(Food-Beverage-News.Com, November 18, 2019 ) The fats & oils market is projected to grow at a CAGR of 4.4%, in terms of value, from 2016 to reach a projected value of USD 247.78 Billion by 2021. The market is driven by the demand from Asia-Pacific countries, particularly India, China, Malaysia, and Indonesia. Demand from the respective food sectors of these countries, which are supported by rise in living standards and population growth are factors driving the fats & oils market. The increased focus on biofuels, such as biodiesel from vegetable oils and animal fats, is fueling the demand for fats & oils.
This report includes estimations of market sizes in terms of value (USD billion). Both top-down and bottom-up approaches have been used to estimate and validate the size of the fats & oils market and of various other dependent submarkets in the overall market. Key players in the market have been identified through secondary research, and their market share in respective regions has been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources, such as reports published by Institute of Shortening and Edible Oils (ISEO), American Oil Chemists' Society (AOCS), and the Argentina Association of Fats and Oils (ASAGA), and have been verified through primary sources.
The palm oil segment, with respect to type of oil, is projected to dominate the fats & oils market.
Malaysia is a leading producer of palm oil and a major exporter of processed palm oil products. The demand for palm oil is increasing in bakery & confectionery and processed foods, due to its neutral taste and low cost as compared to other vegetable oils. The demand for fuels from renewable sources is growing; hence, there is an increase in demand for palm oil, which is preferred for biodiesel production.
Vegetable oils: The most widely consumed type of fats & oils.
The vegetable oils segment accounted for the largest share in the fats & oils market, in terms of value and volume, in 2015. Vegetable oils from sources such as sunflower, rapeseed, soybean, palm, cotton seed, and coconut find applications in foods and other industrial applications. Increase in health concerns among consumers and the wide range of products with different tastes and textures fuel the demand for vegetable cooking oils. Vegetable oils with qualities such as low-fat, low-cholesterol, and low-calorie content are registering growth in the fats & oils market.
Asia-Pacific is projected to be the most lucrative market for fats & oils.
In 2015, the Asia-Pacific region accounted for the largest share of the global fats & oils market, in terms of volume, and is projected to grow at the highest CAGR during the forecast period. Increase in population, change in consumer eating habits, and demand for high-quality fats & oils are the drivers for the fats & oils market in the Asia-Pacific region.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Cargill, Inc. (U.S.), International Foodstuff Company Limited (UAE), Wilmar International Limited (Singapore), Archer Daniels Midland Company (U.S.), and Bunge Limited (U.S.).