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| Global Vegetable Oils Market Size |
Vegetable
oils play an important role in numerous cooking applications such as deep
frying, baking, and frying of vegetables and snacks. Vegetable oils provide
healthier options as compared to butter and animal fats in cooking. Vegetable
oils are rich in nutrients such as vitamin E and unsaturated fats that impart
various health benefits.
The global
vegetable oils market is estimated to be valued at US$ 351391.74 Mn in 2023 and
is expected to exhibit a CAGR of 6.8% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
The rising demand for vegetable oils in cooking applications is expected to
offer lucrative opportunities for the growth of the vegetable oils market over
the forecast period. Cooking oils account for a major share in the global
consumption of vegetable oils. Their suitability in various cooking processes
like frying, sautéing, and baking has driven their adoption in the food
industry. Furthermore, the growing health consciousness has shifted consumer
preference towards healthier vegetable oils for cooking purposes. Vegetable
oils are better alternatives to animal fats and butter as they are low in
saturated fats and high in nutrients. This increasing preference for vegetable
oils in cooking is expected to boost the demand significantly, thereby
presenting attractive prospects for players in the vegetable oils market.
Porter's Analysis
Threat of new entrants: The vegetable oils market has moderate threat of new
entrants due to high capital requirements and established brand loyalty.
Bargaining power of buyers: Buyers have moderate bargaining power due to
availability of substitutes and undifferentiated products.
Bargaining power of suppliers: Suppliers have high bargaining power due to lack
of substitutes and significant control over prices of raw materials.
Threat of new substitutes: Threat of substitutes is moderate as alternatives
like margarine are available.
Competitive rivalry: Intense due to large number of regional and global
players.
SWOT Analysis
Strengths: Wide applications in cooking, industrial uses, and biodiesel
production. Growing health consciousness.
Weaknesses: Price volatility of raw materials. Impact of climate change on crop
yields.
Opportunities: Rising demand from developing nations. Growing use in processed
food industries.
Threats: Stringent regulations over oilseed cultivation. Trade barriers and
policies.
Key Takeaways
Global
Vegetable Oils Market Size is expected to witness high growth over the
forecast period owing to rising demand for cooking oils in the food industry.
Regional
analysis indicates that the Asia Pacific region will continue to be the fastest
growing as well as largest market for vegetable oils. Countries like India,
China, Indonesia are the major producers and consumers of vegetable oils in the
region. Changing dietary habits and growing population are driving the demand.
Key players operating in the vegetable oils market are Solvay S.A., Tokuyama
Corporation, Occidental Petroleum Corporation, Ward Chemical Ltd., Tata Chemicals
Ltd., TETRA Technologies, Inc., Zirax Limited, Weifang Yuze Chemical Co., Ltd.,
Mey Chern Chemicals Sdn Bhd., Anmol Chemicals Group, TCI Sanmar Chemicals
S.A.E., and Weifang Haibin Chemical Co., Ltd. The players are focused on new
product launches, partnerships and expansions to gain market share.