Cooking Oil Market
Cooking Oil Market By Product Type (Soy Oil, Sunflower Oil, Corn Oil), By Nature (Organic, Conventional), By Category (Refined, Semi-refined, Unrefined), By Sales Channel (Departmental Stores, Discount Stores, Online Stores) & By Region - Global Market Insights 2023-2033
Analysis of Cooking Oil Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Cooking Oil Market Outlook (2023-2033)
Worldwide sales of cooking oil account for US$ 217.5 billion and are predicted to reach a market value of US$ 364.9 billion by 2033-end. This is because the global cooking oil market is forecasted to exhibit expansion at 5.3% CAGR over the next ten years.
A growing number of people eating at home has led to increased consumption of cooking oil in recent years and this trend is expected to prominently influence market development going forward. Moreover, changing consumer preferences and high demand for processed foods are also expected to boost cooking oil demand across the forecast period.
Increasing use of vegetable oil for the production of biodiesel and a growing focus on sustainability are prime aspects that are anticipated to create a highly opportunistic growth scope for cooking oil companies in the future. Advancements in the oil manufacturing process and growing demand for sustainable extraction processes are also expected to boost sales of cooking oil over the next ten years.
Fortification of kitchen oil with nutrients to meet changing consumer demands and satisfy market needs is also projected to result in high demand for avocado oil, rapeseed oil, sunflower oil, peanut oil, canola oil, etc. Growing awareness about the benefits associated with cold-pressed and virgin oil consumption is also expected to boost market potential over the next ten years.
On the flip side, the growing presence of adulterated cooking oil in the industry and the presence of counterfeit cooking oil products are other factors that are projected to have a hampering effect on the overall market growth over the coming years.
- In August 2022, the Food Standards and Safety Association of India (FSSAI) announced that had seized around 27,500 litres of adulterated cooking oil from the Indian states of Rajasthan, Uttar Pradesh, Tamil Nadu, Andhra Pradesh, and Chhattisgarh in its campaign against the adulteration of edible oils.
Cooking Oil Market Size (2023)
US$ 217.5 Billion
Projected Market Value (2033F)
US$ 364.9 Billion
Global Market Growth Rate (2023-2033)
Largest Regional Market
Key Companies Profiled
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Will Start-ups Have a Shot at Redefining the Cooking Oil Marketplace?
“Increasing Investments in Broadening Research Scope Creating Attractive Growth Opportunities for New Companies”
New cooking oil manufacturers are focusing on expanding the application scope of cooking oil in various industry verticals to increase their overall business potential and market presence.
- Uranus Oil, a start-up based in India is revolutionizing the way used cooking oil is used and utilizing it in the production of biodiesel. The company acquires used cooking oil from street vendors and households at a modest price and then sells it off to companies producing biodiesel and helping prevent the issues caused by improper disposal of used cooking oil.
- In August 2022, Clean Food Group, a British start-up is developing a newly cultivated bio-equivalent alternative to palm oil and is expected to solve the issues of deforestation and climate change associated with the conventional way of production of palm oil.
Which Prominent Market Trend Could Decisively Change the Course of Future Cooking Oil Demand?
“Growing Demand for Biodiesels to Drive Cooking Oil Sales”
Focus on sustainability and the use of renewable energy sources have been increasing rapidly across the world and these trends are projected to uplift demand for cooking oil over the next ten years owing to the high use of cooking oil in the preparation of biodiesel.
Cooking oil has emerged as a high-yield feedstock for biodiesel in recent years and this trend is projected to boost shipments of different types of vegetable oil in the future. The aforementioned factor is anticipated to open up new avenues of opportunity for established as well as new cooking oil suppliers across the world.
Get a detailed account of current and projected market trends, opportunities, and restraints in this revised cooking oil research report by Fact.MR, a market research and competitive intelligence provider.
How Opportune is the U.S. Cooking Oil Market?
“High Demand for Ready-to-serve Foods to Push Consumption of Cooking Oil”
Consumers in the United States have been witnessing a hike in demand for ready-to-serve and convenience foods owing to the adoption of hectic lifestyles and the growing working women population. The aforementioned factors are anticipated to primarily shape the cooking oil consumption trends in the country across the forecast period.
Government initiatives to promote low-cholesterol edible oil to maintain public health, high consumer spending potential, shifting consumer preference toward healthy foods, and high demand for processed frozen foods are other prospects that are slated to drive shipments of cooking oil in the future.
Growing focus on health and fitness is projected to promote the use of avocado oil for cooking and peanut oil for frying in the country over the next ten years. Cooking sprays are also anticipated to witness a robust hike in demand in the U.S. through 2033 owing to their low-calorie and healthy characteristics.
Which Asia Pacific Countries Should Cooking Oil Suppliers Target?
“India, China, & Japan to Be Highly Attractive Markets in APAC”
Some Asian countries are leading producers of different types of vegetable oil and some are leading importers of edible oil, which makes the Asia Pacific region a highly lucrative market for cooking oil manufacturers and suppliers.
Growing demand for processed foods, increasing globalization, growing per capita disposable income, rising availability of different types of kitchen oil, and increasing awareness regarding the consumption of healthy cooking oil are other factors that are anticipated to shape demand for cooking oil in Asian countries over the next ten years.
Government initiatives to promote the growth of the edible oil industry and increasing imports of vegetable oil are expected to open up new growth opportunities for established and upcoming cooking oil vendors through 2033.
- In September 2022, a NITI Aayog member, Ramesh Chand stated that the government of India had plans to launch an oilseed mission that is expected to boost the production of oilseeds and help reduce the reliance on imports.
What is the Demand Outlook for Cooking Oil in Europe?
“Organic & Clean-label Vegetable Oil to Gain Popularity”
Consumer preferences in European countries have changed drastically in recent years owing to an increased focus on health and the adoption of clean eating habits as the importance of preventive healthcare bolsters. Germany, France, and the United Kingdom are known for imports of premium sunflower oil, rapeseed oil, and olive oil. Peanut oil for cooking and frying is anticipated to gain popularity in the European region over the coming years and create lucrative business scope for cooking oil providers in this region.
Implementation of stringent food safety mandates to ensure high-quality edible oil sales is also expected to promote market development in European countries over the next ten years. Growing consumption of organic and clean-label food products is also expected to promote demand for healthy kitchen oil and other healthy cooking ingredients. High production of olive oil in the European region also makes it the biggest exporter of olive oil in the world and thus, offers attractive business opportunities for olive oil suppliers.
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What Type of Cooking Oil Will Witness a Hike in Demand?
“Soy Oil Projected to Account for Dominant Market Share”
Based on product type, the market for cooking oil is segmented into soy oil, sunflower oil, corn oil, palm oil, olive oil, canola oil, coconut oil, and sesame oil.
Soy oil accounts for a significant market share at present and is slated to hold a dominant outlook throughout the forecast period as well. Soy oil is extensively used in cooking, baking, and frying due to its high smoke point and presence of omega-3 fats. The oil is rich in unsaturated fats, has a low-calorie content, no trans-fat, and also has an excellent emulsifying ability, which is predicted to boost its demand across the forecast period.
Palm oil is witnessing an increasing demand in Asian and African countries for packaged food production owing to its high oxidation resistance and stability at high temperatures. High yield in small plantation areas also makes palm oil a favorite choice for manufacturers and farmers alike and thus, drives its popularity going forward.
Companies are focusing on launching new products that help them maximize their sales potential and gain a competitive advantage over other cooking oil suppliers.
- In December 2022, Reliance Industries, a multinational conglomerate based in India announced the launch of its own FMCG brand called “Independence”. Under this new brand, the company is projected to foray into the cooking oil business.
Growing use of cooking oils in the sustainable fuel and biodiesel production industry is also expected to provide further impetus to market development and offer remunerative business scope for prime cooking oil manufacturers going forward.
- In November 2022, PepsiCo UK, a renowned beverage manufacturer announced the rollout of a new logistics initiative to attain its sustainability goals. The company announced that it would be replacing conventional diesel with hydrogenated vegetable oil in its vehicles for trips from Leicester to Cupar to reduce the greenhouse gas emissions caused by transportation.
Key Segments of Cooking Oil Industry Research
By Product Type :
- Soy Oil
- Sunflower Oil
- Corn Oil
- Palm Oil
- Olive Oil
- Canola Oil
- Coconut Oil
- Sesame Oil
By Nature :
By Category :
By Sales Channel :
- Departmental Stores
- Hypermarkets & Supermarkets
- Discount Stores
- Online Stores
- Convenience Stores
- Other Sales Channels
By Region :
- North America
- Latin America
- FAQs -
The global cooking oil market accounts for a value of US$ 217.5 billion.
By 2033-end, worldwide consumption of cooking oil is projected to reach a revenue of US$ 364.9 billion.
From 2023 to 2033, demand for cooking oil is expected to increase at 5.3% CAGR.
Europe, North America, and Asia Pacific are key regional markets for cooking oil.
Bunge Limited, Archer Daniels Midland Company, Richardson Oilseed Limited, and Fortune are key companies manufacturing cooking oil.