The report “Fats & Oils Market by Type (Vegetable Oils (Palm, Soybean, Rapeseed, Sunflower, and Olive), Fats (Butter, Tallow, and Lard)), Application (Food and Industrial), Source (Vegetables and Animals), Form, and Region – Global Forecast to 2026″, size is estimated to be valued at USD 236.7 billion in 2021. It is projected to reach USD 285.2 billion by 2026, recording a CAGR of 3.8% during the forecast period. The market has a promising growth potential due to several factors, including the increased consumption of processed, and baked foods; and a shift towards healthier alternatives such as vegetable-based fats and oil products by the consumers.
Apart from food uses, vegetable fats and oils are also increasingly used for industrial applications, such as soaps, detergents, paints, oleochemicals, the major one of them being biodiesel. The fats & oils market has been growing steadily in developed countries and emerging countries, such as the US, Brazil, China, India, and Indonesia.
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The vegetable source segment is projected to account for a major share in the market during the forecast period
Benefits associated with the consumption of vegetable oils such as prevention of heart diseases, reduced blood pressure, lower triglycerides, and reduced need for corticosteroid medications are some of the driving factors for the vegetable based oils in the market.
The liquid segment is projected to account for a major share in the market during the forecast period
As the demand for animal fats fades, owing to the presence of saturated fatty acids, trans-acids, and cholesterol, the demand for liquid oils has increased recently. Non-consumption of animal fats by the vegan population and growing concerns for animal welfare are the major drivers for the rising demand for liquid oils.
The food application segment is projected to account for a major share in the market during the forecast period
The fats & oils market is dominantly used in food applications, in 2020. As the disposable income increases in the emerging countries, and the awareness among the consumers increase to use healthier food alternatives such as plant-based oils; the food applications of fats & oils has increased.
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Asia Pacific is projected to be the fastest-growing region in the fats & oils market.
The Asia Pacific region is projected to be the fastest-growing market for fats & oils. The region is home to two important palm and palm kernel oil-producing countries namely Malaysia, and Indonesia: and two major fats & oils consuming countries namely China, and India. This is one of the significant factor which ensures that Asia pacific region is the largest as well as the fastest-growing market in fats & oils.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Associated British Foods PLC (UK), Archer Daniels Midland Company (US), Bunge Limited (US), Wilmar International Limited (Singapore), United Plantations Berhad (Malaysia), Unilever PLC (UK), Ajinomoto Co., Inc. (Japan), Mewah International Inc. (Singapore), Cargill, Incorporated (US), Richardson International Limited (Canada), International Foodstuff Company (UAE), Goodhope Asia Holdings Ltd. (Singapore), Vega Foods (Singapore), Welch, Holme & Clark Co., Inc. (US), Oleo Fats (Philippines), CSM Ingredients (US), AAK International (UK), Fuji Oil Co., Ltd. (Japan), Gemini Edible & Fats India Pvt Ltd. (India), and K S Oils (Singapore)