Cooking Oils and Fats Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type, Form and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2022–2031

The global cooking oils and fats market size was valued at $63,342.0 million in 2020, and is projected to reach $104,660.2 million by 2031, registering a CAGR of 4.5% from 2022 to 2031. Cooking oils and fats contain essential fatty acids, which play a vital role in humans. Cooking oils and fats are composed of saturated, polyunsaturated, and monounsaturated fatty acids in different proportions. Saturated fats increase body cholesterol levels, whereas monounsaturated and polyunsaturated fatty acids lower the cholesterol level in the human body. Dietary fats play a crucial role in various biochemical pathways of the body.

Increase in demand for cooking oils and fats in emerging markets such as India, Indonesia, and Argentina fuels the cooking oils and fats market growth. Furthermore, consumer disposable income growth and a busy lifestyle increase the demand for processed and convenience foods globally, which directly drives market expansion.

The COVID-19 outbreak has disrupted food & beverage supply chain all across the globe. Furthermore, the impact of pandemic on society and the economy has been witnessed as a result of lockdowns across the globe. Labor mobility restrictions, travel bans, airline suspensions, and most importantly, a slowdown in the economy has affected the sustainability of supply chains of food & beverage industry all across the globe. Consumers' consumption habits have been changed by their perception of the risk associated with COVID-19. To reduce the risk of infection, consumers used delivery services to buy groceries and food products. Furthermore, fear of potential food ingredient shortages has fueled the hoarding trend in consumers. The unavailability of raw materials has raised new concerns for market players.

The cooking oils and fats market is segmented on the basis of product type, form, distribution channel, and region. On the basis of product type, the market is segmented into vegetable & seed oil, spreadable oils & fats, butter, margarine, olive oil, and others. By form, the market is segmented into liquid and solid. On the basis of distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, online channels, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and rest of LAMEA).

On the basis of product type, the vegetable & seed oil segment gained a major share in the global market in 2021 and is expected to sustain its market share during the cooking oils and fats market forecast period. The vegetable & seed oil segment was valued at $29,123.7 million in 2020 and is expected to reach $42,962.4 million by 2031, with a CAGR of 3.4%. The growth of this segment is due to the rapid increase in sales of food products from the food service outlets. Vegetable oil is the most common product used for preparing food as it comes at a low price compared to other alternatives.

According to cooking oils and fats market trends, on the basis of form, the liquid segment was valued at $55,142.0 million in 2020 and is expected to reach $89,476.8 million by 2031, with a CAGR of 4.3%. Liquid is the most common form used by individuals for cooking. Liquid oil comparably takes less time to heat and has less water content as compared to other solid fats such as butter and margarine.

On the basis of distribution channel, the online segment was valued at $6,703.7 million in 2020 and is projected to reach $12,817.3 million by 2031; registering a CAGR of 5.9%. Factors such as changes in purchasing habits and increase inpopularity of e-commerce channels have boosted the distribution of cooking oils and fats through online channels. The emerging economies such as India and China have witnessed significant adoption of cooking oils and fats due to urbanization, economic growth, and surge in the middle-class population.

Region wise, Asia-Pacific dominated the cooking oils and fats market in 2020, and is expected to be dominant during the forecast period. The key driving factors of the market include a higher usage of cooking oils for preparing delicacies by the food service outlets. Currently new food outlets and food service restaurant chains are growing all across India, China, and Japan, driving the demand for cooking oils and fats.

According to the global cooking oils and fats market analysis, the market players have adopted various developmental strategies to expand their cooking oils and fats market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Ajinomoto Co. Inc., Archer-Daniels-Midland Company, Associated British Foods Plc., Bunge Ltd., Cargill Incorporated, CHS Inc., Conagra Brands Inc., Fuji Oil Holdings Inc., Ghananuts Company Limited, and Wilmar International Ltd.

Key Benefits For Stakeholders

• The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2022-2031 to identify the prevailing opportunities.
• The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis along with market size and segmentation assist to determine the prevailing cooking oils and fats market opportunities.
• The major countries in each region are mapped according to their revenue contribution to the market. 
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the cooking oils and fats industry.