Global market value for fats and oils to exceed US$364 billion by 2032; Plant-based fats and oils will contribute $250 million by 2022

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Fats and Oils Market Analysis by Product Type (Edible Vegetable Oil, Palm Oil, Animal Fat, Other Types), by End User (Industrial, Residential), by Source (Vegetable, Animal), by Form (Liquid, Solid) and by Region, Global Forecast – 2022-2032

United States, Rockville MD, May 16, 2022 (GLOBE NEWSWIRE) — According to Fact.MR, the global fats and oils market is expected to grow at a CAGR of 4% over the forecast period (2022-2032), reaching a market value of US $364.12 billion. The demand Fats & Oils Market is expected to rise during the forecast period and the market is expected to reach a global market size of US$246 billion by the end of 2022.

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Consumer preference for reducing saturated fat and oil in their diets has been unwavering in recent years. Right now, Generation Z and millennial customers are more likely to view fats and oils as not only legal, but also provide beneficial health benefits. These customers readily accept certain fats and oils that are beneficial to their health.

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From 2015 to 2021, demand boomed at a CAGR of 4.2%, ending at $237 billion. The food industry is experiencing a surge in the availability of some vegetable oils, as well as storylines that promote health and naturalness, sparking customer interest. The food industry’s need for pantry-friendly, simple and clean ingredients has increased significantly, due to the increasing desire of customers to avoid genetically modified organisms (GMOs) in their food and to prefer organic products. A renewed focus on the value of taste has been witnessed in the marketplace.

Market vendors have invested in excellent trans fat alternatives to meet changing customer demand, leading to an increase in the production of functional and fortified foods. This has prompted suppliers to create new fat and oil formulations. The growing growth of industrial hubs in new markets has led to a spike in the globalization of olive oil production, one of the most recent market trends. However, the demand for fats and oils is limited by causes such as increased health problems such as obesity and heart disease, as well as increasing environmental problems and strict government restrictions related to food safety.

What is the growth outlook for the fats and oils market in Europe?

The use of fats and oils differs per country in Europe. For example, the application of biodiesel is responsible for a significant part of the German market development, while the application of foodstuffs in France is still a major use of fats and oils. During the forecast period, Europe is expected to account for a large share of the global fats and oils market’s revenue share, at approximately 45%.

In terms of value, edible vegetable oils will continue to be the best-selling product on the market. The introduction of high-quality products as a result of recent developments in their production methods would primarily stimulate the demand for edible vegetable oils. In the near future, the use of animal products will encourage the use of edible vegetable oils.

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Key segments covered in the Animal fats and oils Industry Survey

  • Fats and Oils Market Segment by Type:

  • Fats and Oils Market by End User:

  • Fats and Oils Market by Sources:

  • Fats and Oils Market Segment by Type:

    • Liquid fats and oils

    • Solid fats and oils

Competitive landscape

Cargill, Inc., International FoodStuff Company Limited, Wilmar International Limited, Archer Daniels Midland Company, Bunge Limited, United Plantations Berhad, Ajinomoto Co. Inc. and Associated British Food Plc are key industry participants supporting the growth of the global fats and oils market. The most current market developments in the market for fats and oils include:

  • In June 2021, Cargill announced plans to build a new $200 million palm oil refinery in Indonesia to accelerate its efforts to establish a sustainable palm tree supply chain and provide consumers with verified products without deforestation.

  • ADM planned to develop its first dedicated soybean crusher and refiner in the United States in May 2021 to meet the rapidly growing demand from food, feed, industrial and biofuel customers, including renewable diesel producers.

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Key players in the Liquid fats and oils market

  • Associated British Food Plc

  • Ajinomoto Co. Inc.

  • United Plantations Berhad

  • Bunge Limited

  • Archer Daniels Midland Company

  • Wilmar International Limited

  • International FoodStuff Company Limited

  • Cargill Inc.

‘s main takeaways Solid fats and oils from Japan Market study

  • Global Fats and Oils Market Valued at $246 Billion by 2022

  • By mold, liquid fats and oils to expand at a CAGR of 3.7% from 2022 to 2032

  • Plant-based fats and oils to take advantage of increased demand, yielding $250 million by 2022

  • Asia-Pacific emerges as the fastest-growing market for fats and oils, with a CAGR of 5%

  • Europe becomes an opportunistic growth region with a turnover share of 45%

  • North America is thriving at a CAGR of 4.5% during the forecast period 2022-2032

  • Demand in the fats and oils market is likely to flourish 1.5x over the next decade

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