The Edible Oils Market Growth Is Accelerated By Increasing Health Consciousness

 

Edible oils are extensively used in cooking, food processing and personal care industries due to their nutritional value, functional benefits and low production cost. Rapeseed oil, soya oil, palm oil, coconut oil and sunflower oil are some of the commonly used edible oils across the globe. These oils provide an abundance of vitamins, minerals and antioxidants that are crucial for health and development. The growing inclination towards healthy lifestyle and rising consumer awareness has been fueling the demand for edible oils. The global Edible Oils Market is estimated to be valued at US$ 124.38 Bn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing health consciousness has been a major trend boosting the Global Edible Oils Market Size. Consumers are preferring oils that offer nutritional as well as medicinal benefits. For instance, coconut oil is experiencing high demand owing to its various health advantages like weight management, heart health, stress relief and etc. It is rich in medium chain triglycerides and fatty acids that have several therapeutic properties. Manufacturers are actively engaged in research and development activities to develop advanced edible oils with added health functionality. New product launches catering to specific health needs have further strengthened their position in the market. This rising emphasis on functional and healthy dietary options among consumers will continue propelling the edible oils market growth over the coming years.

Segment Analysis

The edible oils market can be segmented into palm oil, soybean oil, sunflower oil, and canola oil by source. Among these, the palm oil segment dominates the market and accounts for over 30% share. Palm oil has wide applications in food products like cooking oils and snacks due to its neutral taste and high smoke point.

Key Takeaways

The global edible oils market is expected to witness high growth over the forecast period.

Regional analysis: The Asia Pacific region is expected to grow the fastest through 2030 owing to a rising middle-class population and rapid urbanization. India and China account for over half of the global palm oil consumption. Indonesia and Malaysia are the top producers and exporters of palm oil globally.

Key players operating in the edible oils market are Illumina, Inc., Eurofins Scientific, PerkinElmer, Inc., F. Hoffmann-La Roche AG, Natera, Inc., Yourgene Health Plc., Laboratory Corporation of America Holdings (LabCorp), BGI Group, and Quest Diagnostics Incorporated. These companies focus on expanding their production capacities and distribution networks to enhance their market shares.

Get More Insights On This Topic: https://www.newsstatix.com/edible-oils-market-size-share-analysis-2023-2030/

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