Vegetable Oils Market Highlights:
Vegetable Oils are extracted from several sources such as palm, sunflower, mustard and many more and is used mainly in culinary purposes. Vegetable oils are further used as a shortening agent to give pastry a crumbly texture, to improve texture and reduce the ingredients from sticking to each other in culinary applications. Vegetable oils are also used as a flavor enhancer such as in the case of olive and sesame oil which impart a distinctive flavor to the cooked product. Vegetable oil acts as a flavor base that carry the flavor of other ingredients. These benefits of vegetable oil in culinary uses are directly influencing consumer preference towards consumption of vegetable oil thereby, driving the global market growth.
Based on product type, the global vegetable oil market has been segmented into palm oil, soybean oil, canola oil, sunflower oil, peanut oil, olive oil, and others. The palm oil segment is expected to dominate the global vegetable oil market during the forecast period due to its several health benefits and affordable price. Consumption of palm oil helps improve vision, helps preventing cardiovascular diseases, rich in antioxidants, and improves hair growth among others. Palm oil is rich in saturated fats and free of trans fats which is derived from the mesocarp (reddish pulp) of the fruit of the palms. Palm oil is highly used as a common cooking ingredient in the tropical belt of Africa, Southeast Asia and parts of Brazil. However, canola oil is expected to gain the fastest growth in the global vegetable oil market. Due to presence of essential omega-3 and omega-6 which helps in lowering bad cholesterol as well as important for brain development, canola oil is gaining increasing demand among the health conscious across the globe.
The Global Vegetable Oil Market has been divided, by packaging type, into cans, bottles, pouches, and others. The bottles segment is expected to dominate the global vegetable oil market during the assessment period since bottles are available in several sizes, easy to carry, easy to store, and are cost-effective. The pouches segment is projected to record the highest CAGR as pouches offer ease of storage and usage and can be used as refill packs.
The global market for vegetable oil has also been classified, by distribution channel, into store-based and non-store based. The store-based segment has been further segregated into hypermarkets and supermarkets, convenience stores, specialty stores, and others. The store-based segment is expected to generate higher revenue, with the hypermarkets and supermarkets sub-segment being the largest due to strong vendor networks. The non-store-based segment is expected to register the higher CAGR during the assessment period owing to technological advancements in the e-commerce industry and growing consumer preference for online retailing.
Key Players Review: Some of the key players in the global vegetable oil market are The Manischewitz Company (US), Conagra Brands, Inc. (US), Waitrose & Partners (UK), The J.M. Smucker Co. (US), IFFCO (UAE), Unico (Canada), Woolworths Group Limited (Australia), Edible Oils Ltd. (UK), Marico Limited (India), and Adani Wilmar Limited (India).
Regional Analysis: The global vegetable oil market has been segmented by North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to dominate and continue to grow rapidly during the forecast period. Large rural population involved in agricultural practices and changing eating habits in the region are expected to fuel the vegetable oil market in the region during the forecast period.
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