As per the report published by Fior Markets,the global vegetable fats market is expected to grow from USD 82.30 Billion in 2017 to USD 135.5 Billion by 2025 at a CAGR of 6.4% during the forecast period from 2018-2025. Europe is dominating the market because of rising consumer awareness owing to significant health benefits offered by several oil & fats constituents obtained from nuts and seeds. Besides, growing consumer demand for ethnic & exotic cuisines in several parts of the region along with the growing varieties of fusion restaurants.
Vegetable Fats Market by Product (Soybean, Canola, Palm Oil, Palm Kernel, Groundnut, Sunflower, Coconut, Others), Type, Application, Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
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Leading companies in the industry include Archer Daniels Midland Company, Unilever PLC, IFFCO, Conagra Foods,Carapelli Firenze S.P.A., Richardson Oilseed Ltd., J-Oil Mills Inc., CHS Inc.whichare offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.For instance, in November 2017, Wilmar International Ltd. entered into an agreement to purchase edible oil facilities in Kuantan from Cargill. This purchase helped the company to expand its business operations further across the region.
The product segment is classified as soybean, canola, palm oil, palm kernel, groundnut, sunflower, coconut, and others. The palm oil segment is dominating the market and valued around USD 22.87 Billion in 2017. Palm oil is considered to be an economic & versatile product used for the preparation of both non-food and food items. Growing product usage in several applications, such as cereals, margarine, sweets, and cosmetics, influences the industry growth. It offers various benefits such as reduced oxidative stress, improved skin & hair, slowed progression of cardiac diseases, and enhanced vitamin A levels in the body which further leads to the growth of the market. Type segment is divided into segments such as saturated, unsaturated and Trans. The unsaturated type segment is dominating the market with the highest share of 48.90% in 2017. Rising consumer’s demand for fruits, seeds, and nuts containing high quantity of mono & polyunsaturated fats owing to the ability to lower triglyceride levels and bad cholesterol has fuelled the product demand.Application segment includes food and industrial. The food segment is dominating the Vegetable Fats market and valued around USD 50.28 Billion in 2017. Growing consumer awareness owing to the health benefits of omega 3 fatty acids and amino acids, which are extensively used in the preparation of several food items will propel segment growth.
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Consumer inclination towards a healthy diet along with rising nutritive food demand propels the vegetable fats market. Also, technological advancements & innovations pertaining to several crop irrigation techniques and seed treatment methods along with significant R&D investments by major players is also driving the market growth. But unstable prices of raw material may hinder the growth of the market. However, stringent government policies & guidelines regarding the proper & adequate intake of fats & oils in the daily diet plan will proliferate business growth in coming years.
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