by Edible oils play a vital role in our daily lives by providing key nutrients to the body and being used extensively in cooking and food preparations. Edible oils such as soybean oil, canola oil, olive oil, sunflower oil and corn oil are high in vitamins, minerals and unsaturated fats. They assist in reducing inflammation, managing cholesterol levels and promoting heart health when consumed in moderation. With growing health consciousness among individuals, the demand for healthy edible cooking oils is surging significantly.
The Global Edible Oils Market is estimated to be valued at US$ 143.29 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Edible Oils Market Demand serve as an integral part of the human diet, providing necessary calories and fatty acids. They are enriched with phytosterols that offer antioxidant and anti-inflammatory benefits. Due to busy lifestyles, people are opting for edible oils that provide extra nutrition and health boost. Key players operating in the Edible Oils market are AJF Cigars, Boutique Blends Cigars, Fenn Thompson & Co. Royal Cigar Works, Gurkha Cigar Group, Imperial Brands, Joya De Nicaragua, S.A., Scandinavian Tobacco Group, Swedish Match AB, and Swisher.
Key Takeaways
Key players: Key players such as AJF Cigars, Boutique Blends Cigars, Fenn Thompson & Co. Royal Cigar Works, Gurkha Cigar Group, Imperial Brands, Joya De Nicaragua, S.A., Scandinavian Tobacco Group, Swedish Match AB, and Swisher dominate over 70% of the global edible oils market share.
Growing demand: Rising health awareness and changing dietary patterns have boosted the consumption of edible oils globally. Developing nations in Asia Pacific and Middle East are major demand centers.
Global expansion: Leading Edible Oils Market producing companies are expanding their manufacturing units and distribution networks across Asia, Africa, and South America to tap the growth opportunities in emerging markets.
Market Key Trends
Rising awareness about the health benefits of plant-based and organic edible oils is a key trend. With research underscoring their role in lowering cholesterol and reducing cancer risk, demand for olive, coconut and flaxseed oil is experiencing a marked rise. Edible oil producers are launching new product lines featuring these healthy oils to cater to evolving consumer preferences.
Porter’s Analysis
Threat of new entrants: Edible oil processing requires high capital investment for refining and bottling plants explaining the moderately high barriers to entry.
Bargaining power of buyers: Buyers have moderate bargaining power as edible oils are basic food commodities and most buyers are retail consumers or small businesses with limited influence over prices.
Bargaining power of suppliers: Major suppliers like palm oil, soybean oil, and canola oil producers have significant bargaining power due to the global scale of production and limited product differentiation.
Threat of new substitutes: Potential substitutes include butter, shortening, and non-edible oils, but edible oils are cheaper and versatile substitutes with proven health benefitslimiting threats.
Competitive rivalry: The edible oils market is dominated by a few multinational corporations with extensive global supply chains and brands, resulting in high competitive pressures to keep prices low and invest in R&D.
Geographical Regions
By value, the Asia Pacific region holds the largest share of the global edible oils market due to India and China’s massive populations and cuisine cultures’ reliance on edible oil.
The fastest-growing regional market for edible oils is predicted to be Africa over the forecast period. As living standards and food demand rises across the continent, traditional sectors like palm and soybean oil production are expanding to meet new domestic needs and opportunities for import substitution.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
