As per the latest report by IMARC Group, titled “Vegetable Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global market reached a value of US$ 232.3 Billion in 2020. Vegetable oil is obtained from the nuts, fruits, and seeds of various plants. They are available in several categories, including palm oil, coconut oil, soyabean oil, sunflower oil, etc. Vegetable oil variants are mostly used as an alternative to animal-based petrochemicals and fat in the production of food, cosmetics, medicines, etc. They are rich in vitamin E, vitamin A, omega-3, omega-6 fatty acids, etc., and aid in improving metabolism, lowering cholesterol levels, digestion, and more. As a result, vegetable oil products are extensively utilized across numerous sectors, such as food service, cosmetics & personal care, animal feed, pharmaceuticals, etc.
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Global Vegetable Oil Market Trends:
The shifting dietary preference among consumers across the globe, on account of the rising prevalence of lifestyle diseases, and the expanding focus among the manufacturers towards producing organic options are primarily driving the vegetable oil market. Besides this, the escalating demand for a substitute to mineral oils among end-user industries that will ensure lower volatility, affordable price, better pressure performance, high viscosity, and easy availability is further positively influencing the product demand. Additionally, the increasing requirement for vegetable-based oils in the manufacturing of culinary soaps, perfume formulations, fuel, etc., is acting as another significant growth-inducing factor. Apart from this, the inflating research and development activities (R&D) undertaken by key market players and the growing online and offline distribution channels are anticipated to propel the vegetable oil market in the coming years. Looking forward, the global vegetable oil market value is expected to reach US$ 306.6 Billion by 2026, exhibiting a CAGR of 4.9% during the forecast period (2021-2026).
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Breakup by Oil Type:
- Palm Oil
- Soybean Oil
- Sunflower Oil
- Canola Oil
- Coconut Oil
- Palm Kernel Oil
Breakup by Application:
- Food Industry
Breakup by Regions:
- United States
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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