by Edible oils are extracted from oil crops like olive, coconut, palm, soybean, canola, sunflower, and corn. Used extensively in cooking and food processing, edible oils provide a variety of health benefits including reduced risk of heart disease when used in moderate amounts. They are a great source of energy, vitamin E, and unsaturated fatty acids. The soaring demand for processed and ready-to-eat foods is significantly driving the global edible oils market. Many fast food chains and restaurants globally use edible oils for frying and baking.
The global edible oils market is estimated to be valued at US$ 124.38 Billion in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
There is a strong shift towards organic and non-GMO edible oils owing to rising health concerns. Consumers are increasingly preferring oils that are extracted through natural means without the use of hexane solvent or genetically modified. This trend has boosted the demand for niche varieties like olive oil and coconut oil. Major edible oil producers are investing in plant-based extraction facilities and focusing on supply chain traceability and transparency to tap into the organic edible oils market. Sustainable and eco-friendly packaging solutions are also gaining popularity as they appeal to the growing environmentally conscious consumer base.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in Global Edible Oils Market Size is low due to high capital requirement for processing edible oils and established brand value of existing players.
Bargaining power of buyers: The bargaining power of buyers is high in edible oils market as buyers can easily switch between various edible oil brands based on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have fewer alternatives for selling their produce and are dependent on large buyers for good prices.
Threat of new substitutes: The threat of new substitutes is moderate as there are fewer substitutes for edible oils which are easily available and replace the functions of edible oils.
Competitive rivalry: The competitive rivalry in edible oils market is high due to presence of major brands continuously competing on the basis of product quality, price, production capacity and innovation.
Key Takeaways
The global edible oils market is expected to witness high growth.
Regional analysis: The Asia Pacific region dominates the global edible oils market due to high consumption of edible oils in food preparation in various Asian countries.
Key players operating in the edible oils market are Illumina, Inc., Eurofins Scientific, PerkinElmer, Inc., F. Hoffmann-La Roche AG, Natera, Inc., Yourgene Health Plc., Laboratory Corporation of America Holdings (LabCorp), BGI Group, and Quest Diagnostics Incorporated.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
