|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
Cooking oil market to hit $364.9 bn by 2033 end
|
|
Wednesday, 01 February, 2023, 08 : 00 AM [IST]
|
|
Our Bureau, Mumbai
|
Cooking oil accounts for $ 217.5 billion and is predicted to reach a market value of $ 364.9 billion by 2033-end, according to Fact.MR, a market research and competitive intelligence provider. This is because the global cooking oil market is forecasted to exhibit expansion at 5.3% CAGR over the next ten years.
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.
High demand for ready-to-serve foods to push consumption of cooking oil
Consumers in 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.
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 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.
Competitive Landscape
Companies are focusing on launching new products that help them maximise 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.
|
|
|
|
|
|
|
|
|
|