According to the report, the global cooking oils & fats market generated $63.34 billion in 2020, and is projected to reach $104.66 billion by 2031, witnessing a CAGR of 4.5% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in awareness of fat and oil fortification, rise in relevance of vegetable oil as a crucial element in lowering the risk of cardiovascular disease & breast cancer, increase in demand in confectionery & bakery, processed & ready-to-eat foods, and the expansion of hotels, cafés, & restaurants drive the growth of the global cooking oils & fats market. Moreover, governments of various countries have established a slew of policies to encourage the production and use of vegetable oils, which present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the global cooking oils & fats market, owing to disruptions in the food & beverage supply chain all across the globe.
- Labor mobility restrictions, travel bans, airline suspensions, and most importantly, a slowdown in the economy has affected the sustainability of supply chains of food & beverage industry all across the globe.
- Furthermore, the fear of potential food ingredient shortages has fueled the hoarding trend in consumers. The unavailability of raw materials has raised new concerns for market players.
The report offers detailed segmentation of the global cooking oils & fats market based on product type, form, distribution channel, and region.
Based on form, the liquid segment held the highest market share in 2020, holding nearly 87% of the total market share, and is expected to continue its leadership status during the forecast period. However, the solid segment is estimated to register the highest CAGR of 5.6% from 2022 to 2031.
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Based on application, the hypermarkets/supermarkets segment held the largest market share in 2020, holding nearly two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the online channels segment is projected to register the highest CAGR of 5.9% from 2022 to 2031.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, North America is projected to manifest the fastest CAGR of 5.9% during the forecast period.
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Leading players of the global cooking oils & fats market analyzed in the research include Ajinomoto Co. Inc., Archer-Daniels-Midland Company, Associated British Foods Plc., Bunge Ltd., Cargill Incorporated, CHS Inc., Conagra Brands Inc., Fuji Oil Holdings Inc., Ghananuts Company Limited, and Wilmar International Ltd.
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