Vegetable Oils Market: Introduction
A recent study published by Transparency Market Research on the global market for vegetable oils includes North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa industry analysis and opportunity assessment for 2021-2031.
With the highest market value share of 24.5%, revenue generated from the South Asia market is estimated to value US$ 40.8 Bn in 2021, and expand at a CAGR of 5.6% to reach US$ 70.5 Bn by 2031.
Increasing Application in Various Industries to Enhance Vegetable Oils Market
Vegetable oils are increasingly being used to make a variety of food and feed items. Vegetable oils are utilized in place of animal-based fats and oils, making food items healthier and more nutritious.
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The rising use of vegetable oils in petrochemicals and other non-food uses, such as biodiesel, has further boosted market expansion globally. Vegetable oils are also utilized in the creation of cosmetics, bactericides, and medicines. The rising demand for processed foods is also driving up vegetable oils usage.
The increasing use of vegetable oils in the production of fuels, culinary soaps, and perfume formulation represents the market growth in emerging countries. Vegetable oil manufacturers are also introducing with new categories of vegetable oils, which include virgin olive oil, cold-pressed walnut oil, and coconut oil, to increase the applications of vegetables in different sectors. Thus, rising applications of vegetable oils across various industries across the world are expected to increase its market growth.
Demand for Food Products Providing Multiple Health Benefits to Help Expand Vegetable Oils Market
With rise in the spread of chronic diseases, there is a considerable increase in customer demand for dietary products that provide many health benefits. Vegetable oils are derived from nuts, seeds, and fruits of a variety of plants and is a natural source of nutrients. Vitamins A, E, and B1, as well as omega-3 and omega-6 fatty acids, are found in vegetable oils. These nutrients aid customers in maintaining their fitness and health.
Furthermore, vegetable oils has numerous health benefits, including protection of brain cells, reduction of the risk of cardiovascular disease, decline in cholesterol levels, etc. The current surge in demand for vegetable oils has been fuelled by the attention on vitamins and minerals included in vegetable oils, which have potential uses in providing customers with a healthy and nutritious diet.
Increased Initiatives by Governments and NGOs to Benefit Vegetable Oils Market
Governments and public sector across the globe are taking active initiatives such as establishment of organic and natural farming techniques, organic farming departments in the ministry of agriculture, and organic farming associations to encourage local organic farmers to develop plant-based food ingredients and products, including vegetable oils and fats.
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Government initiatives for spreading awareness about health, which helps in reducing the information symmetry between manufacturers and consumers, which is spurring the growth of the edible oil industry in this region. Several NGOs and government bodies or associations are also helping farmers to sell their crops in the market and increasing awareness among consumers about the benefits of plant-based food products such as vegetable oils.
- According to Saleh Mohamed Alshanfari, the CEO of Oman Food Investment Group, “various relevant Government bodies and NGO’s are working closely with local foods producers of GCC countries to enhance the fortification program across the food value chain.”
Technological Advancements to Augment Sales in Vegetable Oils Market
Technological advancements in the production methodologies of vegetable oils are gaining significant interest from consumers and the mainstream media. The vegetable oils market is currently witnessing technical innovation, as the combination of vegetable oils with biotechnology aids in the production of vitamin and mineral-rich foods. This is anticipated to accelerate the growth of the vegetable oils market exponentially.
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Many major players in the established markets are investing in innovating vegetable oils to have products with excellent functional properties. This also helps the companies in keeping pace with the technological changes, thus increasing efficiency and profitability.
