health of people by leading to numerous injurious consequences. These issues are thus hampering the growth of the Cooking Oils & Fats Market.
Cooking Oils & Fats Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D Activities are key strategies adopted by players in this market. Cooking Oils & Fats top 10 companies include:
Cargill
Unilever
United Plantations Berhad
Wilmar International Limited
Archer Daniels Midland Company (ADM)
Associated British Foods plc
Bunge Limited
ConAgra Foods Inc.
Fuji Vegetable Oil, Inc.
Mother Dairy
Acquisitions/Product Launches:
In October 2021, Cargill declared the introduction of poultry feed with essential oils for healthy flocks and augmented egg production. Enhanced Nutrena® NatureWise® formulas increase compete for wellness, happiness, and productivity of backyard chickens. Backyard poultry owners require organic, wholesome feeds that assist in the flourishing of their birds, maintenance of their eggs healthily, and coops naturally.
In October 2021, Unilever produced its chief dishwashing liquid brand, Sunlight, with captured carbon emissions, the first to appear in the market. The pioneering procedure is in line with Unilever’s global Clean Future strategy, which has established the aim of removing 100% of the carbon extracted from fossil fuels in its cleaning and laundry products by 2030. Sunlight Dishwashing Liquid, which was the earliest product in its category to launch a completely recycled and recyclable bottle in 2018, will currently be the earliest product in the Unilever SA series to display a novel formulation utilizing this ingenious constituent.
In March 2021, Unilever and Walmart clubbed to introduce a novel line of candle and body care products to assist shoppers in concentrating on self-care and mental health. The novel bath and body brand, Find Your Happy Place, exhibited four assortments: Under the Starlit Sky, Catching the Sunrise, Lazy Weekends, and Home for the Holidays. Every rare assortment is inclusive of shower gel, body lotion, scented candle, foaming bath bomb, hand wash, and hand cream.
Key Takeaways
Geographically, North America (Cooking Oils & Fats) Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the soaring application of technologically progressive techniques used in production by key players in conjunction with surging intake of cooking oils like palm oil and coconut oil in the North American region.
Cooking Oils & Fats Market growth is being driven by the surging demand for cooking oils like palm oil and coconut oil and fats in developing countries like India, Indonesia, and Argentina. However, the presence of trans-fats which are greatly toxic, in nearly all cooking oils effortlessly accessible in departmental stores in the U.S. is one of the major factors hampering the growth of the Cooking Oils & Fats Market.
Cooking Oils & Fats Market Detailed Analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Cooking Oils & Fats Market report
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